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iYojna ~ Information about latest and important government scheme launched by GOV of India

Gold Monetization Scheme Details Online | Interest Rates | Guideline

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Gold monetization scheme is nothing but an interest profiteering scheme for the people of India. Where they can put their gold in a bank and earn some interest in return for it. Basically, this scheme is introduced for monetization of the gold in the country. Usually, people keep their gold in bank lockers and they don’t earn something from it. Therefore, the government launched this scheme to reduce the gold import pressure. This particular scheme will replace the Gold Deposit Scheme (1999) and Gold Metal Loan Scheme. People showed very less interest in above mentioned old schemes. Now the government has to wait for how people respond to this scheme.

Gold Monetisation Yojana Scheme Info 

Government Gold Saving Scheme will benefit to those who have gold as a reserve asset and they can not use it anymore. The interest is set at 2.25 to 2.50 per annum. The customers will get that much of interest on the total amount of gold.

gold monetization yojana

 

The scheme would allow people to invest in three different methods.

  • Short term deposit (1-3 years)
  • Medium-term deposit (5-7 years)
  • Long-term deposit (12 to 15 years)

Short term investment would allow bank to open the account in their own facility whereas the medium term and long-term deposit would be accepted by banks on behalf of the government of India based upon the official notification of Reserve Bank of India.

How To Apply for GOLD Monetization Yojana

Individuals willing to open a gold deposit account will have to do so with a scheduled bank listed under RBI. The nature of account is similar to any other savings account. Once a customer completes the KYC form filling process, beneficiaries need to approach the Purity Verification Centres suggested by the bank while opening an account

thing to consider while applying online for gold monetization scheme.

GMC Gold Verification

Purity verification and Deposit of Gold: Available in almost every state, currently there are 350 purity testing centres in the country. These centres conduct a few tests on the gold given by the beneficiary, then they melt the gold after verifying and conducting several tests. Finally, they give a certificate to the customer for further process. The certificate comprises total amount and quantity of the gold given by the customer.

GMC Gold Savings Account

Opening of gold saving account: Once the beneficiary produces the certificate given by the purity testing centers, a bank has an authority to open a Gold Saving Account of the particular customer. Then the bank will give interest after a month or two of opening an account according to the norms set as per rule of The Government of India. The credit of the gold will be deposited in the account of the beneficiary.

 

The beneficiary is entitled to receive the amount as per the rates on that particular date either in cash or in gold at the closure of the plan.
It is necessary to remember that gold deposited by the customer will convert in either coins or bars of gold, they will not get the same on the completion of the scheme.

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