Minimum 30 grams of gold can be deposited while there is no maximum limit. You can also deposit your gold in the form of jewellery, gold biscuits, coins and bars.
Many people keep the gold kept at home in their cupboard or in the locker of the bank. Many people are not aware that Fixed Deposit (FD) of Gold can also be done. Many banks are giving the benefit of this facility to the customers.
If you also have gold and want to earn profit from it, then you can choose the ‘Revamped Gold Deposit Scheme’ of State Bank of India (SBI), the country’s largest government bank. Minimum 30 grams of gold can be deposited while there is no maximum limit. You can also deposit your gold in the form of jewellery, gold biscuits, coins and bars.
Gold FD can be done in these three categories:-
- Short Term Bank Deposit (STBD): Gold FDs with maturity period ranging from 1 to 3 years are placed in this category. Under this, customers will get 0.50 percent annual interest on gold FD for one year. If you choose a tenure of 2 years, the interest rate will be 0.55 percent per annum, while the interest rate for 3 years will be 0.60 percent per annum.
- Medium Term Government Deposit (MTGD): Gold FDs with maturity periods ranging from 5 to 7 years are included in this category. Under this, gold FDs of 5 to 7 years will get 2.25 percent interest annually.
- Long Term Government Deposit (LTGD): Gold FDs with maturity period ranging from 12 to 15 years are included in this category. Under this, 2.50 percent interest will be available annually on gold FDs from 12 to 15 years.
The special thing is that there is no wealth tax on FD gold, while a loan can also be taken on its basis. However, how much the loan will be available depends on how much gold FD the customer has with the bank and what is its maturity period.
