Under the Gold Monetization Scheme, you can easily deposit your gold in the bank and you will get returns on it. Not only this, there will also be full guarantee of this gold deposited in the bank.
The scheme was launched by the Modi government: The scheme was started in 2015 to use the gold lying in the house. Through this scheme, you can deposit gold in the short term (1 to three years), medium term (5 to 7 years) and long term (12 to 15 years).
Certificate to be shown in the bank: If you want to deposit your gold in the bank, then the certificate issued by the Purity Testing Center has to be shown in the bank where you have a savings account. After that the bank will open your deposit account, which will be equal to the value of gold mentioned in the certificate. The investor will then be given interest by the bank on that amount.
How much interest you will get: The interest you earn will be determined on the duration of gold held in the bank. If you keep it for more than 1 year, you will get interest on the basis of 0.50% per annum while for the period between one to two years this interest will be 0.55%. Keeping gold for a period of 2 to 3 years will earn interest on the basis of 0.60% per annum. While interest on medium and long term gold deposits will be 2.25% per annum. If you take payment every year, then you will get simple interest on the deposit. At the time of completion of the period, interest will be paid on the payment. At the time of deposit, you will also get the option to choose the turn off payment.
… So you cannot withdraw gold in the middle: Keep in mind that if you are investing gold for a short period only then you can remove the gold in the middle. You cannot withdraw gold in the medium and long term, but you will definitely get rupees based on the value of gold. Apart from this, you have to deposit at least 30 grams of gold under this scheme. It can be in the form of gold jewelery, coins and bandage.
Source: www.jansatta.com
