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.
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
GMC Gold Savings Account