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SBI Gold Deposit Scheme

SBI Gold Deposit Scheme

SBI has launched a Gold Deposit scheme to make use of privately held stock of gold and reduce countrys dependence on imported gold.

This scheme was earlier launched in 1999 but wasn successful then. But we think this would be a good time for a bank to make use of high gold prices and thus would make a lot of sense now.

Q. What is the Purpose of Gold Deposit Scheme?

i. To mobilize the idle gold in the country and put it into productive use

ii. To provide you an opportunity to earn interest income on your idle goldholdings, with safety, liquidity and tax benefits.

Q. How it is used for productive purpose?

Your gold will be procured, assayed and converted into gold bars for lending to jewellers for manufacturing of gold jewelleries.

Q. What benefits I can get from Gold Deposit Scheme?

i. You can have safety & security of gold in Bank without any cost

ii. You can earn interest income on your idle gold

iii. You can avail loans in case of exigencies against your Gold Deposit Certificate from any branch of SBI

iv. Tax benefits- (As amended by Finance Act 1999)

a) You can save Income tax [under section 10(15)(vi) of Income Tax Act] on your interest earned from your gold deposit scheme

b) You can get exemption from Wealth Tax [under section 2(ea) of

Wealth Tax Act}) on the value of assets deposited in the scheme

c) You can get exemption from Capital Gain Tax [under section 2(14)(vi) of Income Tax Act]) on your deposit under the scheme.

Q. What is the minimum quantity of gold I can deposit?

A. You can deposit minimum 500 gms of gold in gross weight. There is no upper limit for such deposits.

Q. What are the periods for which I can keep the Deposit?

A. Gold Deposits are available for maturity periods of 3, 4 or 5 years (full year terms).

Q. How much Interest I can get?

A. The current interest rates are:       

Tenure(full year term)

Rate of Interest

3 years

0.75% p.a.

4 years

1.00% p.a.

5 years

1.00% p.a.

Interest rates will be changed by the Bank from time to time which will apply to future deposits

For more details visit the nearby SBI Branch / Contact 24x7 Helpline 1800 11 22 11 (Toll Free from BSNL / MTNL landline) or 080-2659 9990 (other lines) / e-mail:contactcentre@sbi.co.in or visit at www.sbi.co.in

 





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