SBI Gold Deposit Scheme
|Recently, State Bank of India has come out with the SBI Gold Deposit Scheme or the GDS. The scheme is a type of fixed deposit in gold. If you have Gold lying with you idly then you can use it by investing in the Gold deposit scheme of SBI to earn high interests with numerous tax benefits. All the gold that you deposit in the bank will be converted in to gold bars and will be given to jewelers for making golden ornaments. Hence, you can be at complete peace of mind as all your gold will be used for productive purposes. There are numerous benefits that you can avail by investing in the Gold Deposit Scheme like earn high yields, get loans during emergency needs by showing your Gold Deposit Certificate at any of the SBI bank branch. This scheme is open to all the individuals of the HUF, trusts and companies. You can make the deposit for a minimum period of 3 years and a maximum period of 5 years.
You can deposit a minimum of 500 grams of gold and there is no maximum limit. You need to submit some important documents like identity proof, address proof and latest photograph. In addition to these documents you also need to deposit the application form, nomination form, ECS form and the inventory form.
On maturity of the deposit scheme you can get back your gold either in gold bars which are 999% or take the equivalent cash amount. You need to worry about the weight of the gold as it is measured by India Govt Mint (IGM). The Gold deposit scheme is also transferable.
SBI Gold Deposit Scheme Branches
You can deposit the gold at the below mentioned 54 selected branches of SBI
|Ahmedabad||Ahmedabad Main, Baroda Main ,Darbargadh (Bhavnagar),Rajkot, Surat, Darba|
|Bangalore||Bangalore Main, Belgaum, Mangalore|
|West Bengal||Burdwan, Kolkata Main, Howrah|
|Bhopal||Bhopal Main, Gwalior, Indore Main, Raipur Main|
|Chandigarh||Amritsar, Chandigarh, Jallandhar, Jammu, Ludhiana|
|Chennai||Annasalai (Chennai), T.Nagar (Chennai), Coimbatore, Madurai|
|New Delhi||Deharadun Main, Agra Main, Jaipur Special, Meerut Cantt. Chandni Chowk Delhi, PBB-New Delhi|
|Hyderabad||Hyderabad, Secunderabad, Tirupati, Vijaywada, Visakhapatnam|
|Kerala||Calicut, Ernakulam, Thrissur, Thrivanathapuram|
|Lucknow||Kanpur Main, Lucknow Main, Moradabad, Varanasi|
|Mumbai||Mumbai Main, Nagpur, Panaji, Pune, Shivaji Park (Mumbai), Bullion Branch Mumbai|
|Patna||Patna Main, Ranchi|
SBI Gold Deposit Scheme Interest Rate
The interest rate is calculated on the basis of quantity of deposit and the existing rate of interest. The interest can be both cumulative as well as non cumulative. In case of the cumulative interest is compoundly calculated and paid on maturity where as in case of non-cumulative interest is paid on the 31st march every year. Given below is the table of the latest interest rates 2012.
|3 years||0.75% p.a.|
|4 years||1.00% p.a.|
|5 years||1.00% p.a.|
Please note that the rates are subjected to change as the rates were completely different in 2009, 2010, 2011 and therefore you are requested to contact the bank
If you have any queries regarding the SBI Gold Deposit Scheme then you can dial the toll free helpline numbers 1800 11 22 11 or 080-2659 9990 24 hours a day and seven days a week. In addition to this, you can also send a mail to email@example.com
Last Updated On: 2012/09/21