Under this Gold Deposit Scheme / SBI scheme you can earn money by depositing gold in the bank.

Under this Gold Deposit Scheme / SBI scheme you can earn money by depositing gold in the bank.

• The scheme also has your gold safe and interest on it

• Loans are also easily available if needed

Utility Desk::  Gold in the home is just a waste of investment. Investment should always be something that can generate a little bit of revenue every month. Most of the time we bring the gold and put it in the house or locker. But the monthly income can be derived from the gold brought in by spending millions. You can FD your gold or gold jewelry bank under the State Bank of India's revamped gold deposit scheme. It also keeps the gold safe and also earns interest. Property taxes are also not required to be paid on FD gold, and loans can be easily obtained on the basis of need.

How much interest will I get?

Under the STBD category, 0.50% interest is paid on FD for one year, while 0.55% and 0.60% interest is paid for two year and three year FD. In addition, annual interest is paid at the rate of 2.25% under the MTGD category, while the FD of gold under the LTGD category will be given annual interest at the rate of 2.5%.

How much gold can be deposited?

Under the Revamped Gold Deposit Scheme, the customer has to deposit at least 3 grams of gold. No limit on gold deposits has been set. You can deposit as much gold as you want.

How much will the maturity period be?

Under this scheme, SBI has created three types of categories. Gold is deposited in the first category for 1-3 years. This is called short term bank deposit (STBD). The second category is called Medium Term Government Deposit (MTGD), which has a maturity period of 5-7. Also, gold can be fixed for 12-15 years under the Long Term Government Deposit (LTGD) category.

How to get interest?

At the end of the maturity period of the FD, the consumer has two options for taking the gold, including interest, an option in which he can return it as gold or take cash at the same rate as the existing gold price. However, the withdrawal in the form of gold will be charged an administrative charge of 0.20%.

What if gold is extracted before the maturity period?

There is a one year lock in period under the STBD category. After this period, penalties will be applied to the interest rate for withdrawing money before the stipulated time. Also, investors under the MTGD category can opt out of the scheme any time after 3 years. However, if the scheme breaks before the maturity period, the interest rate penalty will be imposed. In addition, gold can be removed after 5 years under the LTGD category. There will also be a penalty on interest rate.

Who can FD?

Trusts and companies such as Indian Individuals, Ownership and Partnerships Companies, Hindu Undivided Families, Mutual Funds / Exchange Traded Funds registered with SEBI can invest under this scheme.

Where can gold be deposited?

At present, fixed deposits of gold can be made in some selected branches of the State Bank under this scheme. These branches include PB Branch New Delhi, SME Branch Chandni Chowk Delhi, Coimbatore Branch, Hyderabad Main Branch, Tyagaray Nagar Branch Chennai, Bullion Branch Mumbai, Ahmedabad, Thrissur Main Branch (Kerala), Ludhiana Branch Main Branch, Vishamu. Is involved.