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

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
Read more

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

How to generate a UAN Online

Best SIP Funds Online   In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer.  However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...
Read more

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
Read more

Mutual Fund Review: Reliance Regular Savings Equity

    Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns   In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%).   When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...
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