Get FD of Gold, invest in SBI’s Revamped Gold Deposit Scheme


Get FD of Gold, invest in SBI’s Revamped Gold Deposit Scheme

In our country, investment in Gold is considered safe. But it is not safe to keep Gold at home and if you take a locker in the bank, then you have to pay it. Under the Revamped Gold Deposit Scheme of the State Bank of India (SBI), one can deposit his Gold or Gold jewelery in the bank. Gold is also safe and interest is also earned from it.

revamped gold deposit scheme
revamped gold deposit scheme

Residents of Indians belonging to the following categories can make the deposits:(1)Individuals, singly or jointly (as former or survivor)

(2)Proprietorship and partnership firms.


(4)Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (mutual fund) regulations


(5)Charitable institutions

(6)Central government

(7)State government or

(8)Any other entity owned by central or state government

There are 3 categories under this Revamped Gold Deposit Scheme, SBI has created three types of categories. In the first category, gold is stored for 1-3 years. This is called Short Term Bank Deposit (STBD). The second category is called Medium Term Government Deposit (MTGD), whose maturity period is 5-7. At the same time, gold can be fixed for 12-15 years under the Long Term Government Deposit (LTGD) category.

Under the Short Term Bank Deposit (STBD) category, an interest of 0.50% is given for FDs for a year. Whereas, 0.55 per cent and 0.60 per cent interest is being paid for two-year and three-year FDs respectively. Apart from this, under the medium term government deposit (MTGD) category, interest is paid at the rate of 2.25% per annum. Whereas, FDs of gold under the Long Term Government Deposit (LTGD) category will be given interest at the rate of 2.50 per cent per annum.

Under the Revamped Gold Deposit Scheme, the customer has to deposit at least 30 grams of gold. However, no maximum limit for depositing gold has been set. Meaning you can earn interest on any amount of gold you deposit.

There is a lock-in period of one year under the STBD category. After this time period, a penalty will be imposed on the interest rate for withdrawing money before the scheduled time. At the same time, investors under MTGD category can opt out of the scheme anytime after 3 years. However, a penalty will be imposed on the interest rate if the scheme breaks before the maturity period. Apart from this, gold can be withdrawn after 5 years under LTGD category. There will also be a penalty on the interest rate.

Under this scheme you do not have to pay property tax (property tax) on FD made gold. At the same time, a loan can also be taken on the basis of this FD if needed.

Click here for more information:

Revamped Gold Deposit Scheme (R- GDS) 


Sovereign Gold Bond (SGB)

GOLD ETFs(Gold Exchange Traded Funds)


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