Tamil Business Update:
The scheme will be useful for those who have large amounts of gold worth crores. Interest income will be fixed.
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| Make Money From Gold |
SBI Gold Monetization Scheme: Home unused gold jewelry can be converted into a lucrative investment under SBI Bank's Gold Monetization Scheme, India's largest public-sector undertaking.
SBI's Gold Monetization Scheme:
You can make money by making good use of the useless gold jewelry lying in your homes. You will get a good income through this program. You can use your unused or unused jewelry through the Gold Monetization Program (GMS). Many banks offer this service, including State Bank of India (SBI), India's largest public sector bank. SBI accepts gold deposits under this scheme on behalf of the Government of India. You can also make a deposit for the missing period in this plan.
Features of SBI Gold Monetization Scheme:
SBI offers GMS customers an opportunity to earn interest income by using their unused gold jewelry in the scheme.
Includes Short Term Bank Deposit (STPD) - Contract 1 to 3 years,
Medium Term Government Deposit (MTGD) - Contract 5-7 years
The Long Term Government Depository (LDGT) contract is defined as 12-15 years.
Also, the minimum deposit requirement is 30 g (total), with no maximum limit. This includes the appointment facility to make a single deposit in the personal name.
Current interest rates for STPD:
1. 1-year interest rate 0.5 percent,
2. The interest rate is 0.55 percent for more than 1 year and up to 2 years.
3) The interest rate is fixed at 0.60 percent for more than 2 years and up to 3 years.
This includes interest for maturity (on maturity) for the overall non-maturity (on March 31) each year. The principal and interest in the STPD will be indicated in gold. Maturity interest for the missing period will also be paid.
The current interest rate for MTGD is 2.25%.
Further details on MDGD and LDGD will be mentioned in the original gold. However, interest is payable on or after March 31 of each year. Missing term interest will also be paid at maturity.
At the time of deposit, the interest on the gold value is calculated in rupees. The depositor will have the option to receive simple interest per annum or aggregate interest (compound) at maturity
What does the expert say about this?
The most primitive unused jewelry will not give you the desired return. Personal loan expert Jitendra Solanki said that the scheme can be used for unused gold jewelry. He warned that using it under the GMS scheme will not bring much return.
This program has a locking period. Therefore, one should take the period when unused gold is deposited in the bank as a factor. He said the scheme would be useful for holders of gold worth crores of rupees in large quantities, adding that interest income would be stable if the scheme was used.