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Earn money from your idle Gold in the locker
GOLD DEPOSIT SCHEME FROM STATE BANK OF INDIA
Any Indians who have 500 gms of Gold in their hands can make money from the Gold in India. An investor can invest maximum of any quantity of Gold under this scheme. Not many in India, are aware of this scheme run by SBI. It is nice way to get money from the idle Gold in your custody, which will otherwise be kept in the locker. But the scheme has some controls and checks. It is like Fixed deposit in Gold. One of the advantage of Gold Deposit scheme from SBI is its tax concessions and safety in the transactions.
You can avail Gold Deposit scheme from SBI for a period of 3, 4, 5 years. Gold in the form of Gold coins, Gold Bars, Gold jewelery etc.. all in scrap form is accepted by the SBI under the scheme of Gold Deposit Scheme. When the Investor transfers the Gold in Scrap form to the Bank, they will give a provisional
certificate and after that, the Bank will send the Gold to Bullion branch at Mumbai and then to India Govt. Mint where your Gold will be melted, assayed and minted and the certificate for fineness and quantity will be sent to the customer within 90 days of the receipt of Gold at the branch. This is the Gold Deposit Certificate from the SBI
You can avail 75 % of the total value of Gold as loan under this scheme. When you want to your investment back after the said years of investing in Gold Deposit Scheme, the bank will give you the investment back either as Gold or as in Rupee terms.
Interest rate applicable under this scheme is as follows:
| 3 year deposit | 0.75% per annum |
| 4 year deposit | 1.00 % per annum |
| 5 year deposit | 1.00 % per annum |
Another important advantage of Gold Deposit Scheme is its exemptions from Wealth tax, Income tax, Capital Gains tax for the investors. An investor under this scheme has no need to bother about theft of Gold. The charges like insurance charges, locker charges which are otherwise present with Physical gold is not at all present in case of Gold Deposit Scheme run by SBI. The are the advantages of enrolling into Gold Deposit Scheme run by SBI.
GOLD CERTIFICATE FROM CORPORATION BANK
Corporation Bank is also offering Gold certificate scheme for resident Indians. Resident Indians can transfer their Gold coins, jewelery, Gold bars etc in scrap from to the Bank and the Bank in turn issue a Certificate to the investor. Interest rate are more or less same like that SBI. Bank is offering the scheme for 3 to 5 years. After the lock in period you can withdraw the deposit. Other features are just like that of SBI. The Gold certificate is transferable. You can also avail loans by pledging the Gold certificate to the bank.
Merits of Gold Deposit Scheme
1. Income from Gold Certificate scheme is exempt from tax.
2. No wealth tax for the Gold deposited by you.
3. Income from Gold Deposit Scheme is exempt from Capital gain tax.
4. No need to fear of loss of theft.
5. Generate regular income from Gold, at the same time get the benefit of regular increase in the price of Gold.
Demerits of Gold Deposit Scheme
1. Interest rate for Gold Deposit Scheme is too low.
2. You can't get back the original model of Gold jewelery.
3. The money you invested in Gold jewelery, if it is kept in Fixed deposit, would have fetched you more returns.
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