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In 1999, the Government of India launched a gold deposit scheme that could not gain success. But in 2015, the scheme was reintroduced as Revamped Gold Deposit Scheme (R-GDS) along with another gold scheme, the gold metal scheme, under the Gold Monetisation Scheme (GMS). In this article, we will discuss in detail the SBI Revamped Gold Deposit Scheme.

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

This scheme is similar to a fixed deposit scheme in gold. Under this scheme, an individual can use this account to deposit gold assets for a fixed tenure and earn fixed interest on them. This scheme ensures the safety of gold by depositing the idle gold in the bank. The gold is deposited in SBI R-GDS in the form of gold bars, coins, jewellery excluding stones and other metals. 

SBI (State Bank Of India) accepts these gold deposits on behalf of the Central Government of India. Therefore, the aim of this scheme (R-GDS) is –

  • To put the idle gold for productive purposes.
  • It allows people to earn interest on their idle gold
  • Monetising the gold held by household and other institutions
  • To reduce India’s dependency on gold imports

To apply for the SBI R-GDS, one must submit an application form, identity proof, address proof and inventory form at the nearest authorized branch. Also, one visit the SBI website to know about the SBI gold deposit scheme details

SBI Revamped Gold Deposit Scheme Rates 2024

Type of depositsTenureInterest Rate
Short Term Bank Deposit (STBD)For 1 year0.50%
Short Term Bank Deposit (STBD)1 to 2 years0.55%
Short Term Bank Deposit (STBD)2 to 3 years0.60%
Medium Term Gold Deposit (MTGD)5 – 7 years2.25%
Long Term Gold Deposit (LTGD)12 – 15 years2.25%

Visit to check latest: SBI Fixed Deposit Interest Rate

What are the features of the SBI R-GDS?


One can invest in an SBI Revamped Gold Deposit Scheme for a short, medium and long tenure. For the short term, the duration to invest in is 1 to 3 years. Similarly, for the medium and long term, the duration is 5 to 7 years and 12 to 15 years respectively. 

Minimum Deposit

The minimum deposit that one requires to deposit under this scheme is 30 grams of 995 fineness gold. Gold can be in any form, such as coins, jewellery and gold bars. Also, there is no maximum limit of deposit under this scheme. 

Maturity payment

The interest earned in R-GDS is paid either in grams or rupee form. For short term investment (STBD), the interest and principal are paid in gold or Indian rupees. However, for medium and long term investment(MTGB & LTGD), the interest and principal are payable in the form of cash. If the redemption is in the form of gold, then 0.20% of administration charges are levied. 

ayment has to be decided at the time of deposit. Furthermore, they can choose to receive the interest payment annually or cumulative at maturity during the time of deposit. 

Nomination Facility

This scheme also allows the nomination facility where the nominee for the account in a single name in an individual capacity. 

Premature Withdrawal

One can also opt for premature withdrawal under this scheme.

  • STBD – premature withdrawal is allowed after 1 year lock-in period on an applicable interest rate
  • MTGD – premature withdrawal is allowed anytime after 3 years with a penalty on interest.
  • LTGD – premature withdrawal is allowed anytime after 5 years with a penalty on interest.

Note: The interest penalty will be as per the RBI rules and regulations. 

Who can invest in SBI Gold Deposit Scheme?

Any Resident Indian of the following can invest in SBI Gold Deposit Scheme.

  • 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

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