SBI Revamped Gold Deposit Scheme: To keep gold safe, most people store physical gold in bank lockers. Bank lockers offer more security, and there is a risk of theft when keeping gold at home in physical form. When you store gold in a bank locker, you have to pay a charge to that bank, but with SBI’s Revamped Gold Deposit Scheme, you can keep your gold safe while also earning interest on it.
SBI Revamped Gold Deposit Scheme Details
Under this gold deposit scheme, you can deposit gold in a bank locker in three ways. The first category is that you want to deposit gold under a short-term bank deposit for 1 to 3 years. Additionally, the second category is medium-term government deposit, where you deposit gold for 5 to 7 years. The third category is long-term government deposit, where you have to deposit gold in a bank locker for 12 to 15 years. Different interest rates are set for all these categories.
SBI Revamped Gold Deposit Scheme Interest Rate
Under the short-term bank deposit, you get an interest of 0.55 percent per year for a period of 1 year. For a period of 2 to 4 years, the bank gives you an interest of 0.60 percent per year on your deposited gold. In the second category, for a period of five to seven years, you get an annual interest of 2.25 percent.
Moreover, if you select the long-term government deposit, you will receive an interest of 2.50 percent over 12 to 15 years. In the medium-term government deposit and long-term government deposit categories, if you deposit gold, the interest payment will be made in Indian Rupees every year on March 31 or at maturity. You should also be informed that there is no TDS deduction under this scheme.
This is how you can withdraw
On maturity of this SBI Revamped Gold Deposit Scheme, you get two options. You can either withdraw in the form of gold along with interest or take cash equivalent to the current price of gold.
When was this scheme started?
This scheme was started by the government in the year 2015. Its focus is to collect people’s unused gold and use it properly and give customers an opportunity to earn interest.
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