Gold Deposit Scheme

Gold schemes include Sovereign Gold Bond (SGB), the Indian Gold Coin Scheme (IGC) and the Gold Monetisation Scheme (GMS). Any individual or organisation can invest 2 units or 2 grams of gold in these schemes coming with a tenure of 8 years.
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All about Gold Deposit Scheme

Gold Deposit Scheme is a fixed deposit in gold. SBI lets their customer to deposit the gold that is lying idle under this scheme and in return get safety, earn interest and tax benefits.

Purpose of Gold Deposit Scheme

The Gold deposit scheme is offered to mobilise the idle gold in the country and put it in productive use and to provide the customer an opportunity to earn interest on the idle gold holdings.

Eligibility criteria for taking Gold Deposit Scheme

Gold Deposit Scheme can be opted by any resident Indian who is:

  • Individual, single or jointly
  • Hindu Undivided Family
  • Trusts
  • Companies

Features and Benefits of taking aGold Deposit Scheme

The features of benefits of this scheme are as follows:

  • The minimum quantity for deposit is 500 grams and there is no upper limit.
  • The period of deposit can be 3 years, 4 years and 5 years.
  • Gold can be deposited in the form of gold bars, coins, jewellery in scrap from.
  • Gold Deposit Certificate will be issued by Nodal branch after it is melted, assayed and minted at India Government Mint.
  • The certificate issued will be for pure gold contents.
  • Maximum of 5 multiple certificates can be issued.
  • Gold Deposit Certificate will be sent to the depositor within 90 days from the deposit of the gold.
  • Nomination facility is available for deposits in single names in individual capacity.
  • The scheme can be transferred by endorsement and delivery. The transfer has to be noted with the Nodal Branch.
  • On the date of maturity, you can take repayment of principal in gold or equivalent rupees as on date of the maturity.
  • Premature payment is permitted after the 1 year lock-in period, but a penalty is applicable on the interest rate.
  • The scheme can be renewed any time after its maturity provided it is for a future date.
  • You can avail loan facility at any SBI branch. Loan amount of up to 75% of the notional value of gold can be taken as loan.
  • This scheme provides tax benefits as you can put it under exemption from Income Tax, Wealth Tax and Capital Gains Tax.

Branches of SBI Bank that offer Gold Deposit Scheme

The branches are as follows:

Branches of SBI Bank

Agra Main

Chennai- T. Nagar

Ahmedabad Main

Coimbatore

Amritsar

Cuttack

Bangalore Main

Dehradun Main

Baroda Main

Darbargadh

Belgaum

Ernakulam

Bhopal Main

Guwahati

Bhubaneshwar Main

Gwalior

Bullion Branch, Mumbai

Howrah

Burdwan

Hyderabad Main

Calicut

Indore Main

Chandigarh Main

Jaipur Special

Chandni Chowk, Delhi

Jallandhar Main

Chennai- AnnaSalai

Jammu

Kanpur Main

Mumbai Main

Kolkata Main

Nagpur Main

Lucknow Main

Panaji

Ludhiana

Patna Main

Madurai

PBB, New Delhi

Mangalore

Pune Main

Meerut Cantt

Raipur

Morabad

Rajkot

Ranchi

Thrissur

Secunderabad

Trivananthapuram

Shivaji Park, Mumbai

Varanasi

Surat

Vijayawada

Tirupati

Vishakhapatnam

Trivananthapuram

Thrissur

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