SBI's Revamped Gold Deposit Scheme (R-GDS) is like a fixed deposit scheme where you can earn interest.
The State Bank of India (SBI)'s Revamped Gold Deposit Scheme (R-GDS) is the place to invest in if you have gold with you and want to invest it. This is like a fixed deposit scheme where you can earn interest.
All you need to know about SBI's Revamped Gold Deposit Scheme:
SBI R-GDS Features:
1. To mobilize the idle gold in the country and put it into productive use.
2. To provide the customers with an opportunity to earn interest income on their idle gold holdings.
3. SBI Revamped Gold Deposit Scheme (R-GDS) offers three types of deposits. Short Term Bank Deposit (STBD) Maturity 1 to 3 years. Medium Term Government Deposit (MTGD) Maturity 5-7 years. Long Term Government Deposit (LTGD) Maturity 12-15 years.
4. Deposit Quantity Minimum: 10 grams of raw gold (bars, coins, jewellery, excluding stones and other metals). While there is no maximum limit for the deposit quantity.
SBI R-GDS Eligibility:
Resident Indians including individuals, singly or jointly (as Former or Survivor); proprietorship and partnership firms; HUFs; trusts including mutual funds/exchange-traded funds registered under SEBI (Mutual Fund) Regulations; companies; charitable institutions; central government; state government or any other entity owned by central or state government are eligible to make a deposit.
SBI R-GDS Rate of Interest:
Rate of Interest (STBD): The current interest rates are as under :
For 1 year: 0.50% p.a
Above 1 year up to 2 years : 0.55% p.a.
Above 2 years up to 3 years : 0.60% p.a.
The Principal on STBD a shall be denominated in gold. However, the interest on STBD shall be calculated in Indian Rupees with reference to the value of gold at the time of deposit.
Rate of interest on MTGD: 2.25% p.a.
Rate of interest on LTGD: 2.50% p.a.
In the case of MTGD and LTGD, the principal will be denominated in gold. However, the interest shall be paid in Indian Rupees annually on 31st March or cumulative interest on maturity. Broken period interest is paid at the time of maturity. Interest is calculated on gold value in rupees, at the time of deposit.
The depositor will have the option to receive payment of simple interest annually or cumulative interest (compounding annually) on maturity. The option to be exercised at the time of deposit
SBI R-GDS Repayment
STBD: Option to take repayment of principal either in gold or equivalent rupees as on the date of maturity.
MTGD and LTGD: Redemption of the deposit will be in Gold or INR equivalent of the value of gold as per the prevailing price of gold. However, 0.20 percent administrative charges will be levied in case of redemption in Gold.
SBI R-GDS Premature payment
STBD: Allowed after a lock-in period of 1 year with a penalty on the applicable interest rate.
MTGD: Allowed to withdraw any time after 3 years with a penalty on interest.
LTGD: Allowed to withdraw any time after 5 years with a penalty on interest.
Interest penalty for MTGD & LTGD will be as per RBI Notification dated 21.01.2016.
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 "Want to invest gold? Know eligibility, features and interest rate of SBI Revamped Gold Deposit Scheme")
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