{"id":3297,"date":"2024-05-03T07:11:13","date_gmt":"2024-05-03T07:11:13","guid":{"rendered":"https:\/\/www.khanglobalstudies.com\/blog\/?p=3297"},"modified":"2024-05-03T07:11:15","modified_gmt":"2024-05-03T07:11:15","slug":"gold-monetization-scheme","status":"publish","type":"post","link":"https:\/\/www.khanglobalstudies.com\/blog\/gold-monetization-scheme\/","title":{"rendered":"Gold Monetization Scheme (GMS): About, Feature and Benefits"},"content":{"rendered":"\n<p>The <strong>Government of India<\/strong> launched the <strong>Gold Monetization Scheme (GMS)<\/strong> on <strong>5 November 2015<\/strong> to make productive use of gold stored by individuals, enterprises and temple trusts. Its objective was to mobilize unused gold in households and institutions by encouraging bank deposits and providing monetary benefits. The scheme allows people to deposit gold in banks designated by the RBI for a fixed period and earn interest on it. It is like a fixed deposit scheme of a bank where money is deposited for a fixed period and interest is earned on the amount annually. The Gold Monetization Scheme offers around 2.5% interest based on the value of gold. This scheme can reduce the country&#8217;s dependence on gold imports in the long run.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/khanglobalstudies.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\ud83d\ude80 Click here to get more information about other government exams\ud83d\udcd6 like UPSC and State PSC, SSC, Defence, Police, Banking etc.<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Features of the Gold Monetization Scheme<\/strong><\/h2>\n\n\n\n<p>The following are the features of the Gold Monetization Scheme:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All Indian residents can invest in the Gold Monetization Scheme.<\/li>\n\n\n\n<li>For this scheme, it is necessary to deposit at least 30 grams of raw gold.<\/li>\n\n\n\n<li>Gold reserves can be in the form of bars, coins or jewellery.<\/li>\n\n\n\n<li>There is no maximum limit on the amount that can be deposited under GMS.<\/li>\n\n\n\n<li>The scheme allows withdrawals only after the minimum lock-in period. If the withdrawal is made before the completion of tenure, interest will be penalized.<\/li>\n\n\n\n<li>The purity of gold is tested before depositing through BIS-certified collection and purity testing centers (CPTC). More than 300 such government-approved centers are qualified to conduct purity testing and provide certification.<\/li>\n\n\n\n<li>Any person can open a gold savings account in any reputed bank.<\/li>\n\n\n\n<li>All commercial banks designated by RBI are authorized to implement the Gold Monetization Scheme in India.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Benefits of the Gold Monetization Scheme<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A major challenge of owning gold is storing it safely due to the risk of theft and loss. Annual locker rent is also charged on gold kept in a bank locker. Hence Gold Monetization Scheme is a safe way to store gold and earn interest on the deposit which is an added benefit.<\/li>\n\n\n\n<li>There is also a facility to deposit at least 30 grams of gold and withdraw it as per requirement by paying some fee.<\/li>\n\n\n\n<li>A portion of the gold deposited by various individuals and companies is circulated in the market to help reduce gold imports.<\/li>\n\n\n\n<li>Some gold coins may be given to RBI for minting which can be sold. Also, at the end of the maturity period, both capital gains and interest are tax-free.<\/li>\n\n\n\n<li>No income tax will be applicable on withdrawals.<\/li>\n\n\n\n<li>The scheme also allows earning additional income up to a maximum of 2.5 per cent every year over and above the increased price of gold.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Time-Period of the Gold Monetization Scheme<\/strong><\/h3>\n\n\n\n<p>The Gold Monetization Scheme offers three different periods to deposit gold and earn interest. These are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Short-Term Bank Deposit (STBD):<\/strong> Under this scheme, one can deposit gold for a minimum period of 1 year to a maximum of 3 years. The respective interest rates also vary. The interest rate for 1 year is 0.50% per annum. From 1 year to 2 years, the interest is 0.55% per annum and from 2 years to 3 years the interest is 0.60% per annum.<\/li>\n\n\n\n<li><strong>Medium-Term Government Deposit (MTGD):<\/strong> This scheme allows gold deposits for 5 to 7 years. The interest rate is 2.25% per annum.<\/li>\n\n\n\n<li><strong>Long-Term Government Deposit (LTGD): <\/strong>The tenure of this scheme is 12 years to 15 years. It offers an annual interest rate of 2.50%.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Penalty under the Gold Monetization Scheme<\/strong><\/h3>\n\n\n\n<p>Like the bank&#8217;s fixed deposit scheme, the penalty also applies to the gold monetization scheme. If a withdrawal is made before completion of a specified period. The rules allow a lock-in period for deposits and after that, the scheme can be closed before premature payment. The rules are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Short-Term Bank Deposit (STBD):<\/strong> Lock-in period of 1 year after which an interest rate penalty will be charged on the first withdrawal.<\/li>\n\n\n\n<li><strong>Medium-Term Government Deposit (MTGD): <\/strong>Withdrawal allowed at any time after 3 years with an applicable penalty on interest.