If you also have gold ornaments or coins lying in the house, then you can use them as an income. The opportunity to take advantage of this is available under the State Bank of India special scheme Gold Deposit Scheme.
SBI will arrange to melt your jewelery or any form of gold and convert it into a coin. After this, you will be provided with a gold deposit certificate based on the purity of the gold within 90 days. However, this certificate will be found temporarily. When the deposit period ends, after 3,4,5 or 6 years, you can get that gold either in gold or in the form of cash with interest, depending on the price at that time.
Interest will be given on inactive gold
You don’t get anything in the gold kept in the locker. So inactive gold means that you will also get interest on sleeping at home for a long time. Under the SBI Gold Deposit Scheme, interest is calculated in gold currency and paid in rupees.
If you have more gold than you earn, then you have to pay tax under property tax. However, no property tax, capital gains tax or income tax is payable on SBI Gold deposit schemes. That is, you will get tax exemption.
You can get benefit due to increase in gold prices
When your gold deposit scheme matures, you redeem at current rates, which means that if the gold prices rise, you can reap the benefits. If you compare it with the price of gold kept in the locker, you will get interest in the deposit scheme here but you will not get the gold kept in the locker.
You can avail a loan of up to 75% of the fundamental value of gold in any branch of State Bank of India. That is, you will also get benefit in loan from SBI’s Gold Deposit Scheme.
There is no upper limit on deposits, while there is a minimum limit of 30 grams. In this way we can say that the Gold Deposit Scheme of State Bank is beneficial in every way.
Who can invest
According to the information given in the SBI website, anyone living in India can join this scheme. Single and joint accounts can also be opened. So at the same time HUF, Partnership Firm can also invest in it.