You can now earn more profits through gold at your home. RBI has taken a big step for this. Let's know about it …
(1) Easy rules for opening accounts The rules for opening accounts have been relaxed in the RBI notification. Meaning that now you will be able to open the account easily in the scheme.
(2) The bank will have to give a fixed return- . The Reserve Bank said in a notification that short term deposits should be treated as liability on the balance sheet of the bank. This means that your profits are sure.
(3) Now you can decide the duration of the scheme- The notification states that this deposit will be made for one to three years (with rollover facility) in designated banks. Apart from this, the deposit can be for Broken period i.e. 1 year 3 months, 2 years 4 months 5 days etc. According to the RBI, the interest rate for the Broken period will be determined on the interest payable for the completed year and the remaining day. That is, now you will decide the time of putting moneyThese 10 countries have the most gold, India has so much
Started in the year 2015The government started this scheme in 2015. Its purpose is to bring out the gold kept in homes and institutions and make better use of it. Medium term government deposits (MTGD) can be for 5 to 7 years and long term government deposits (LTGD) for 12 years. The Central Government will decide from time to time in this regard. Apart from this, for other periods (one year, three months, two years, four months, five days, etc.) can also be submitted.
Understand the whole scheme like this
Under this scheme, banks can deposit gold lying in the house for a fixed period to the customer. It earns 2.25 to 2.50 percent interest. So far, many people and institutions have deposited gold in the bank through this scheme. Some big temples also deposited gold in banks under this. For example, Tirumala Tirupati Devasthanam temple in South India deposited 2780 kg of gold under the Gold Monetization Scheme. According to the assessment, the temple will get an interest of about 807 crore rupees every year in lieu of the gold deposited in this scheme.
Which bank will get this facility
All commercial banks nominated under RBI are allowed to start this scheme. According to RBI, banks have been allowed to fix interest rates on gold deposits themselves. On maturity people will have the option that they will be able to withdraw either money or their gold. This payment will be according to the price of gold at that time. When you go to deposit, then you will have to tell which option you are going to choose. It cannot be changed later.
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First published: June 9, 2018, 7:18 AM IST