People typically store costly jewelry in bank lockers to reduce the chance of theft or loss since banks offer protection for valuables like jewelry and papers. Before selecting a bank locker, you should, however, look at the size of the locker, availability, and which bank is charging the lowest fees.
 
 Are you aware that the sbi Revamped gold Deposit Scheme (R-GDS) offers an additional way to safeguard your gold while earning income on it?  Let's learn about this scheme's characteristics and applications.

What is R- GDS?

Under R- GDS, you can deposit their idle gold which will provide them safety, interest earnings, and a lot more.

How to Deposit Gold?

Customers must go to the designated branches in order to deposit their gold, jewelry, and coins under this system.  The gold deposit application form, fully signed by the depositors, KYC papers, and an acknowledged copy of the schemer's terms and conditions must be sent to the Nodal bank in mumbai or any other designated bank; the sbi website has information on these branches.
 
 Three methods to deposit gold under SBI's updated gold deposit scheme
 
 Customers can deposit gold in three different ways under the R-GDS.  Gold is deposited for one to three years in the first category.  Short-term bank deposits are what this is known as (STBD).
 
The second group, known as medium-term government deposits (MTGD), has a five to seven-year maturity period.  On the other hand, gold can be fixed for 12 to 15 years under the long-term government deposit (LTGD) category.
 
 What is the potential interest rate on a gold deposit?
 
 SBI offers an interest rate of 0.60 percent annually for periods of two years and beyond, while 0.55 percent annually is accessible for one year under short-term bank deposits.  Deposits must be made for a duration of five to seven years in the medium-term category.  You receive 2.25 percent yearly interest in this instance.
 
Likewise, you will receive 2.50% interest if you select a long-term government deposit, such as one that lasts 12 to 15 years.  Note that while your principal will be valued in gold for MTGD and LTGD, interest will be paid in indian Rupees on march 31 of each year or at maturity.
 
 The level of maturity
 
 The consumer has two choices for taking his gold and interest when the FD's maturity time is finished.  He has the option of returning it in the form of gold or receiving a payment equal to the gold's current worth.
 
R-GDS was founded when?
 
 The government launched the program in 2015 as a component of the gold Monetization Scheme.  The 1999 gold Deposit Scheme was superseded by this one.
 
 Tax obligations
 
 Under this plan, there is no TDS deduction.
 
 In adulthood, do you receive the same amount of gold?
 
 According to the amount specified in the certificate, the gold will be returned in bar form.
 
 
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26/02/2025 08:06 AM