SBI is one of the most trustworthy banks of the country. To make the lives of its customers easier and to entice new customers with new offers SBI has introduced various gold schemes over the years. This schemes are created by experts so you can invest in them without having to worry about gold rate in Panvel or Nagpur. So let’s take a quick look at various SBI gold schemes and what they have to offer.
SBI Gold Deposit Scheme is a term deposit scheme that allows customers to earn interest on gold.SBI offers 2.75% p.a. for the first year and 2.50% p.a. for the second year in this scheme. The minimum amount of gold that can be deposited under this scheme is 30 gms and in multiples of 1 gm thereafter. The maximum period, however, is 36 months only. The interest earned on gold deposits can be credited to the customer’s savings bank account or added to the principal amount of the deposit at the time of maturity.
- Retail Sale of Gold Coins
Gold coins are available at authorised SBI branches throughout the country. The face value of gold coins offered by SBI ranges from Rs 500 to Rs 5,000 and its purity is 24 carats (99.99%). SBI charges a premium of 3% over the international price of pure gold plus GST as applicable, depending on the quantity purchased by customers during a single transaction and a discount of 1% is allowed for the purchase of more than 10 coins together during a transaction.
- Revamped Gold Deposit Scheme (R- GDS)
This scheme is a fixed deposit for gold. Customers can use these deposits to buy gold in the market, or they can use their deposit as a guarantee to borrow gold. At the time of maturity, the customer has to repay the loan with interest and the bank will return their deposit.
An exchange-traded fund (ETF) is a type of security that tracks assets such as bonds, commodities, and stocks. SBI’s ETF buys physical gold from banks and other institutions and then issues units to investors. The benefit of this plan is that investors do not have to store their physical gold, but they can trade it on the stock exchange. You can also track gold rate today in Shimoga or for any other place to get an idea about how your investments are performing. See more.
- SBI Sovereign Gold Bond Scheme
This scheme was introduced by the government of India in November 2015 with the aim to reduce demand for physical gold and shift a part of their investment into non-physical gold. The SGB scheme allows investors to buy gold in Demat form rather than buying physical gold bullion or coins/bars. The main features include:
The maximum investment limit under this scheme is 4 kgs per person per financial year.
The minimum investment limit is 1 gram of gold per bond issued,
State Bank of India offers a loan to customers against the security of gold ornaments. This is called a personal gold loan. The loans are offered for an amount ranging from Rs 20,000 to Rs 1 lakh. The duration of this loan ranges from three months to one year.
- SBI Gold Loan Features and Benefits
The applicant must be an Indian national with a minimum age of 18 years and a maximum age of 70 years as of the date of submission of the application.
The applicant should not have any other outstanding loans against gold with SBI.
Only resident Indians can avail of the facility of this loan. Non-resident Indians and Hindu Undivided Families are not allowed to take this loan.
Individuals who are farmers, agricultural labourers, artisans and self-employed individuals are also eligible for this loan.