Many of us keep our gold jewelry and other valuables safe at home, often in lockers. But what if I told you that your gold could not only stay safe but also earn interest? The State Bank of India (SBI), India’s one of largest banks, is offering such an opportunity through its Revamped Gold Deposit Scheme (R-GDS). Under this scheme, if you deposit your gold, you can either withdraw it as gold after a specified period or opt for cash at the current market price.

What is SBI’s Revamped Gold Deposit Scheme (R-GDS)?

In 2015, the central government launched this scheme to utilize the unused gold stored in households across the country. SBI’s Revamped Gold Deposit Scheme (R-GDS) is divided into three categories, allowing customers to deposit gold for different periods and earn interest on it.

Types of Deposits Under SBI’s Gold Scheme

  • Short-Term Bank Deposit (STBD)

    • Tenure: 1 to 3 years
    • Interest Rate: 0.55% for 1 year, 0.60% for 2 or 3 years
    • Where to Apply: Can be opened directly at an SBI branch

  • Medium-Term Government Deposit (MTGD)

    • Tenure: 5 to 7 years
    • Interest Rate: 2.5%
    • Managed by: Government of India

  • Long-Term Government Deposit (LTGD)

    • Tenure: 12 to 15 years
    • Interest Rate: 2.5%
    • Best for: Stable, long-term income

Why Choose SBI’s Gold Deposit Scheme?

  1. Security of Gold – Your gold remains safe under SBI’s supervision, eliminating the risk of theft or loss.
  2. Earn Interest – Gold jewelry or ornaments sitting idle at home can generate extra income.
  3. Flexible Withdrawal – At the end of the term, you can withdraw your investment in gold or cash as per your preference.
  4. Government-Approved – The scheme is backed by the Government of India, ensuring complete security and reliability.

How to Deposit Gold in SBI’s R-GDS?

  • Visit the nearest SBI branch and apply for the scheme.
  • Submit necessary documents like Aadhaar card, PAN card, and address proof.
  • Deposit your gold, and the bank will issue a certificate as proof.
  • After the specified period, you can withdraw gold or cash along with interest.

If you have gold lying idle at home, this scheme offers a great opportunity to keep it safe and earn interest at the same time. Visit your nearest State Bank of India branch today and apply