sbi.co.in Revamped Gold Deposit Scheme R- GDS : State Bank of India

Organization : State Bank of India
Service Name : Revamped Gold Deposit Scheme

Details : https://sbi.co.in/web/personal-banking/investments-deposits/govt-schemes/gold-banking/revamped-gold-deposit-scheme-r-gds
Website : https://www.sbi.co.in/

Revamped Gold Deposit Scheme :

Revamped Gold Deposit Scheme (R- GDS) is in the nature of a fixed deposit in gold. The customers can deposit their idle gold under R- GDS which will provide them safety, interest earnings and a lot more.

Related : SBI State Bank Collect Students Fee Online Payment : www.statusin.in/18080.html

Main features of R-GDS, in brief, are :
Medium and Long Term Government Deposit (MLTGD):
Tenure: 5-7 years and 12-15 years. The deposit will be accepted by the Bank on behalf of the Central Government. Redemption of the deposit will be only in INR equivalent of the value of gold as per then prevailing price of gold.

Purpose :
** To mobilize the idle gold in the country and put it into productive use.
** To provide the customers an opportunity to earn interest income on their idle gold holdings.

Eligibility :
Any Resident Indian of the following categories:
** Individuals, singly or jointly (as Former or Survivor)
** Proprietorship & Partnership firms.
** HUFs
** Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund)** Companies

Minimum Quantity :
30 gms (gross)
(No upper limit for deposit)

Types of deposit :
Short Term Bank Deposit (STBD):
Tenure 1 to 3 years. Redemption either in rupee equivalent or gold.

Medium and Long Term Government Deposit (MLTGD):
Tenure: 5-7 years and 12-15 years. The deposit will be accepted by the Bank on behalf of the Central Government. Redemption of the deposit will be only in INR equivalent of the value of gold as per then prevailing price of gold.

Rate of Interest & Payment :
STBD:
The current interest rates are: 0.50% p.a. for 1 year, 0.55 % for 2 years and 0.60% for 3 years. Option for Interest Payment: STBD: Non-Cumulative (on 31st March) every year or Cumulative (On Maturity)

MLTGD: 5-7 years: 2.25% p.a.
12-15 Years: 2.50% pa.

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.

Acceptance of gold :
Gold i.e. Gold bars, Coins, Jewellery etc. will be accepted in scrap form only.Customers to submit Application Form, Identification Proof, Address Proof and Inventory Form.

Issue of Gold Deposit Certificate :
Gold Deposit Certificate (in 995 fineness) will be issued by Nodal Branch and will be sent to the depositor by Bullion Branch, Mumbai.

Issue of Gold Deposit Certificate :
** Gold Deposit Certificate will be issued by Nodal Branch (i.e. Bullion Branch, Mumbai).
** The certificate will be issued for pure gold contents (i.e. in 995 fineness)
** Gold Deposit Certificate (GDCs) will be sent to the depositor by Nodal Branch i.e. Bullion branch, Mumbai.

Effective Date :
Interest on deposits under the 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.

Nomination facility :
Available for deposits in single names in individual capacity.

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

MLTGD:
Redemption of the deposit will be only in INR equivalent of the value of gold as per then prevailing price of gold

Premature payment :
STBD :
Premature payment permitted after a lock-in period of 1 year with a penalty on applicable interest rate.

MLTGD :
A Medium Term Government Deposit (MTGD) is allowed to be withdrawn any time after 3 years and a Long Term Government Deposit (LTGD) after 5 years. Premature penalty will be as per RBI Notification dated 21.01.2016.

Authorised Branches :
** P B Branch, New Delhi
** SME Branch Chandni Chowk, Delhi
** Coimbatore Branch
** Hyderabad Main Branch
** Thyagarayanagar Branch, Chennai