Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Deposit typeShort Term Bank Deposit under the RBI Gold Monetization Scheme, denominated in grams of 995-fineness gold
Source 1Eligible resident depositorsIndividuals, HUFs, proprietorship and partnership firms, eligible SEBI-registered trusts or funds, companies, charitable institutions and central or state government entities
Source 2Accepted goldRaw gold bars, coins or jewellery after excluding stones and other metals
Source 3Gold quantityMinimum 10 grams of eligible raw gold; no maximum
Source 4STBD tenure1 to 3 years, including permissible broken periods under RBI rules
Source 5STBD interest rates0.50% p.a. for 1 year; 0.55% above 1 through 2 years; 0.60% above 2 through 3 years
Source 6Interest payoutIn Indian rupees annually on 31 March, or cumulatively at maturity
Source 7Interest start dateDate the deposited gold is converted into tradable bars after refining, or 30 days after receipt, whichever is earlier
Source 8Principal repaymentIrrevocable choice at deposit opening between gold or the maturity-date Indian-rupee equivalent of the deposited gold
Source 9Premature repaymentAllowed after a one-year lock-in with penal interest; SBI does not quantify the penalty on the reviewed page
Source 10Medium/long government-deposit statusNew deposits and renewals discontinued from 26 March 2025; existing MLTGD deposits continue under their original termsEffective 26 Mar 2025
Source 11Benefits and features
- Earn rupee interest on otherwise idle eligible gold
- Principal remains denominated in assayed gold
- No maximum gold quantity
- Annual or cumulative interest option
- Gold or rupee-equivalent maturity choice
- Premature repayment after one year
Eligibility
- Only resident eligible depositors may use the scheme.
- Jewellery stones and other metals are excluded before determining credited gold weight.
- Assaying and refining convert deposited articles into standard gold; customers should understand that the original jewellery is not returned.
- New Medium and Long Term Government Deposits and their renewals were discontinued from 26 March 2025; this record covers Short Term Bank Deposits only.
- The gold-or-INR principal repayment choice is irrevocable once selected.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- SBI gold-deposit application
- Identity proof
- Address proof
- Inventory form describing tendered gold
- Entity and authority documents for a non-individual eligible depositor