Wednesday, November 25, 2015
RBI: Banks are free to fix Interest Rates on Gold Deposit Scheme
The Reserve Bank of India issued guidelines for the
Gold Monetisation Scheme (GMS)
fix their own interest rates on gold deposits
The gold deposit scheme is aimed at mobilising part of an estimated 20,000 tonnes of idle precious metal with households and institutions.
As Per guidelines
Banks will be free to set interest rate on such deposit, and principal and interest of the deposit will be denominated in gold
Depositor will get an option on redemption of principal and interest at maturity.
The designated banks will accept gold deposits under the
Short Term (1-3 years)
Bank Deposit (STBD) as well as
Medium (5-7 years)
Long (12-15 years)
Term Government Deposit Schemes.
short term bank deposits
will be applicable on
cash reserve ratio
statutory liquidity ratio
There will be provision for premature withdrawal subject to a
minimum lock-in period
and penalty to be determined by individual banks.
is no bar for maximum gold
deposit but the
at one time should be raw gold equivalent to
30 grams of 995 fineness standards
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