Revamped Gold Deposit Scheme (R-GDS)

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Revamped Gold Deposit Scheme (R-GDS)

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.

Features

  • To mobilize the idle gold in the country and put it into productive use. 
  • To provide the customers an opportunity to earn interest income on their idle gold holdings.
  • Short Term Bank Deposit (STBD) :

    Tenure 1 to 3 years. 

    (Deposits can be accepted for broken period also)     

  • Medium Term Government Deposit (MTGD) :Tenure: 5-7 years. 

    The deposit will be accepted by the Bank on behalf of the Central Government. 

    (Deposits can be accepted for broken period also) 

  • Long Term Government Deposit (LTGD) :Tenure 12-15 years. 

    The deposit will be accepted by the Bank on behalf of the Central Government. 

    (Deposits can be accepted for broken period also) 

  • Deposit Quantity Minimum: 10 grams of raw Gold (bars, coins, jewellery, excluding stones and other metals). 
  • Deposit Quantity Maximum: No Limit

  • Nomination Facility available for deposits in single names in individual capacity. 

  • Rate of Interest (STBD) 
    The current interest rates are as under :
    For 1 year : 0.50% p.a.
    Above 1 year up to 2 years : 0.55% p.a.
    Above 2 years up to 3 years : 0.60% p.a.
  • The Principal on STBD a shall be denominated in gold. However, the interest on STBD shall be calculated in Indian Rupees with reference to the value of gold at the time of deposit 
  • Rate of interest on MTGD: 2.25% p.a.
  • Rate of interest on LTGD: 2.50% p.a. 

  • In the case of MTGD & LTGD, the principal will be denominated in gold. However, the interest shall be paid in Indian Rupees annually on 31st March or cumulative interest on maturity.  

    Broken period interest is paid at the time of maturity. Interest is calculated on gold value in rupees, at the time of deposit. 

  • Depositor will have option to receive payment of simple interest annually or cumulative interest (compounding annually) on maturity. The option to be exercised at the time of deposit

Persons Eligible to make a deposit

Resident Indians of the following categories :

  • Individuals, singly or jointly (as Former or Survivor)
  • Proprietorship & Partnership firms.
  • HUFs
  • Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations
  • Companies
  • Charitable institutions
  • Central Government
  • State Government or
  • any other entity owned by Central Government or State Government
  • Gold is accepted in the form of raw gold i.e. Gold bars, Coins, Jewellery excluding stones and other metals. Customers to submit Application Form, Identification Proof, Address Proof and Inventory Form.

Repayment

  • STBD : Option to take repayment of principal either in gold or equivalent rupees as on the date of maturity.
  • MTGD & LTGD: Redemption of the deposit will be in Gold or INR equivalent of the value of gold as per then prevailing price of gold. However, 0.5% administrative charges will be levied in case of redemption in Gold ( The administrative charge has been revised from 0.2% to 0.5% vide Circular DoR.AUT.REC.58/23.67.001/2022-23dated August 04, 2022. However, all deposits prior to this date will continue to be governed by the 0.2% (of the notional redemption amount as on the maturity date in terms of INR) administrative charge in case of redemption in gold.)

Guidelines on Premature Redemption


Issue of Gold Deposit Certificate

  • Gold Deposit Certificate will be issued by Nodal Branch (i.e. Bullion Branch, Mumbai).
  • The certificate will be issued for pure gold contents (i.e. in 995 fineness)
  • Gold Deposit Certificate (GDCs) will be sent to the depositor by Nodal Branch i.e. Bullion branch, Mumbai.

Effective Date

  • 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.

AUTHORISED BRANCHES (LIST ATTACHED)

Grievance Redressal Mechanism

  • Depositor to approach the Authorised Branch, where gold deposit has been made.
Interest rate on Gold Related Products for last 10 years (in %)
Scheme 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Gold Deposit Scheme               Oct-15            
Scheme A (3 Year)   1.00 0.75 0.75 0.75 0.75 0.75 0.50            
Scheme B (4 Year)   1.25 1.00 1.00 1.00 1.00 1.00 0.75            
Scheme C (5 Year)   1.50 1.00 1.00 1.00 1.00 1.00 0.75            
Revamped Gold Deposit Scheme

 

 

 

 

 

 

 

 Nov-2015

 

 

 

 

      
Scheme A (1 Year)               0.5 0.5 0.5 0.5 0.5 0.5 0.5
Scheme A (2 Year)               0.55 0.55 0.55 0.55 0.55 0.55 0.55
Scheme A (3 Year)               0.6 0.6 0.6 0.6 0.6 0.6 0.6
Scheme B (5-7 Years)               2.25 2.25 2.25 2.25 2.25 2.25 2.25
Scheme C (12-15 Years)               2.5 2.5 2.5 2.5 2.5 2.5 2.5

Last Updated On : Saturday, 05-11-2022

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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