Traditionally Indian families have held gold in high esteem- not just as a
precious metal for making ornaments but for also as a valuable family investment. But in
the process gold has remained largely idle and has not fulfilled its earning potential.
Allahabad Bank's Gold Deposit scheme seeks to redress this situation by
offering you not only interest but much more.
WHO CAN PARTICIPATE: Following categories of Resident
Indians can subscribe to the scheme.
- Individual singly or jointly
- Individual as a natural / Legal guardian on behalf of a minor child
- HUF
- Trust
- Company
Nomination facility is available if the deposit is in a single name in
individual capacity.
NATURE OF DEPOSIT: Gold can be deposited in the scrap
form of jewellery I bars or coins, with a minimum deposit of 200 gms.
PERIOD OF DEPOSIT |
RA TE OF INTEREST |
| 3 years |
3.00 % |
| 4 years |
3.25 % |
| 5 years |
3.50 % |
| 6 years |
3.75 % |
| 7 years |
4.00 % |
Minimum lock-in period is one year
Interest will be paid in Indian Rupees either annually on the 31 st March or compoded
annually for payment on maturity, at the option of the investor.
INSTRUMENTS: Deposits will be maintained either in the form of
Certificates ( which are transferable by endorsement and delivery) or as Passbook.
REDEMPTION: The principal amount of gold deposited will be paid back
on maturity either in the form of standard gold bars of 995 I 999 fineness or in
Indian rupees as per option of the depositor. The rupee value will be calculated based on
the London AM fixing rate for Gold-US Dollar and Dollar -Rupee rate prevailing as on the
maturity date.
Designated Branches for Gold Deposit
Scheme.
Click here for the Gold
Deposit Scheme application form.
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