Skip to main content

Earn money from your idle Gold in the locker

Invest Mutual Funds Online

Download Mutual Fund Application Forms

Buy Gold Mutual Funds

 

Earn money from your idle Gold in the locker

 

GOLD DEPOSIT SCHEME FROM STATE BANK OF INDIA

Any Indians who have 500 gms of Gold in their hands can make money from the Gold in India. An investor can invest maximum of any quantity of Gold under this scheme. Not many in India, are aware of this scheme run by SBI. It is nice way to get money from the idle Gold in your custody, which will otherwise be kept in the locker. But the scheme has some controls and checks. It is like Fixed deposit in Gold. One of the advantage of Gold Deposit scheme from SBI is its tax concessions and safety in the transactions.

 

You can avail Gold Deposit scheme from SBI for a period of 3, 4, 5 years. Gold in the form of Gold coins, Gold Bars, Gold jewelery etc.. all in scrap form is accepted by the SBI under the scheme of Gold Deposit Scheme. When the Investor transfers the Gold in Scrap form to the Bank, they will give a provisional

certificate and after that, the Bank will send the Gold to Bullion branch at Mumbai and then to India Govt. Mint where your Gold will be melted, assayed and minted and the certificate for fineness and quantity will be sent to the customer within 90 days of the receipt of Gold at the branch. This is the Gold Deposit Certificate from the SBI

 

You can avail 75 % of the total value of Gold as loan under this scheme. When you want to your investment back after the said years of investing in Gold Deposit Scheme, the bank will give you the investment back either as Gold or as in Rupee terms.

 

Interest rate applicable under this scheme is as follows:

 

3 year deposit

0.75% per annum

4 year deposit

1.00 % per annum

5 year deposit

1.00 % per annum

 

Another important advantage of Gold Deposit Scheme is its exemptions from Wealth tax, Income tax, Capital Gains tax for the investors. An investor under this scheme has no need to bother about theft of Gold. The charges like insurance charges, locker charges which are otherwise present with Physical gold is not at all present in case of Gold Deposit Scheme run by SBI. The are the advantages of enrolling into Gold Deposit Scheme run by SBI.

 

GOLD CERTIFICATE FROM CORPORATION BANK

 

Corporation Bank is also offering Gold certificate scheme for resident Indians. Resident Indians can transfer their Gold coins, jewelery, Gold bars etc in scrap from to the Bank and the Bank in turn issue a Certificate to the investor. Interest rate are more or less same like that SBI. Bank is offering the scheme for 3 to 5 years. After the lock in period you can withdraw the deposit. Other features are just like that of SBI. The Gold certificate is transferable. You can also avail loans by pledging the Gold certificate to the bank.

 

Merits of Gold Deposit Scheme

 

1. Income from Gold Certificate scheme is exempt from tax.

2. No wealth tax for the Gold deposited by you.

3. Income from Gold Deposit Scheme is exempt from Capital gain tax.

4. No need to fear of loss of theft.

5. Generate regular income from Gold, at the same time get the benefit of regular increase in the price of Gold.

 

Demerits of Gold Deposit Scheme

1. Interest rate for Gold Deposit Scheme is too low.

2. You can't get back the original model of Gold jewelery.

3. The money you invested in Gold jewelery, if it is kept in Fixed deposit, would have fetched you more returns.

--------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

ICICI Prudential Balanced Fund

 ICICI Prudential Balanced Fund scheme seeks to generate long-term capital appreciation and current income by investing in a portfolio that is investing in equities and related securities as well as fixed income and money market securities. The approximate allocation to equity would be in the range of 60-80 per cent with a minimum of 51 per cent, and the approximate debt allocation is 40-49 per cent, with a minimum of 20 per cent. An impressive show in the last couple of years has propelled this fund from a three-star to a four-star rating. The fund has traditionally featured a high equity allocation, hovering at well over 70 per cent, which is higher than the allocations of the peers. But in the last one year, the allocation has been moderated from 78-79 per cent levels to 66-67 per cent of the portfolio. ICICI Prudential Balanced Fund appears to practise some degree of tactical allocation based on market valuations. Within equities, well over two-thirds of the allocation is parked i...
Read more

Mutual Fund Review: Religare Tax Plan

Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested   Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...
Read more

Stock Dividend Yields

During a bull run, it’s very easy to ignore stocks with high dividend yields. After all, what could be more enticing than a growth stock? But in times of crisis, these boring ones tend to be the most sought after. The reason being that not only do dividends provide a cushion when the market is in the doldrums but such stocks also tend to fall less. The lure of dividend yield stocks is not easy to ignore. These stocks offer capital appreciation as well as cash payments. But logically, any company that pays a substantial portion of its earnings in dividends is reinvesting less and, therefore, would grow at a slower pace. So the trade-off is between higher dividend yields for lower earnings growth. On the other hand, companies with high growth potential and volatile earnings tend to pay less by way of dividends, if at all. Such companies would rather reinvest their earnings to sustain their growth. The capital appreciation of growth stocks is obviously higher than in dividend yield ones. ...
Read more

Women need to plan for Retirement

Plan for Retirement Online       Higher life expectancy, lower pay and fewer work years necessitate thorough planning.   Women have raced ahead of men in various fields but, when it comes to retirement planning, they tend to lag behind. Despite saving a higher proportion of their salary, compared to men, women generally do not take retirement planning seriously. Below are some of the reasons why they should: According to the United Nations Department of Economic and Social Affairs, in India, the life expectancy of women is 69 years and, of men, it's 66 years. Due to this, a woman will need an additional `55 lakh to manage her living expenses (see table).Besides, usually, women work fewer years compared to men to take care of children and family.Further, a recent study by Korn Ferry Hay Group shows that women in India earn 18.8% less than men. Not to mention, a higher life expectancy can also mean higher medical expenses as the likelihood of health ailments such as diabetes, high...
Read more

Tax Planning: Income tax and Section 80C

In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act. Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:   Provident Fund (PF) & Voluntary Provident Fund (VPF) Provident Fund is deducted directly from your salary by your employer. The deducted amount goes into a retirement account along with your employer's contribution. While employer's contribution is exempt from tax, your contribution (i.e., employee's contribution) is counted towards section 80C investments. You can also contribute additional amount through voluntary contributions (VPF). The current rate of interest is 8.5% per annum and interest earned is tax-free. Public Provident Fund (PPF) An account can be opened wi...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now