Revamped Gold Deposit Scheme (R- GDS) is an SBI scheme where you can deposit your idle gold to earn interest on that. The Government of India had launched this scheme in 1999 but could not gain much success. Then, the scheme was relaunched as the Revamped Gold Deposit Scheme in 2015.

Benefits of R-GDS

  • To use idle gold for productive purposes.
  • It enables individuals to earn interest on their idle gold.
  • Monetising gold owned by households and other institutions.
  • To minimise India's dependence on gold imports.
  • Premature withdrawal is also allowed.

How to apply for SBI R-GDS?

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The application form, identity proof, address proof, and inventory form must be submitted to the nearest authorised branch to avail the benefits. Also, one may visit the SBI website to learn about the SBI gold deposit program's full details.

SBI R-GDS: Interest rates

Type of deposits Tenure Interest Rate
Short Term Bank Deposit (STBD) 1 year 0.50%
Short Term Bank Deposit (STBD) 1 to 2 years 0.55%
Short Term Bank Deposit (STBD) 2 to 3 years 0.60%
Medium Term Gold Deposit (MTGD) 5 – 7 years 2.25%
Long Term Gold Deposit (LTGD) 12 – 15 years 2.25%

Minimum and maximum deposit

The minimum of 30 grammes of 995 fineness gold deposit is required, and there is no maximum deposit limit.

Maturity payment

Interest generated in R-GDS is paid in either gold form (grams) or rupees. Short-term investments (STBD) pay interest and principal in gold or Indian rupees. However, for medium- and long-term investments (MTGB and LTGD), both interest and principal are due in cash. If the redemption is in the form of gold, a 0.20 per cent administration charge are applied. 

How much interest will a deposit worth Rs 10-15 lakh yield?

If you deposit gold worth Rs 10 lakh for five years, your maturity amount will be Rs 11,18,720. On a deposit of gold worth Rs 15 lakh, the maturity amount will be Rs 16,78,079.

Similarly, if you deposit gold worth Rs 10 lakh for 15 years, your maturity amount will be Rs 14,00,115. The maturity amount will be Rs 21,00,172 for a Rs 15 lakh deposit.

Who can invest in SBI R-GDS?

  • Individual – single or jointly
  • HUF (Hindu Undivided Family)
  • Trust – includes Mutual Funds/Exchange Traded Funds registered under SEBI
  • Sole proprietorship or partnership Firm
  • Charitable institution
  • Companies
  • Central Government or State Government 
  • Any entity owned by the Central Government or State government