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Features and type of Gold deposits
| Sr. No. | Features | Medium Term Gold Deposit (MTGD) | Long Term Gold Deposit (LTGD) | Short Term Gold Deposit (STGD) (*) |
|---|---|---|---|---|
| 1. | Minimum amount | 10 grams of raw gold (bars, coins, jewellery excluding stones and other metals) | ||
| 2. | Maximum amount | No limit | ||
| 3. | Deposit held | On behalf of Central Government | In ICICI Bank’s books | |
| 4. | Interest rate decided by | Central Government | ICICI Bank | |
| 5. | Current interest rate offered on gold deposit | 2.25% p.a. | 2.50% p.a. | Currently not offering the same |
| 6. | Tenure | 5 – 7 years | 12 -15 years | 1-3 years |
| 7. | Minimum lock-in | 3 years | 5 years | At discretion of bank |
| 8. | Penal interest | >3 and <5 (MTGD interest less 0.375%) >=5 and <7 (MTGD interest less 0.25%) |
>5 and <7 (MTGD interest less 0.25%) >=7 and <12 (LTGD interest less 0.375%) >=12 and <15 (LTGD interest less 0.25%) |
At discretion of bank |
| 9. | Time lag between date of acceptance of gold at Refinery or Refiner’s Purity testing centre and creation of deposit. | 30 days | ||
| 10. | Principal (P) denominated in | Grams of Gold with purity 995 | Grams of Gold with purity 995 | Grams of Gold with purity 995 |
| 11. | Interest (I) denominated in | INR will be paid on the value of gold prevailing on the date of creation of deposit | INR will be paid on the value of gold prevailing on the date of creation of deposit | Gold |
| 12. | Redemption of Principal (P) and interest (I) denominated in | P & I – in INR only P - will be paid on the value of gold prevailing on the maturity date of deposit | P & I – in INR only P - will be paid on the value of gold prevailing on the maturity date of deposit | P & I – in Gold or INR at the option of depositor exercised at the time of placing of deposit. |
| 13. | Interest payment frequency | Annually on 31st March or Maturity date whichever is earlier | Annually on 31st March or Maturity date whichever is earlier | Annually on 31st March or Maturity date whichever is earlier |
*Currently STBD not offered to ICICI Bank customers.
