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Greed is a fat demon with a small mouth and whatever you feed it is never enough.
GOLD AS AN INVESTMENT
Deposit gold and get interest.
DEPOSIT GOLD & GET INTEREST
In this scheme the consumer has to deposit gold to the bank for a fixed period. He will get a certain interest on his investment. Customer is free to take cash or gold.
GOLD DEPOSIT SCHEME
GDS was first launched by SBI on 15th November 1999. Relaunched in 2005 by SBI. This time SBI &CORPORATION BANK provides this service. Some other banks also have some schemes related to GOLD. This scheme focuses on temples, trust and other big gold investors. During its previous phase, the scheme had garnered 400 kgs of Gold alone from Guruvayur temple in kerla.
Gold deposited by customer Shall be checked & melt (gold bars) in government¶s mint. A certificate will be issued by government 3year(1%),4year(1.25%),5year(1.5%)
EVALUATION OF THE SCHEME BENEFITS
1.Without any locker you gold can be deposited safely. 2.No wealth tax & capital gain tax against this scheme. 3.Nomination facility is available in this scheme.
4.On maturity date if the
customer is not interested to take back gold,he can be paid with cash on the market value.
EVALUATION OF THE SCHEME DRAWBACKS
1.The biggest drawback of
this scheme is that your ornaments will be destroyed and converted into gold bars. 2.The interest rate on such deposits will be low around 1% annually. 3.Interest is paid on the scrap value of the GOLD.
4.Minimum 500 grams has
to be deposited in one a/c.
This scheme is good for those who prefer to save gold in future. This scheme gives a free security to their gold with some monetory benfits. it may find its potential customers in the very famous Siddhivinayak Temple, Mahalaxmi Temple, Lalbaug Ka Raja and Shirdi's Sai Baba Temple to name a few.