SBI Gold deposit scheme: 6 reasons to invest

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    If you have gold in the form of jewellery or bars you can surrender it under the SBI Gold Deposit Scheme and earn interest and tax breaks. SBI will arrange to melt your jewellery or gold and convert into bars and depending on the purity of the gold you deposited and will send you a gold deposit certificate within 90 days. You will get a temporary provisional certificate though. When the deposit period is over, after three, four or five years you can get the principal along with the interest, either in the form of gold gold (0.999 purity) or cash equivalent of gold as on that day.

    Here are 6 benefits of the SBI Gold Deposit scheme.

    You get interest on idle gold

    You get interest on idle gold

    Remember your gold in the locker fetches you nothing, while you can earn interest income on your idle gold. Under the SBI Gold Deposit scheme, interest is calculated in Gold currency and paid in equivalent rupees.

    Tax benefits

    Tax benefits

    If you have gold and jewellery up to a specified amount, you are liable to pay wealth tax. However, there is no wealth tax, capital gains tax or income tax payable on SBI Gold Deposit Schemes.

    If prices of gold rise, you can stand to gain

    If prices of gold rise, you can stand to gain

    When your gold deposit scheme matures, you get to redeem at the current rates, which means if gold prices rise, you stand to gain. Add to it the interest that you would not have got when the gold was in the locker.

    Loan facility

    Loan facility

    You can avail of rupee loans at any branch of State Bank of India up to 75 per cent of the notional value of gold.

     No locker costs and theft worries

    No locker costs and theft worries

    You need not worry about locker costs to store your gold and jewellery and also there are no worries of theft. Certificates issued are extremely safe. 

    No upper limit 

    No upper limit 

    There is no upper limit on the deposit, while the minimum limit is of 500 grames.

    Read more about: sbi sbi gold deposit scheme
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more