Worried About The Safety Of Your Gold? Top 4 Ways To Store Gold Safely

People in India love to invest in gold and the yellow metal has emerged as an integral part of our culture. Whether it is a wedding, family function, or an investment option, gold has attained huge significance. After purchasing gold, the cloud of fear surrounds our mind thus leaving most of us busy as to what can be the best way to put it safely.

It is no longer safe to keep the precious metal in home as the fear of burglary is always there. When we buy gold we also need to think simultaneously the best ways to store it safely. Check some of the best ways given below:

1. Digital Gold

When you decide to store gold at your home, it causes immense stress and higher responsibility. It is an ideal option to purchase digital gold online as it will provide you safer and economical way of investing in physical gold by using digital speed. When you invest in digital gold, it lets you buy and sell the yellow metal in small fractions at your own ease. Digital gold allows you to buy gold in small denominations like Rs 100 and so on.

2. Gold FD

Also known as Gold Deposit Scheme or Gold Monetization Scheme, it has been designed to mobilise the gold possessed by people and institutions and enable its use for creative purposes. It also helps in bringing down the country's dependence on gold import. If you are an Indian resident, you can make deposits under the scheme. Gold FD can be jointly opened by 2 or more depositors. The minimum deposits any one time is 30 grams of raw gold in the form of bars, coins, jewellery except stones and other metals. Meanwhile, there is no maximum limit for deposit under gold FD scheme. Interest on deposits under the scheme shall begin accumulating from the date of conversion of gold deposited into tradable gold bard after refinement or 30 days after receipt of gold at the bank's chosen branch. There are 2 types of gold deposits available in the scheme namely short-term bank deposit (STBD), medium- and long-term government deposit (MLTGD).

It is worth mentioning that principal and interest on STBD will be denominated in gold. If it is MLTGD, principal shall be denominated in gold. The interest on MLTGD will be calculated in INR with reference with the gold value during the deposit time.

3. Bank Lockers

Instead of storing gold at home and invite the worries of its safety, you can always choose a bank locker to store your gold safely. Bank lockers have also emerged favoured alternatives for storage requirements. It also brings down the stress level of customers when they store their valuables with banks' lockers. Also, banks provide the much needed internal and external security. You will find two ways of storing your gold in bank namely bank vault and safety deposit boxes. Bank vaults are for those people who do not find it troublesome to store their wealth with other people. Meanwhile, a safety deposit box is reserved for private use of an individual customer, according to Bajaj Markets.

4. Metal Depositories

They have unique facilities for controlling moisture that allows better storage atmosphere for your gold. These are protected by consistent surveillance and security. Any entry or exit into these restricted facilities is tracked and recorded.