SBI Gold Deposit Scheme: Interest Rate, Tenure & Other Details

Here’s what you need to know about SBI’s Revised Gold Deposit Scheme (R-GDS):

Eligibility

Resident Indians of categories like individuals, proprietorship and partnership firms, HUF (Hindu Undivided Family), mutual funds/exchange-traded funds registered under SEBI (Securities and Exchange Board of India) and companies, charitable institutions or any other entity owned by Central Government or State Government are eligible to invest in the scheme of SBI.

Quantity

One needs to deposit at least 10 grams of raw gold (excluding bars, coins, jewellery, stones and other metals). However, there is no upper limit for submission.

deposit type

SBI Revamped Gold Deposit Scheme (R-GDS) offers three types of deposits

Short Term Bank Deposit (STBD): Tenure 1 to 3 years.

Medium Term Government Deposits (MTGD): Tenure: 5-7 years.

Long Term Government Deposits (LTGD): Tenure 12-15 years. rate

rate of interest

The current interest rates are as follows:

Interest Rate (STBD)

For 1 year : 0.50% p.a.

Above 1 year to 2 years : 0.55% p.a.

Above 2 years to 3 years : 0.60% p.a.

Rate of interest on MTGD: 2.25% p.a.

Rate of interest on LTGD: 2.50% p.a.

Return

STBD: Option to take repayment of principal either in gold or rupee equivalent as on the date of maturity.

MTGD and LTGD: The redemption of the deposit shall be in rupees as per the value of gold or gold equivalent to the value of gold. However, 0.20% administrative fee will be levied in case of redemption in gold.

down payment

STBD: Allowed after lock-in period of 1 year with penalty at applicable interest rate.

MTGD: Withdrawal allowed at any time after 3 years with penalty on interest

LTGD: Withdrawal allowed at any time after 5 years with penalty on interest