New Delhi: Do you have any gold jewelry or coins in the house, so you can earn from it as well. Depending on the improvement, you will be given a certificate of deposit on gold. And at the maturity of the scheme, you will get interest in the form of gold or cash after the year 3,4,5,6.
Who can add to this?
As per the information provided by the SBI website, anyone living in India can avail of this scheme. It has the option of opening both single and joint account. HUF and partnership firm can also invest in this.
If you withdraw the scheme, the penalty will be charged
Withdrawal of rupees before a fixed time period of one year will result in a penalty on interest. While the Medium Term Investment Scheme can be withdrawn from the Scheme after 3 years and the Long Term Scheme can be withdrawn from the Scheme after 5 years.
Which branch will get the benefit of the scheme?
The scheme will benefit from PBI Branch in Delhi, SME Branch Chandni Chowk, Coimbatore Branch, Main Branch in Hyderabad.
How many years will the deposit be?
Gold can be deposited for 1-3 years under this scheme. SBI has named this scheme as Short Term Bank Deposit (STBD).
How much interest will you get?
STBD will get 0.50 percent interest for one year and 0.60 percent interest for three years. While 2.25 percent annual interest for long term, 2-5 percent interest on investment for 12-15 years.
Interest will be paid on passive gold
There is no interest on the gold kept in the locker, instead the rent of the locker has to be paid. In this scheme, the reserve gold will be saved and interest will be paid on it.
Increasing the price of gold will benefit
When the gold deposit scheme is ripe, whatever the price of gold at that time, it will matter, interest will be paid in the deposit but there will be no interest on the gold kept in the locker.
Tax exemption will be available
If you have more gold than you earn, you have to pay tax on it, but tax is exempt under this scheme.
