9 thoughts on “Gold Deposit Scheme”

  1. Thks for your kind advice, Sir.
    I have 2 querries relating to Gold Deposit Scheme
    Firstly, where I would be getting the list of Centres for this scheme
    And further, they have mentioned that the redemption for medium and long term would be in cash only…. I want to know whether the redemption would be as per the privailing rate at that point of time OR as per the current valuation of the gold.
    Hope you can help to sort out my querries.

    1. Jayesh – The scheme is not launched formally so we still need to wait for clarity. We still have to wait for center’s list.

      As redemption are concerned it would be based on the gold prices prevailing at the time of redemption because the account would be denominated in gold in grams, so what you would be encashing is gold.

  2. Amit when you think the formal announcement of the scheme will take place? Also, I found this link from SBI about the Gold Deposit Scheme https://www.sbi.co.in/portal/web/personal-banking/gold-deposit-scheme-gds , I guess this is the old version?

    Thank you in advance.

    1. I think it’s going to take atleast a month for formal launch of Gold Schemes. Yes the above link is for the old Gold Deposit Scheme version.

  3. Subhodeep Mukhopadhyay

    This is a very good piece of information you have shared on Gold Deposit Scheme. I have been wondering how banks intend to make money and now I understand.

    Correct me if I am wrong, but banks will take gold from us and give it either to RBI or lend it to people and pocket the interest margin (gold lending rates – gold deposit rates). Hope my understanding is correct.

    Thanks for a very informative post.

    1. Yes Subhodeep that’s my understanding too about the Gold Deposit Scheme. Let’s wait for the formal announcement of the scheme and then we can dig deeper!

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