<\/li>\n\n\n\n<li><strong>Long-Term Government Deposit (LTGD):<\/strong> Withdrawal allowed at any time after 5 years with an applicable penalty on interest.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/currentaffairs.khanglobalstudies.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Get Daily Current Affairs for UPSC<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/www.khanglobalstudies.com\/courses\/upsc-pre-mains-foundation-batch-2025-hindi-medium-2\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Online UPSC Foundation Batch 2025 in Hindi<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/www.khanglobalstudies.com\/courses\/upsc-pre-mains-foundation-batch-2025-english-medium-2\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Online UPSC Foundation Batch 2025 in English<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Effectiveness of the Gold Monetization Scheme<\/strong><\/h4>\n\n\n\n<p>For the Gold Monetization Scheme, it is necessary to deposit gold in the bank. The bank checks the purity of gold and decides the price. The gold is then melted and turned into gold coins. This means that if you deposit gold jewellery in the bank under GMS, you will not get the gold in its original size and shape at the time of maturity after the specified period. Perhaps this is the reason why the scheme has not received the desired response as most people prefer that the gold be returned in the form of sale in the same form in which it was deposited.<\/p>\n\n\n\n<p>People have some sentimental value attached to gold jewellery and hence they do not like the idea. Gold jewellery is kept for future purposes like marriage etc. Yet many families keep gold for emergency purposes as it is easy to sell and arrange funds. They do not like to deposit gold in the bank to earn money as annual interest. For individuals or trusts that store gold solely for investment purposes, GMS may be a suitable option.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h4>\n\n\n\n<p>Gold is considered one of the most valuable assets of the country. The initiative of the Gold Monetization Scheme is an important step taken by the Government of India for the productive purposes of strengthening the economy by reducing the dependence on gold imports. The scheme utilizes the gold productively deposited in households and institutions. Indian residents are encouraged to deposit their dormant gold safely in the bank and earn interest in return which gets added to their savings. People need to be aware of the benefits of this scheme so that there can be maximum participation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Also Read:<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.khanglobalstudies.com\/blog\/ladli-laxmi-yojana\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ladli Lakshmi Yojana: Overview, Benefits and Eligibility<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.khanglobalstudies.com\/blog\/prime-minister-matritva-vandana-yojana\/\" target=\"_blank\" rel=\"noreferrer noopener\">Prime Minister Matritva Vandana Yojana (PMMVY) 2024<\/a><\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/bit.ly\/kgs-app\"><img decoding=\"async\" src=\"https:\/\/www.khanglobalstudies.com\/blog\/wp-content\/uploads\/2023\/09\/Khan-Global-Studies-App-Download.jpg\" alt=\"Khan Global Studies App Download\" class=\"wp-image-401\"\/><\/a><figcaption class=\"wp-element-caption\">Download Khan Global Studies App for Android &amp; iOS Devices<\/figcaption><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Government of India launched the Gold Monetization Scheme (GMS) on 5 November 2015 to make productive use of gold stored by individuals, enterprises and temple trusts. Its objective was to mobilize unused gold in households and institutions by encouraging bank deposits and providing monetary benefits. The scheme allows people to deposit gold in banks designated by the RBI for a fixed period and earn interest on it. It is like a fixed deposit scheme of a bank where money is deposited for a fixed period and interest is earned on the amount annually. The Gold Monetization Scheme offers around 2.5% interest based on the value of gold. This scheme can reduce the country&#8217;s dependence on gold imports in the long run. Features of the Gold Monetization Scheme The following are the features of the Gold Monetization Scheme: Benefits of the Gold Monetization Scheme Time-Period of the Gold Monetization Scheme The Gold Monetization Scheme offers three different periods to deposit gold and earn interest. These are as follows: Penalty under the Gold Monetization Scheme Like the bank&#8217;s fixed deposit scheme, the penalty also applies to the gold monetization scheme. If a withdrawal is made before completion of a specified period. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[531,4],"tags":[2287,2283,2288,2286,2282,2285,2284],"class_list":["post-3297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faq","category-upsc","tag-gms-yojana","tag-gold-monetization-scheme","tag-gold-monetization-scheme-2015","tag-gold-monetization-scheme-banks","tag-gold-monetization-scheme-sbi","tag-gold-monetization-scheme-upsc","tag-what-is-gold-monetization-scheme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold Monetization Scheme (GMS): About, Feature and Benefits | Khan Global Studies Blogs<\/title>\n<meta name=\"description\" content=\"Know about the Gold Monetization Scheme (GMS) including its features and benefits with KGS. 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