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Gold Monetisation Scheme, 2015

Response: No. However, banks should submit to RBI the implementation details including names of the Collection and Purity Testing Centres (CPTCs) and refiners with whom they have entered into tripartite agreement and the branches operating the scheme. Banks should also report the amount of gold mobilised under the scheme by all branches in a consolidated manner on a monthly basis in the prescribed format.

Response: Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government].

Response: An eligible depositor can open a Gold Deposit Account with any of the designated banks after meeting the KYC norms. Generally, deposits under the scheme shall be made at the CPTC/GMS Mobilisation, Collection & Testing Agent (GMCTA) which would then test the purity of the customers’ gold in their presence and issue deposit receipts of the standard gold of 995 fineness to the depositor and also inform the customers’ respective bank about acceptance of deposit. The designated bank will credit Short-Term Bank Deposit (STBD) or Medium/Long-Term Government Deposit (MLTGD) account of the customer, as is applicable, either on the same day of receipt of deposit receipt by the depositor or within 30 days of deposit of gold at CPTC/GMCTA (regardless of whether the depositor submits the receipt or not), whichever is earlier.

Thereafter, the interest on deposits will start accruing from date of conversion of gold deposited into tradable gold bars or 30 days after receipt of gold at the CPTC/GMCTA, whichever is earlier.

Response: The minimum deposit at any one time is 10 grams of raw gold (bars, coins, jewellery excluding stones and other metals) and there is no maximum limit for deposit under the scheme. The quantity of gold deposited will be expressed up to three decimals of a gram.

Response: The deposit under STBD (1-3 years), MTGD (5-7 years), and LTGD (12-15 years) can be made for only specified timeframe. These deposits can be subsequently renewed upon maturity.

Response: Yes, unless the potential depositor is already a bank’s KYC compliant customer.

Response: Banks and the CPTCs/GMCTAs may put in place a mutually acceptable procedure in this regard and notify that to the relevant CPTCs/GMCTAs.

Response: The scheme envisages the following types of deposits –

Sr. No. Type of Deposit Duration Minimum Lock-in Period Applicable Interest Rate Periodicity of Interest Payment
i. Short Term Bank Deposit (STBD) 1-3 years As determined by banks As determined by banks As determined by banks
ii. Medium Term Government Deposit (MTGD) 5-7 years 3 years 2.25% p.a. Simple Interest annually or cumulative interest at time of maturity compounded annually.
iii. Long Term Government Deposit (LTGD) 12-15 years 5 years 2.50% p.a. Simple Interest annually or cumulative interest at time of maturity compounded annually.

Response: It is determined by the Central Government and advised to banks by RBI.

Response: Joint deposit of two or more eligible depositors is allowed under the scheme. The deposit will be credited to a joint deposit account opened in name of such depositors. The existing rules on joint operation of bank accounts including nomination will be applicable.

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Page Last Updated on: December 11, 2022

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