For India Gold Love is no longer a secret to anyone. At one time India was called the bird of gold. In the year 2015, Prime Minister Narendra Modi launched the Gold Monetization Scheme (Gold Monetization Scheme). Its purpose is to accelerate the gold held by family units and institutions in the country, as well as to facilitate its use for productive purposes. Through this plan, Government Seeks to reduce the country’s dependence on gold imports in the long run.
Over the last few decades, domestic stocks of gold have risen significantly. You can deposit gold in any form (bars, coins, jewels) in a GMS account under the Gold Monetization Scheme designed to use these assets productively. You will get interest on income tax deduction as well as gold deposit under GMS.
There are three types, short term gold deposit, medium term gold deposit and long term gold deposit. The duration of short term gold deposits ranges from one year to three years, medium term gold deposits range from five to seven years and long term gold deposits range from 12 to 15 years. There is no limit for minimum deposits in medium and long term gold, while it is mandatory to deposit at least 30 grams of gold in short term gold deposits. So, there is no limit to the maximum gold deposits.
You will get so much interest
Talking about interest rates, banks decide for themselves how much interest you will get in a short-term gold deposit, while in a medium-term gold deposit, depositors will get 2.25% per annum, according to the RBI. In long-term gold deposits, depositors get an annual interest of 2.50%.
How a GMS account works?
Any Indian resident can contact the Collection and Accuracy Testing Center (CPTC). CPTC verifies and recommends the purity of gold. Based on this advice, the bank deposits the amount in the GMS account and issues a certificate of deposit. GMS accounts are subject to KYC standards. In some cases, banks can deposit gold directly and provide certificates of deposit.
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