Gold Monetization Scheme

The **Gold Monetization Scheme (GMS)** aims to mobilize gold held by households and institutions in the country and facilitate its use for productive purposes, while providing interest on the gold deposited.

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Steps to Apply

1Visit participating bank
2Get gold purity tested
3Open gold savings account
4Deposit gold
5Earn interest on deposits

Eligibility

Residents of India
Individuals and institutions
HUFs and trusts
Joint depositors

Benefits

Interest on gold deposits
Secure storage of gold
No storage and insurance costs
Tax benefits
Option for gold or cash returns

Requirements

KYC documents
Gold items for deposit
Bank account
PAN card
Address proof

Frequently Asked Questions

What is the minimum deposit?

Minimum deposit is 30 grams of gold (999 purity).

What interest rates are offered?

Interest rates vary from 2.25% to 2.50% based on deposit tenure.

Disclaimer

The information provided here is based on publicly available resources. We strive to keep it up to date, but it is always advisable to consult official documentation or contact the relevant authorities to verify the details before making any decisions or taking action.

We are not liable for any discrepancies, damages, or consequences that may arise from the use of this information. Additionally, we do not take responsibility for any SMSD (Short Message Service Delivery) issues or related concerns that may arise from our services.

More About This Scheme

The Gold Monetization Scheme helps in mobilizing idle gold in the country while providing returns to depositors, contributing to the economy's growth.