Gold Mon­e­ti­za­tion Scheme (GMS)

Consumer Voice - - Bfsi Guide / Gold Deposit Schemes -

op­tion in fifth, sixth and sev­enth year of com­ple­tion. Ad­van­tages

gold gets con­verted into pa­per gold. gold at the time of ma­tu­rity; they may also earn pe­ri­od­i­cal in­ter­est.

charges or pu­rity of gold.

them.

de­pos­i­to­ries.

post of­fices.

This new gold scheme is a mod­i­fi­ca­tion of the ex­ist­ing Gold De­posit Scheme (GDS) and Gold Metal Loan Scheme (GML), and has re­placed the Gold De­posit Scheme of 1999. The scheme is de­signed to help you earn in­ter­est on your un­used gold ly­ing idle in bank lock­ers. The Gold Mon­e­ti­za­tion Scheme is ba­si­cally a new de­posit tool to en­sure mo­bil­i­sa­tion of gold pos­sessed by var­i­ous fam­i­lies and in­sti­tu­tions in In­dia. It is ex­pected to turn gold into a pro­duc­tive as­set in In­dia. Salient fea­tures and ad­van­tages for a short term (1 to 3 years), a medium term (5 to 7 years), or the long term (12 to 15 years). agen­cies in­clud­ing banks, post of­fices and reg­is­tered jew­ellers, and take ad­van­tage of the price es­ca­la­tion of gold as well as earn in­ter­est on the de­posit. long-term. In­ter­est­ingly, at the time of re­demp­tion peo­ple can get the ac­tual value of gold for longterm de­posits; phys­i­cal gold can be ob­tained if it is a short-term de­posit.

to 1.00 per cent per an­num.

term and 2.50 per cent for long term.

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