We Indians are very fond of gold and jewellery as not only for investment but people wears a lot of gold jewellery. We have the highest quantity of gold in the world. Still the demand is also high at the price of 30000/10gms.
Recently gold gave better return compare to investing in equity or fixed deposits. But gold always in the lockers or in safe at home which do not fetch any return expecting the rise in prices. One is not getting any interest in this mode of investment compare to others.
One can wonder by reading that the surplus gold can give you the return. There is a new scheme which called gold deposit scheme. There are some features of this scheme which are as under.
Currently only SBI (State bank of India) offering gold deposit scheme in India, which is regulated by Reserve bank of India. However some jewelers also offer same kind of scheme but not trustworthy.
- In this scheme one can deposit gold with the bank. The gold may be either in coins, bars or jewellery.
- The period is the choice of the depositor. It may be 3 months to any time he wish to.
- After the term, one can take gold in bars with the same weight or take equitant cash as per market value of the gold.
- One will get modest interest on gold deposited with bank.
- Currently only 50 branches of SBI offering gold deposit scheme.
- The minimum weight of gold should be 500 gms.
There are two documents required for gold deposit scheme one is for address proof and second for ID proof with the recent photograph and gold which one want to deposit. The gold items will be weighted in your presence and a provisional receipt will be given by the bank.
Gold deposit certificate will be issued after some days as bank will check the purity of the gold deposited. After checking, one will get the gold deposit certificate which indicates the actual purity, weight, tenure as well as interest rate offered on it.
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