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You can earn bumper even by pledging modest gold, the government is going to increase the scope of this gold scheme

Currently, the minimum limit for depositing gold in the bank under the scheme is 10 grams.

Image Credit source: tv9hindi.com

Gold Monetization Scheme: The government is considering reducing the minimum deposit limit from 10 grams to 5 grams in the Gold Monetization Scheme. Later on, the minimum deposit limit can also be 1 gram.

Gold Monetization Scheme (Gold Monetization Scheme) The scope of the scheme may increase. The government can increase the minimum limit for depositing gold in the Gold Monetization Scheme. According to media reports, the government is considering raising the minimum deposit limit to 5 grams in the Gold Monetization Scheme. Currently, gold in the bank under the scheme (Gold) The minimum deposit limit is 10 grams. There is no maximum deposit limit. One can deposit his idle gold in the bank and earn interest on it. GMS Gold works like a fixed deposit. An interest of up to 2.5 percent can be earned annually under this scheme.

Let us tell you that gold monetization was launched by the government in 2015. The main objective behind this scheme was to bring the idle gold lying in people’s homes and bank lockers to productive use. So far 25.08 tonnes of gold has been deposited under this scheme.

The minimum deposit limit has already been reduced

The minimum limit for depositing gold in the Gold Monetization Scheme has already been reduced. Its minimum limit was reduced from 30 grams to 10 grams. Now it is proposed to reduce it from 10 grams to 5 grams. This is being considered. The aim of the government is to make GSM reach more people. There may also be a limit of 1 gram for the long term.

For how long can you deposit gold?

There are three options for depositing gold in the Gold Monetization Scheme. Short term bank deposits, medium term bank deposits and long term bank deposits. The tenure of the Short Term Bank Deposit (STBD) ranges from 1-3 years. At the same time, the tenure of medium term and long term deposits is 5-7 years and 12-15 years respectively.

Who can invest in Gold Monetization

A resident Indian can invest in this gold scheme. GMS can also be opened by joint name. Gold is accepted as raw gold i.e. gold bar, coin, jewellery.

Under this, the depositor will get simple interest which is paid annually or cumulative interest depending on the investment option chosen at the time of depositing gold. On maturity, repayment can be taken either in gold or in equivalent money.

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Lock in period in GMS

A Medium Term Government Deposit (MTGD) can be withdrawn at any time after 3 years and Long Term Government Deposit (LTGD) after 5 years.

Source: www.tv9hindi.com

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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