If you have gold kept in the house and you want to earn a good income from it, then you can deposit that gold in State Bank of India. SBI’s Revamped Gold Deposit Scheme ie R-GDS can benefit you a lot in future. This gold deposit scheme of SBI also works like a fixed deposit.
If you deposit your gold in the bank under this scheme, then you can earn a good income from the interest of that gold. Individuals, Proprietors, SEBI Registered Mutual Funds, Partnership Firms, HUFs, Charitable Institutions etc. are valid to invest in this scheme of SBI. There is a lot of curiosity among the people about this scheme of gold deposit. In this episode, let us know what options will you have in this scheme and what interest rate will you get?
In this scheme of SBI Gold Deposit, you can deposit a minimum of 10 grams of raw gold. There is no upper limit for submission as of now. However, you cannot store bars, coins, jewelery or any valuable stones in it.
You have a total of three options to invest in this scheme. Let us know about these three options –
- The first is short term bank deposits. In this, you can deposit gold for a period between 1 to 3 years.
- The second is medium term government deposits. In this, you can deposit gold for a period between 5 to 7 years.
- The third is long term government deposits. In this, you can deposit gold for a period between 12 to 15 years.
If you talk about the interest rate, then you will get different interest rate in all three options –
Short term bank deposit
1. In this you will get a total interest rate of 0.50 percent per annum for 1 year.
2. If you keep your gold as a deposit for 2 years, you will get an interest rate of 0.55 per cent per annum.
3. An interest rate of 0.60 per cent per annum will be available for holding gold deposits for 3 years.
On the other hand, in medium term government deposit, you will get an interest rate of 2.25 percent per annum.
In Long Term Government Deposit, you will get an interest rate of 2.50 per cent every year.
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