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ICICI Gold Schemes

ICICI Bank has been a pioneer in providing gold based schemes in India. Keeping in mind that gold is expensive and is out of reach for many individuals, ICICI Bank has formulated a series of investment schemes with respect to gold purchases and lending.

ICICI Dream Gold Plan

This is a fixed deposit scheme where an account holder deposits money with the intention of purchasing gold from the deposited money. It comes in both - as a fixed deposit (FD) and as a Recurring Deposit (RD).

Note: The eligibility for all gold schemes for ICICI Bank require an individual to be an account holder with the bank.

ICICI Dream Gold Plan Features

  • Interest from the deposits will not attract TDS in case of Recurring Deposits.
  • This plan comes with a feature of auto-renewal upon maturity and the interest does not attract TDS, even if it is undertaken as a recurring deposit (RD).
  • You can also pay a fixed minimum amount for 6 months.
  • You are entitled a loan of 90% of the deposit amount.
  • You can withdraw your amount before the maturity date, provided you meet all the charges.

ICICI Dream Gold Plan Benefits

  • It is a secure way to save money for purchasing gold in the near future after a short period of time.
  • ICICI Bank gives a discount on purchase of gold coins within 3 months of maturity.
  • Secured and fixed returns on Fixed Deposit/ Recurring Deposit.
  • Option to buy 99.99% pure gold coins from ICICI Bank.
  • Discount on any amount of gold coins purchased from ICICI Bank within 3 months of maturity/ withdrawal of the Dream Gold Deposit.

ICICI Bank Gold Monetization Scheme

This is a term deposit scheme where account holders can deposit their gold assets for the purpose of earning interest from the deposited gold.

ICICI Bank Gold Monetization Features

  • The rate of interest depends on the rates decided by the Indian government along with RBI. Gold can be deposited in any form with a 995 purity grade.
  • The minimum amount of gold to be deposited is 30 grams form a minimum tenure of 3 years, provided you are an account holder with ICICI Bank.
  • The maximum tenure of deposits is 15 years at a time.
  • The interest is paid yearly and is dependent upon the gold rate at the time when the deposit was opened.

ICICI Bank Gold Monetization Benefits

  • It is a secure way for investors to earn interest from their gold deposits in the near future after a short period of time.
  • In case the price of gold increases during the time period of deposit, there is no need to pay any income tax or capital gains on such earnings.
  • Your earnings which are entitled are exempted from wealth tax, capital gains tax and income tax.
  • You will earn interest at the rate of interest decided by Central Government and notified by Reserve Bank of India from time to time.

ICICI Bank Gold Loans

Under this scheme, you can avail a loan against your gold assets. The assets serve as a collateral against the loan amount.

ICICI Bank Gold Loan Features

  • An account holder can get an instant loan against their gold deposit from any ICICI Bank Branch.
  • You can avail a loan amount ranging from ₹1000 to ₹15 lakhs on the successful verification of the documents.
  • Instant loan disbursement post successful documentation.
  • You can use the online calculator to calculate the amount of loan.

ICICI Bank Gold Loan Benefits

  • The gold is kept in secured vaults with enhanced security.
  • There is an option of availing loans for shorter tenures of 12 months.
  • Attractive interest rates.
  • Simple & easy documentation.
  • Repayment at the end of loan tenure.
  • Complete safety of jewels.

Explore more on Personal Finance - Gold Rate City Wise

ICICI Bank Pure Gold

Under this scheme, you can purchase pure gold from ICICI bank with respect to any denomination, budget and need.

ICICI Bank Pure Gold Features

  • You can purchase gold under this scheme from any branch of ICICI Bank with all the assurance certificates.
  • The denominations of gold available under this scheme are 0.5|1|2.5|5|10|20|50|100 grams.
  • The gold is hallmarked as per the BIS standards.
  • Coins are available at selected branches of ICICI Bank Limited across India - ICICI Bank Ltd, 9A, Phelps Building, Connaught Place, New Delhi and ICICI Bank Ltd, Ground Floor, Indraprastha Bldg., Premnarayen Chowk, Linking Road, Santacruz West, Mumbai.

ICICI Bank Pure Gold Benefits

  • The gold comes in tamper proof packs.
  • The price of the gold is determined after covering the import cost and extra duties and taxes for the same.
  • The Indian Gold Coin is the first ever national gold coin with the Ashoka Chakra on one side and Mahatma Gandhi on the other side.
  • The purity is marked at 24 karats.
  • Permitted only to ICICI Bank bank account holders.

ICICI Sovereign Gold Bonds

A sovereign bond is a debt security issued by the government of India from time to time. These bonds can also be traded in the form of gold or as a substitute for gold. Such bonds are linked with the price of gold and are issued by ICICI Bank as well.

ICICI Sovereign Gold Bond Features

  • ICICI Sovereign Gold Bonds are issued for a tenure of 8 years with the buyout options in 5 years.
  • They come with a guaranteed interest.
  • The bonds are denominated in units of 1 gram of gold and multiples thereof.
  • Minimum permissible investment is 1 gram of gold.
  • Maximum limit of subscription is 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and other entities notified by the government from time to time.
  • The tenor of the bond is for a period of 8 years with an exit option from 5th year onwards to be exercised on the interest payment dates.

ICICI Sovereign Gold Bond Benefits

  • You can trade these bonds on the stock market.
  • They carry a guarantee of assured returns.
  • They can be used as a collateral for availing loans.
  • The capital gains tax arising on redemption of this bond to an individual has been exempted.

FAQs on ICICI Gold Schemes

How many gold schemes does ICICI Bank offers?

The ICICI Bank offers 5 different gold schemes - ICICI Bank Dream Gold Plan, ICICI Bank Pure Gold, ICICI Bank Gold Monetization Scheme, ICICI Bank Gold loans and ICICI Bank Sovereign Gold Bond.

For how many years is a gold sovereign bond issued for?

The ICICI Bank Sovereign Gold Bonds are issued for a tenure of 8 years.

How much loan can I avail in an ICICI Bank Pure Gold scheme?

You can avail up to 90% of the deposit amount as loan under the ICICI Bank Pure Gold Scheme.

How much loan can I avail in an ICICI Bank Gold Loan scheme?

You can avail a loan amount ranging from ₹1000 to ₹15 lakhs under the ICICI Bank Gold Loan Scheme.

What is the maximum tenure of deposit under the ICICI Bank Gold Monetization Scheme?

The maximum tenure of deposits is 15 years under the ICICI Bank Gold Monetization Scheme.