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Gold Deposit Schemes also referred to as gold schemes or gold savings schemes, is an investment vehicle that enables investors to deposit their gold with a jeweller or bank and earn returns in the form of a higher quantity of the yellow metal. This return can be a lump sum amount at the year-end or a monthly payment of a pre-determined amount, which can be redeemed in cash or gold. Gold schemes are designed to control the dependency on imported gold, maintain a stable foreign exchange and mobilize the yellow metal. Gold schemes are offered by banks and jewellers, who offer varied features and benefits on their schemes.
Gold schemes include Sovereign Gold Bond (SGB), the Indian Gold Coin Scheme (IGC) and the Gold Monetisation Scheme (GMS). Any individual or organisation can invest 2 units or 2 grams of gold in these schemes coming with a tenure of 8 years
Gold Deposit Scheme can be opted by any resident Indian who is:
The features of the benefits of this scheme are as follows:
Gold Schemes were first launched after Budget 2015 with the objective of encouraging Indian citizens to deposit idle gold in banks and avail returns after the maturity term. Banks can further loan it to jewellers or use it for other purposes. The depositor has to pay interest to the bank for the safekeeping of gold deposits. Banks can make this gold deposit available to jewellers. The idea is to minimize dependency on foreign gold reserves and also stabilize the country’s foreign exchange.
Three new gold schemes have been launched by Prime Minister Narendra Modi - Gold Monetisation Scheme, Sovereign Gold Bond Scheme and the Gold Coin and Bullion Scheme.
Features and benefits offered by gold schemes of banks are as follows:
Some of the most popular gold schemes offered by jewellers are:
1. GRT gold schemes - GRT Jewellers offers competitive features and benefits on its gold schemes. GRT Golden Eleven Flexi Plan details are mentioned here:
Features and benefits
2. GRT Golden Seed Savings Scheme
3. Gold Schemes from Kalyan Jewellers – Some of the key features and benefits of the ‘purchase advance scheme’ offered by Kalyan jewellers are as below:
4. Malabar Gold & Diamonds Smart Buy Scheme - Under the Smart Buy Scheme, the benefits offered on the ‘In stock’ products are:
5. Tanishq Golden Harvest Scheme – Some of the key features and benefits of this scheme are as follows:
6. Tanishq Swarnanidhi Scheme – The key features of this scheme are:
1. What are the best gold schemes from jewellers that I invest in?
Some of the best gold schemes from popular jewellers that you can choose from:
2. In what form will the depositor get back his gold at maturity?
If the depositor opts for redemption in the form of gold, he will get back physical gold at maturity in the form of bullion.
3. What are the government-backed gold schemes?
The following are the gold schemes introduced by Prime Minister Narendra Modi at Budget 2015:
4. Are joint deposits allowed?
Yes. Joint deposits of two or more eligible depositors are allowed under the scheme.
5. How will the principal and interest be denominated at the time of redemption?
For Short Term Bank Deposit (STBD), redemption can either be in rupee equivalent or gold. Whereas, for Medium and Long -Term Government Deposit (MLTGD), redemption will be only in INR equivalent of the value of gold as per the then prevailing price of gold.
Gold deposit scheme is like a gold savings account. You would generally keep your gold without any security at home or store it in bank lockers by paying a maintenance fee. But instead of that, you could keep your gold in any form in a Gold deposit Scheme account and earn interest as the price of the precious metal goes up.
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Andhra Bank Gold Deposit Scheme
Axis Bank Gold Deposit Scheme
Bank Of Baroda Gold Deposit Scheme
Bank Of Maharashtra Gold Deposit Scheme
Canara Bank Gold Deposit Scheme
Central Bank Of India Gold Deposit Scheme
Federal Bank Gold Deposit Scheme
HDFC Bank Gold Deposit Scheme
ICICI Bank Gold Deposit Scheme
IDBI Bank Gold Deposit Scheme
Indian Overseas Bank Gold Deposit Scheme
Indusind Bank Gold Deposit Scheme
Karnataka Bank Gold Deposit Scheme
Karur Vysya Bank Gold Deposit Scheme
Kotak Mahindra Bank Gold Deposit Scheme
Lakshmi Vilas Bank Gold Deposit Scheme
Punjab National Bank Gold Deposit Scheme
SBI Gold Deposit Scheme
South Indian Bank Gold Deposit Scheme
Tamilnad Mercantile Bank Gold Deposit Scheme
UCO Bank Gold Deposit Scheme
Vijaya Bank Gold Deposit Scheme
YES Bank Gold Deposit Scheme
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