Banks to fix Gold Interest Rates

 

 





RBI says short-term gold deposits will be accepted by banks on their own account.

 

The RBI has announced guidelines for the government's gold monetisation scheme, allowing banks to fix interest rates on gold deposits. All scheduled commercial banks can accept gold deposits from customers for varying tenures and provide interest on the deposit.

All resident Indians can make deposits under this scheme, apart from trusts including mutual funds and exchange traded funds. The minimum deposit at any time shall be raw gold (bars, coins and jewellery excluding stones) equivalent to 30 grams of gold of 995 fineness.There is no maximum limit.

The gold will be accepted at Collection and Purity Testing Centres (CPTC) certified by the Bureau of Indian Standards (BIS). Deposit certificates will be issued by banks in equivalence of 995 fineness of gold. The principal and interest of the deposit will be denominated in gold. The interest on the deposits will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt of gold at the CPTC or the bank's designated branch, whichever is earlier. However, the exact date of implementation of the scheme will be announced in a few days. The list of CPTCs and refiners is also being finalised and will be notified soon.

The designated banks will accept gold under short term (1-3 years) bank deposit as well as medium (5-7 years) and long (12-15 years) term government deposit schemes. The opening of gold deposit accounts will be subject to same rules with regard to customer identification as are applicable to any other deposit account. There will be provision for premature withdrawal subject to a minimum lock-in period and penalty. This scheme is slated to replace the existing Gold Deposit Scheme, 1999. However, deposits outstanding under the old scheme will be allowed to run till maturity unless the depositors prematurely withdraw them

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