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Bullion Banking
Bullion Banking
Bullion Banking

State Bank of India is a nominated bank authorised by the RBI to import gold into India for sale to customers. We import gold from highly reputed Banks abroad, for sale to the bullion jewellers/traders.

State Bank of India has been active in Gold Banking business since 1998. The product includes Metal Gold Loan and Outright Sale of Gold for both domestic and export purpose. For more details, call us on 22741385 or write to us at sbi.12002@sbi.co.on & agm.preciousmetals@sbi.co.in

Metal Gold Loan (MGL) Guidelines:

Under this scheme, Bank provides working capital finance to jewellery manufacturers through Metal Gold Loans. Jewellers can procure gold as a loan from the bank for manufacturing of jewellery and sell it in the domestic market or export it.

Bank offers Metal Gold Loan for (Domestic and Export purpose) at very competitive rate to our customers who are enjoying borrowed limits with us as well as to those customers who are having limits with other banks for maximum 180 days for domestic purpose and 270 days for export against collateral of 110% BG/TDR/ Working Capital Limit specially carved out for MGL is required.

  • Eligibility: Individuals, Firms, Companies engaged in Jewellery manufacturing Business for domestic or export purpose, are eligible for Metal Gold Loan.
    MGL is provided only to KYC compliant, jewellery manufacturers for domestic and export purposes.
  • Loan Quantity: Minimum: 1 Kg; No Maximum Limit.
  • Security: Cash margin 110% of notional cost of gold plus 100% of applicable charges like CIP premium, customs duty, GST and any other local taxes/charges etc. Collateral security value against Cash (STDR)/BG & SBLC/ Cash Credit Limit specially carved out for MGL. The stipulated security is to be maintained during loan period.
  • Repayment: Repayment is allowed in INR equivalent to the MGL outstanding at prevailing gold rate on date of repayment. Part-payment is also allowed in 1 Kg and in multiples of 1 Kg. Maximum Repayment Period allowed is 180 days and 270 days for the MGL granted for Domestic and Export purposes respectively.
    Option to repay in gold in 1 Kg and multiple thereof, is given in case of MGL extended out of gold mobilised under Short Term Bank Deposit Scheme (STBD). However, Interest has to be paid in INR only.
  • Prepayment: Loan can be prepaid in minimum 1 Kg or multiples of 1 Kg.

 

  • Objective: To import gold, in bar form, for outright sale to domestic jewellers (for making jewellery and selling it in the domestic market), Bullion Dealers and Exporters.
  • Eligibility: Gold is sold to Resident Indians including Bullion Dealers for domestic and export use who is having a KYC compliant account with the bank, is eligible for purchase of gold under the scheme.
  • Quantum of sale: Minimum 1 kg of gold and no maximum limit. However, the maximum limit depends on the availability of gold from the supplier with whom Bank has made arrangements against confirmed orders.
  • Margin: At the time of booking of gold, 5% of the value of the gold is to be kept in the form of cash /BG as margin money. Other charges like Taxes, Customs Duties, etc. will be recovered at the time when actual sale takes place.
  • Sale Price: The base rates are provided by Gold Desk, Global Markets. The rates can be taken by the branch directly from Global Market or through Nodal Branch (At present, Bullion Branch, Mumbai). Designated Branches will obtain XAU/USD rate and USD/INR rate from Global Markets Department, Corporate Centre over telephone.

Last Updated On : Tuesday, 25-07-2023

Interest Rates

7.50%* p.a. onwards

w.e.f. 15.06.2025

*T&C Apply.

 

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