Can we deposit gold in bank?
You can deposit the idle gold in an RBI designated bank and earn interest on the same. This facility is available under RBI's Gold Monetisation Scheme.
Which bank is best for gold deposit?
The State Bank of India (SBI) offers Revamped Gold Deposit Scheme (R-GDS), a fixed deposit scheme in gold.
Can I put gold in fixed deposit?
Revamped Gold Deposit Scheme (R- GDS) is in the nature of a fixed deposit in gold. The customers can deposit their idle gold under R- GDS which will provide them safety, interest earnings and a lot more.
What is gold deposit Scheme in SBI?
SBI Revamped Gold Deposit Scheme What is SBI Revamped Gold Deposit Scheme (R-GDS)? This scheme is similar to a fixed deposit scheme in gold. Under this scheme, an individual can use this account to deposit gold assets for a fixed tenure and earn fixed interest on them. This scheme ensures the safety of gold by depositing the idle gold in the bank.
What do banks do with gold deposits?
Banks convert the gold you deposit into bullion or coins and either send it to Metals and Minerals Trading Corporation of India for minting India Gold Coins, or sell it to jewellers or other banks.
Can I buy gold from SBI?
Gold coins are available at authorised SBI branches where customers can purchase different denominations starting from 2 grams up to 50 grams. SBI assures purity and good prices based on the daily price of gold.
How do I open a gold deposit account?
When the customer produces the certificate of gold deposited at the Purity Testing Centre, the bank will in turn open a 'Gold Savings Account' for the customer and credit the 'quantity' of gold into the customer's account. Simultaneously, the Purity Verification Centre will also inform the bank about the deposit made.