ICICI Bank Gold Schemes

ICICI Bank Gold Monetization Scheme

This term deposit offering from ICICI Bank enables individuals to earn interest from their gold. Under this scheme, individuals can deposit their gold ornaments, bars, coins etc. with the bank and stand to earn interest on the same.

ICICI Bank Gold Monetization Scheme Features

1. Resident Indians can deposit gold in any form, which will be measured in grams with 995 purity for a set period of time. Investors will receive interest on their deposits based on rates as decided by the Government of India and RBI.
2. The scheme, open to ICICI Bank account holders (either Savings or Current Account), requires a minimum of 30 grams of gold to be deposited for a minimum period of 3 years.
3. Premature withdrawal would result in penal interest, and deposits can be maintained for a maximum of 15 years at a time.
4. Interest will be paid out annually in Indian Rupees based on the gold rate at the time the deposit was opened.

ICICI Bank Gold Monetization Scheme Benefits:

1. Allows investors to earn from their gold, while also ensuring the gold is secure.
2. No income or capital gains tax payable even if the price of gold appreciates during the tenure of the deposit, making it a tax-free way to earn.

The Gold Monetization Scheme deposits can be of two types, as mentioned below:

Please note- the interest rates mentioned above are subject to change from time to time.

ICICI Bank Gold Loans

With the ICICI Bank gold loans, bank customers will be able to take out a loan against their gold. As per this scheme, the gold would serve as a security against repayment of the loan amount.

ICICI Bank Gold Loan Features:

1. Instant gold loan against gold at any ICICI Bank branch.
2. Up to Rs.1 crore may be provided as loan.

ICICI Bank Gold Loan Benefits:

1. Ease of getting a loan.
2. You need not worry about EMIs.
3. Pledged gold kept in a secure facility until repayment.

ICICI Sovereign Gold Bonds

The Government of India issues sovereign gold bonds from time to time. These are government-issued securities that can be used as a substitute for physical gold, where all transactions are carried out in cash. These bonds are linked to the gold price and are issued through designated banks, post offices and agents. ICICI Bank is one such bank authorised to issue these bonds.

ICICI Sovereign Gold Bond Features:

1. These bonds are issued for a minimum tenor of 8 years, with buyout options in the 5th, 6 or 7th year.
2. The bonds issued come with a sovereign guarantee on the interest as well as the capital amount.

ICICI Sovereign Gold Bond Benefits:

1. The bonds can be traded on the stock exchanges if the investor wishes for an early exit.
2. The bonds, being issued by the government, carry a guarantee and assured returns.
3. The bonds can be used as collateral when applying for a loan.

ICICI Bank has a number of options available for investors who wish to make investments in gold or build their portfolio through investing in gold and gold-based assets. The various schemes have been tailored to suit every budget, making it possible for everyone to build their wealth through gold.

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