Gold schemes include Digital Gold, the Indian Gold Coin Scheme (IGC) and the Gold Monetisation Scheme (GMS). ... Gold Deposit Scheme is a fixed deposit in gold. SBI lets their customer to deposit the gold that is lying idle under this scheme and in return get safety, earn interest and tax benefits.
A Gold Investment Scheme essentially acts as a recurring bank deposit; except, in this case, the endgame is purchasing gold. Therefore, typical gold saving plans allow individuals to deposit a sum of money every month as instalments for a specific tenure. At the end of such tenure, the depositor in question can purchase gold from the concerned jeweller at a value that is equivalent to the aggregate deposit.
However, unlike other gold savings schemes mentioned above, in this case, individuals need to make the payment upfront in advance to avail of the Smart Buy option. Individuals shall also note that the Smart Buy option is only available for pieces of jewellery that do not need resizing. For pieces of jewellery that do need resizing, individuals can avail of the “Smart Buy + Customise” option.
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