How Smart Investors Keep Their Gold in Banks at Zero Cost

In India, you can keep gold in a bank for free or at a minimal cost through various schemes. Here are a few options:

1. Gold Deposit Scheme (GDS)

• The Reserve Bank of India (RBI) introduced the Gold Deposit Scheme (GDS) to mobilize gold from households and institutions.

• You can deposit your gold in the bank for a minimum period of 3 years to a maximum of 15 years.

• The interest earned on the deposited gold is tax-free.

• You can choose to receive the interest in gold or rupees.

2. Gold Monetization Scheme (GMS)

• The Gold Monetization Scheme (GMS) allows you to deposit your gold with a bank and earn interest on it.

• The deposited gold can be used for lending, and the interest earned is tax-free.

• You can choose to receive the interest in gold or rupees.

3. Safe Deposit Lockers

• Banks offer safe deposit lockers to store valuable items like gold, jewelry, and important documents.

• You can rent a locker for a year and keep your gold safe.

• The cost of renting a locker varies depending on the bank and the size of the locker.

 

4. Gold Savings Account

• Some banks offer gold savings accounts that allow you to deposit and store gold.

• You can earn interest on your gold deposits, and the account may come with additional benefits like insurance coverage.

To keep gold in a bank for free, you can consider the following:

• Look for banks that offer zero or low locker rental fees.

• Opt for a gold deposit scheme or gold monetization scheme that earns interest on your gold deposits.

• Check if the bank offers any promotional offers or discounts on locker rentals.

• Consider opening a gold savings account that comes with minimal or no fees.

Before choosing a bank or scheme, ensure you understand the terms and conditions, including any fees or charges associated with storing gold.