Gold Monetisation Scheme - Earn Money From Your Gold - Gold Deposit Scheme

How to Earn Money from Your Idle Gold?

Gold Monetisation Scheme (Also Known as Gold Deposit Scheme) : It is kind of a fixed deposit in gold. The customers can deposit their idle gold under this scheme which will provide them safety, interest earnings and a lot more.

Gold Monetization Scheme is intended to mobilise the idle gold lying in households, institutions, corporates & temple trusts of the country and facilitate its use for productive purposes, and in the long run, to reduce country's reliance on the import of gold.

Benefits of this scheme:

1) Opportunity to earn interest on the idle gold lying in your locker/ house/ trust

2) Save on locker charges presently used for storing gold

3) Gold accepted can be in the form of bars, coins and jewellery
4) Tie-up with renowned refiner - Check your gold’s purity as well as assess the gold in your presence at the CPTC Centre

Tenure:

1) Short Term Bank Deposit (STBD) :
Tenure 1 to 3 years.

Rate of Interest (STBD)
The current interest rates are as under :
For 1 year : 0.50% p.a.
Above 1 year up to 2 years : 0.55% p.a.
Above 2 years up to 3 years : 0.60% p.a.

2) Medium Term Government Deposit (MTGD) :Tenure: 5-7 years.
Rate of interest on MTGD: 2.25% p.a.
Lock in Period - 3 years

3) Long Term Government Deposit (LTGD) :Tenure 12-15 years.
Rate of interest on LTGD: 2.50% p.a.
Lock in Period: 5 years

How much Gold can be deposited?

Deposit Quantity Minimum: 10 grams of raw Gold (bars, coins, jewellery, excluding stones and other metals).

Deposit Quantity Maximum: No Limit

Depositor will have option to receive payment of simple interest annually or cumulative interest (compounding annually) on maturity. The option to be exercised at the time of deposit. Interest is calculated on gold value in rupees, at the time of deposit. Deposits are accepted by banks on behalf of the Central Government and deposit receipt & certificates indicated on behalf of the Central Government.

This facility is available in all major banks such as SBI, HDFC, ICICI, etc.

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