If you have gold in your home and you are afraid that if gold is not stolen, then do not worry. We will award you with one scheme by which not only can you keep your gold safe but also you can earn a lot of money.

State Bank of India (SBI) is running a scheme called Revamped Gold Deposit Scheme (RGDS). You can deposit the gold lying in the house in this scheme. In this way, you can ensure your gold safety. The purpose of this scheme is to decrease stress and unnecessary sleep of people in the home.

Customers can deposit gold coins, bars, jewellery etc. with the bank in this scheme. You have to fill a form for this. Form along with ID proof, address proof and inventory form must be submitted. The bank accepts gold as a deposit from the central government.

Who can take advantage of the scheme?

  1. Any person can collect gold alone or jointly in this scheme.
  2. Proprietorship and Partnership Firm.
  3. Trusts which include mutual funds and exchange-traded funds.
  4. Companies.

Options in the scheme with deposit period

There are three options available for customers in R-GDS. These are:

  1. Short Term Bank Deposit (STBD) and this is for 1 to 3 years.
  2. Medium Term Government Deposit (MTGD) and it is a period of 5 years.
  3. Long Term Government Deposit (LTGD) and the duration of the long term deposit is 12 to 15 years.

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