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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 firms
Hindu Undivided families (HUFs)
Trusts including mutual funds/exchange traded funds registered under SEBI (Mutual Fund)
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You 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.
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:
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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.
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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.
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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.