|Sr. No.||Features||Medium Term Gold Deposit (MTGD)||Long Term Gold Deposit (LTGD)||Short Term Gold Deposit (STGD) (*)|
|1.||Minimum amount||30 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|
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Features and type of Gold deposits
*Currently STBD not offered to ICICI Bank customers.
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