Gold Monetization Scheme (GMS) is intended to mobilize gold held by households and institutions of the country and to facilitate its use for productive purposes and in the long run, to reduce country’s reliance on the import of gold.
Have you lost your job or facing financial crunch? There is no need to worry if you have gold at your home. You can deposit your gold coins, jewellery and earn attractive interest rate.
“Here’s how you can earn income while sitting at home. For more information, visit: https://tinyurl.com/var3cr8j,” Punjab National Bank tweeted on Tuesday.
It can be noted that Gold Monetization Scheme (GMS) is intended to mobilize gold held by households and institutions of the country and to facilitate its use for productive purposes and in the long run, to reduce country’s reliance on the import of gold.
The customers can deposit their idle gold under GMS which will provide them safety, interest earnings and a lot more, PNB said.
Here is all you need to know about Gold Monetization Scheme (GMS):
1. Eligibility: Resident Indians of the following categories:
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.
Also, joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors.
2. Deposit quantity: Minimum deposit quantity is of 10 grams while there is no maximum deposit limit.
3. Types of deposit:
Short Term Bank Deposit (STBD) for the tenor of 1-3 years.
Medium Term Government Deposit (MTGD) for the tenor of 5-7 years.
Long Term Government Deposit (LTGD) for the tenor of 12-15 years.
The deposit under Medium Term And Long Term will be accepted by the Bank on behalf of the Central Government. Deposites can be accepted for broken period also.
4. Rate of interest and payment:
Short Term Bank Deposit(STBD): For 1 year rate of interest will be 0.50% PA. For above 1 year up to 2 years rate of interest will be of 0.60% PA and for above 2 years up to 3 years it will be of 0.75% PA.
(ii) Medium Term Government Deposit: 2.25% PA.
(iii) Long Term Government Deposit: 2.50% PA.
Depositor will have option to receive payment of simple interest annually or cumulative interest (compounding annually) on maturity. The option to be exercised at the time of deposit.
For more details one can visit the official website of PNB or can click on the link- https://www.pnbindia.in/gold-monetization-scheme.html.
