Gold Deposit Scheme

 

Buying gold and investing gold has been the first choice of Indians. Gold has been seen as a good investment option for a long time. Those who invest in gold consider it safe to keep their gold at home. But, keeping your gold in banks also has its benefits. However, even today people do not want to hand over the gold to anyone else, even if it is a bank. At the same time, the government and banks of the country constantly appeal that keep your gold safe with the banks.  Gold deposit scheme in HDFC bank and the country's largest bank SBI also benefits under a scheme for those investing in such gold.

 

State Bank of India (SBI) has two major benefits of Gold Deposit Scheme. First of all, it is the responsibility of the bank to keep your gold safe in banks. At the same time, it can also be earned through it. Generally, the consumer feels that his gold is kept only in banks. But, the reality is that gold is also earned on gold kept under a certain scheme. Let us know what is the gold deposit scheme. For complete information related to the Gold Deposit Scheme, you can find it by visiting the SBI website https://www.sbi.co.in/portal/web/personal-banking/revamped-gold-deposit-scheme-r-gds Huh.

 

Your gold is earned through State Bank of India's Revamped Gold Deposit Scheme (R-GDS). Actually, interest is earned on depositing gold in the bank. However, the scheme also has its own conditions. To avail the gold deposit scheme, the consumer has to deposit at least 30 grams of gold in the bank. There is no maximum limit to deposit gold. The good thing is that gold can be kept both individually and jointly.

 

You can choose anyone of there is 3 types of options under SBI's Gold Deposit Scheme. These three gold deposit options are - short-term bank deposits, medium-term government deposits and long-term government deposits. First, in short term tenour bank deposits, gold is kept for 1 to 3 years. Medium-term deposits (medium-term) are deposited for 5 to 7 years. Also, you deposit gold with the bank for 12 to 15 years in long-term government deposits.

 

Short-term bank deposits get 0.55 per cent interest for 1 to 2 years. At the same time, investing for 2 to 3 years gets interest at the rate of 0.60 per cent. In the medium term, up to 2.25 per cent interest is earned on gold. 2.50 per cent interest is earned on holding gold in a long term government deposit.

 

Gold can be deposited in any your nearest branch of SBI. Under the scheme, along with gold, the consumer has to deposit his KYC with the bank. It requires ID proof and address proof. On the filling a form, the gold is deposit in the bank for a fixed period and you get the interest for that tenure.