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Hi buddy here I have come to collect info related to State Bank Of India Revamped Gold Deposit Scheme , so would you plz let me know about the same here ??

[prince karak]

State Bank Of India Revamped Gold Deposit Scheme is a fixed deposit for gold. Customers can use these deposits to store their gold safely and earn interest on it. The deposits are accepted by SBI on behalf of the Central Government.

Features

The minimum quantity for the deposit is 30 grams. There has been no maximum limit set.

Short Term Bank Deposit (STBD)

There is a short term bank deposit available between 1 year and 3 years.

The deposit can be redeemed in cash or gold.

Medium and Long Term Government Deposit (MLTGD)

Medium term deposits are available for tenures between 5 years and 7 years.

Long term deposits are available for tenures between 12 years to 15 years.

The redemption of the deposit will be in the form of cash in INR that is equal to the value of the gold as per the prevailing rate on the maturity date.

Gold bars, coins and jewellery will be accepted in the form of scrap.

A Gold Deposit Certificate will be issued by the Nodal branch.

Nomination is available.

STDBs can be withdrawn prematurely after 1 year with a penalty.

MTGD can be withdrawn prematurely after 3 years with a penalty.

LTGD can be withdrawn prematurely after 5 years with a penalty.

Eligibility

Individuals can apply singly or jointly
Proprietorship
Companies
Partnership firms
HUFs
Trusts including Exchange Traded Funds and Mutual Funds registered under SEBI (Mutual Fund)

Documents

Application Form
Identification Proof
Address Proof
Inventory Form

Interest Rate
Deposit Tenure Interest Rate
STBD 1 year 0.50% p.a.
2 years 0.55% p.a.
3 years 0.60% p.a.
MLTGD 5-7 years 2.25% p.a.
12-15 years 2.50% p.a.