If you also have gold, then you can deposit the gold kept at your home under R-GDS of SBI. Under this, you will get security interest and income on your gold along with many other benefits. Let us know about this scheme of SBI.
State Bank of India (SBI) offers Revamp Gold Deposit Scheme (R-GDS) to customers investing in gold. According to SBI, the R-GDS scheme is similar to a fixed deposit in gold. If you also have gold, then you can deposit the gold kept at your home under R-GDS of SBI. Under this, you will get security, interest and income on your gold along with many other benefits. Let us know about this scheme of SBI.
Who can invest
In this scheme of SBI, any Indian individual, firm, HUF (Hindu Undivided Family), mutual fund registered under SEBI (Securities and Exchange Board of India) or exchange-traded fund, charitable institution or any other entity owned by the Central can invest.
How much can you invest
Under this, one can deposit at least 10 grams of gold. However, there is no maximum limit for depositing gold under this.
SBI R-GDS offers three types of deposit schemes. The first is short term bank deposits, under which you can make deposits for 1 to 3 years. The second is medium term government deposit, under which one can deposit for 5 to 7 years. The third is the Long Term Government Deposit, under which deposits can be made for 12 to 15 years.
Rate of interest
If you deposit your gold for 1 year under this, then you will get 0.55 percent annual interest on it. At the same time, the rate of interest has been fixed at 0.55 percent for 1 to 2 years. The interest rate for 2 to 3 years is 0.60 per cent.
On medium term government deposits, you get an interest of 2.5% per annum. At the same time, interest of 2.50 percent is available on long-term government deposits.
