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Gold Deposit details

This a very good link : http://www.wealthcentre.net/fixeddeposit/SBIGoldDeposit.asp

  • General features of Gold Deposits:
    Resident Indians can invest under the scheme Gold (bars, coins, jewellery, etc.) is accepted in scrap form
  • Maturity period 3 to 7 years Rate if interest - depends on the maturity pattern Facility of Nomination is available Multiple Certificates for different denominations available
  • Redemption in standard 995 fineness gold or in rupees permissible
  • Premature withdrawal after the lock-in-period is permitted
  • Rupee loans permitted against the collateral of Deposit Certificate
  • Deposit is transferable by endorsement and delivery
  • No Income Tax on interest income
  • No Wealth Tax on gold deposited
  • No Capital Gains Tax either on transfer or maturity
  • The Scheme at present is available at select branches only and other terms and conditions apply.
Also read this link: http://www.rediff.com/money/perfin/2000/mar/06goldep.htm

:) Falkor

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