As an account holder of State Bank of India, you can avail a number of schemes related to gold loans and investments. Apart from purchasing gold coins, an investor can also buy Sovereign Gold Bonds and Gold Mutual Fund Schemes. All resident Indians can submit gold in form of raw gold i.e. Gold bars, Gold Coins, Gold Jewellery excluding stones and other metals. The interest on deposits under the scheme will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt of gold whichever is earlier. The authorised SBI branches for the same are P B Branch, New Delhi, SME Branch Chandni Chowk, Delhi, Coimbatore Branch, Hyderabad Main Branch, Thyagarayanagar Branch, Chennai, Bullion Branch Mumbai and Bangalore Main Branch.
SBI offers purchase of gold coins from any of its bank branches across India.
This is a fixed deposit scheme for gold where an account holder can use these accounts to deposit their gold assets and earn interests in return. The gold deposits are accepted by SBI on behalf of the Government of India. This enables the government to mobilize idle gold held among the Indian masses.
for investing in Revamped Gold Deposit Scheme (R-GDS)
| Type | Tenure | Rate of Interest per annum |
|---|---|---|
| Short Term Bank Deposit | 1 year | 0.50% |
| 2 year | 0.55% | |
| 3 year | 0.60% | |
| Medium Term Gold Deposit | 5-7 years | 2.25% |
| Long Term Gold Deposit | 12-15 years | 2.50% |
By pledging gold jewellery, ornaments and coins, you can avail a gold loan to finance your personal requirements such as education, medical bills, marriage, home, travel etc.
| Type | RTO Code | RTO Locations |
|---|---|---|
| Processing Fee | Gold jewellery, ornaments, gold coins with a BIS Hallmark | 0.50% of the loan amount with minimum of ₹250 and maximum of ₹500 plus applicable Service Tax |
| Gold jewellery, ornaments, gold coins without a BIS Hallmark | Rs.250 for loans upto Rs.25000 plus applicable Service Tax
Rs.0.50% of the loan amount with a minimum of Rs.500 plus service tax for loans up to Rs.25000 |
|
| Rate of Interest | Demand Loan | 2.00% above 1 year MCLR Floating, 11.15% per annum |
| Liquid Gold Loan Scheme - OD | 2.00% above 1 year MCLR Floating, 11.15% per annum |
Sovereign Gold Bonds are government securities which are denominated in grams of gold. They allow customers to invest in gold with actually holding the physical metal. The bond is issued by the Reserve Bank of India on behalf of the Government of India.
There are different forms required for each purpose.
| Form | Description |
|---|---|
| A | Application |
| B | Acknowledgement Receipt |
| C | Holding Certificate |
| D | Nomination |
| E | Cancellation of Nomination |
| F | Transfer |
This is an open ended fund of funds scheme which invests in the units of SBI Gold Exchange Traded Scheme (SBI GETS). You can gain returns without the need of purchasing the actual metal.
Being the flag carrier of India’s banking industry, The State Bank of India has been officially nominated by the RBI to import gold into India for the purpose of selling it to jewellers and traders. Bullion includes includes Metal Gold Loan and Outright Sale of Gold for both - domestic and exporting. Under this scheme, bank provides working capital finance to jewellery manufacturers through Metal Gold Loans. Jewellers, in return, can take gold as a loan from the bank for manufacturing of jewellery and sell it in the domestic market or export it.
| Security | Cash Security | Bank Gaurantee | CC Limit(A-& Above) | Cash Credit & Other |
|---|---|---|---|---|
| IF CONSIGNMENT IMPORTED GOLD IS UTILIZED | ||||
| A-IF Sanctioned mgl limit is less than 50 kg | 3.00 | 3.00 | 4.00 | 4.75 |
| B-IF Sanctioned mgl limit is 50 kg or more | 2.85 | 2.85 | 3.75 | 4.50 |
| IF GDS GOLD STOCK IS UTILIZED | ||||
| A-IF Sanctioned mgl limit is less than 50 kg | 2.85 | 2.85 | 3.75 | 4.50 |
| B-IF Sanctioned mgl limit is 50 kg or more | 2.70 | 2.70 | 3.50 | 4.25 |
The following table is as per the official website of SBI.
In how many denominations can I purchase gold from SBI?
The SBI gold coins are available in the following denominations - 2|4|5|8|10 grams and the rectangular bars are available in 20|50 grams.
How much is the withdrawal penalty under the SBI revamped gold deposit scheme?
The withdrawal penalty under this scheme depends upon the tenor of investment. It is applicable one year post deposit under STBD, 3 post 3 years under MTGD and 5 for LTGD.
Do you need a demat account for investing in SBI gold fund?
No, you do not need a demat account for investing in SBI gold fund.
What is the minimum amount of investment required for purchasing units of SBI Gold Exchange Traded Scheme (SBI GETS)?
The minimum investment amount is Rs. 5000 as the initial purchase and additional investments of Rs. 1000 can be made further under the SBI Gold Exchange Traded Scheme (SBI GETS).
What is the rate of interest for SBI Sovereign Gold Bond
The SBI Sovereign Gold Bond pays an assured interest rate of 2.75% and has a tenure of 8 years which can be redeemed early from the fifth year of the date of issue.
