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Nov 18, 2009, 04.07 PM IST | Source: Moneycontrol.com

SBI launches gold coins, gold deposit scheme

State Bank of India, SBI has launched gold coins and gold deposit scheme. Below are the details.

SBI launches gold coins, gold deposit scheme

State Bank of India , SBI has launched gold coins and gold deposit scheme. Price of gold coins is based on day to day price of gold bullions. The price is exclusive of value added tax/sales tax. SBIs Gold coins are of 24 carat, pure gold of 999.9 purity. The coins come in a tamper proof certicard packs with assay certification, signifying the highest level of purity as per international standards.

Gold Deposit Scheme (GDS)

Gold Deposit Scheme (GDS) is in the nature of a fixed deposit in gold. The customers can deposit their idle gold under GDS which will provide them safety, interest earnings, tax benefits and a lot more. 

Main features of GDS, in brief, are:
 

Purpose

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.

Eligibility

Any Resident Indian of the following categories:
(i)Individuals, singly or jointly (as Former or Survivor)
(ii)HUFs
(iii)Trusts(iv) Companies

Minimum Quantity

500 gms (gross)
(No upper limit for deposit)

Period of deposit

3 yrs,4 yrs or 5 yrs

 

 

 

 

 

 

 

 

 

 

 

For further details click on the attachment...

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