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How to apply for SBI gold deposit scheme

Date: 30 Jun 2015    Group: Finance & Banking    Category: Investments   

One of my friends told me about Gold Deposit Scheme at SBI. How to apply for it? What's the minimum quantity of gold required? What's the interest provided? Please provide all relevant info with respect to SBI only.

Want to put in an application for the gold deposit scheme of SBI? Find out how to do so and the interest provided too from our experts.

Author: Timmappa Kamat    30 Jun 2015      Member Level: Platinum     Points : 5  (Rs 5)    Voting Score: 0

The SBI Gold Deposit Scheme is similar to the Gold Monetisation Scheme . Here are the salient features -

1. Minimum Quantity of Gold - 500 grams.

2. Tenure - 3 years, 4 years and 5 years.

3. Rate of interest - 0.75% for 3 years
1.0% for 4 and 5 years.

4. Other terms - Gold will be melted at India Govt Mint. Gold Deposit Certificate will be issued in 90 days.

5. Loan facility - Loan for upto 75% of gold value can be availed.

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