INSUBCONTINENT EXCLUSIVE:
Akshaya Tritiya 2018: You may consider investing in SBI's revamped gold deposit scheme.
State Bank of India (SBI) offers a revamped gold deposit scheme (R-GDS)
The revamped gold deposit scheme (R- GDS) is in the nature of a fixed deposit in gold
Customers can deposit their idle gold under R- GDS which will provide them safety, interest earnings and a lot more, says SBI on its
The gold deposit will be accepted by SBI, the largest lender of the country, on behalf of the central government
Ahead of Akshaya Tritiya, which is considered an auspicious day for buying gold, you may consider investing in SBI's revamped gold deposit
Akshaya Tritiya falls this year on April 18, Wednesday.(: Buying Gold On Akshaya Tritiya Follow These Tips For a Good Deal)Here are the
details of SBI's revamped gold deposit scheme (R-GDS)Eligibility for investing in SBI's revamped gold deposit scheme:Any resident Indian
of the following categories can invest in SBI's revamped gold deposit scheme:Individuals, singly or jointly (as former or
survivor)Proprietorship Partnership firmsHindu Undivided families (HUFs)Trusts including mutual funds/exchange traded funds registered
under SEBI (Mutual Fund)Companies(: SBI Savings Bank Account Interest Rate, Penalty For Insufficient Balance)Minimum QuantityYou need to
deposit at least 30 grams (gross) of gold
There is no upper limit for gold deposit, said SBI.Types of deposit under SBI's revamped gold deposit scheme:Short Term Bank Deposit
(STBD):An STBD under SBI's gold scheme will have a tenure of one to three years
Its redemption will be either in rupee equivalent or gold.(: SBI Zero Balance Savings Account - How To Open It And Other Details Here)Medium
and Long Term Government Deposit (MLTGD):An MLTGD has a tenure of five to seven years and 12-15 years
The gold deposit will be accepted by SBI on behalf of the central government
Its redemption will be only in INR equivalent of the value of gold as per the then prevailing price of gold.Interest rate and Payment under
SBI's revamped gold deposit scheme:(: SBI Savings Bank Account Compared To Savings Plus Account)Short Term Bank Deposit (STBD)The current
interest rates are: 0.50 per cent per annum for 1 year, 0.55 per cent for 2 years and 0.60 per cent for 3 years
Option for interest payment: STBD: Non-Cumulative (on 31st March) every year or cumulative (On Maturity)Medium and Long Term Government
Deposit (MLTGD)On a tenure of five to seven years, your gold deposits will fetch an interest rate of 2.25 per cent per annum.On a tenure of
12-15 years, your gold deposits will fetch an interest rate of 2.50 per cent per annum.(: Fixed Deposit Interest Rates Of These Banks Are As
High As 8.75%)The principal and interest on STBD shall be denominated in gold
In the case of MLTGD, the principal will be denominated in gold
However, the interest on MLTGD shall be calculated in Indian rupees with reference to the value of gold at the time of the deposit.(: SBI
Savings Bank Accounts For Minors: From Eligibility To Interest Rates)Effective date of SBI's revamped gold deposit scheme (R-GDS):Interest
on deposits under SBI's revamped gold deposit scheme will start accruing from the date of conversion of gold deposited into tradable gold
bars after refinement or 30 days after the receipt of gold whichever is earlier.
