All these however, need to have a Resident Indian status as per the prevailing tax laws. Interest rates are revised by the bank periodically. A depositor has the option of taking interest annually or letting it compound on an annual basis. In the second case interest will be paid at the time of maturity. Payment of interest will be made in terms of rupee equivalent to the price of gold on the day interest is due.
Deposit is accepted in various forms such as gold bars, coins, jewellery etc.
The jewellery should however be without any stones or gems or any other precious stone. Further, the jewellery tendered should not have ornamental or antique value. All jewellery has to crushed by the tenderer. The minimum quantity that has to be tendered is 200 grams. A preliminary assay will be conducted after which the depositor will have the option of withdrawing the tender.