Now you can earn interest by depositing only 10 grams of gold in the bank, the government changed the gold deposit scheme
If you do not have a lot of gold and you are not able to deposit it in the bank for interest, then there is no need to panic. The government has changed the gold deposit scheme i.e. gold deposit scheme. According to this, now you can earn interest on it by depositing only 10 grams of gold in the bank, first, a minimum of 30 grams of gold had to be deposited. Not only this, but you can also transfer or sell the certificate received from the bank on depositing gold. You can get a loan from banks on this certificate.
The Finance Ministry has recently revised the Revamped Gold Deposit Scheme (R-GDS) for this. The aim is to popularize the GDS as a gold bond scheme. According to sources, under the GDS scheme issued for the last few years, only 20 tonnes of gold has been deposited in banks, while it is estimated that around 24,000 tonnes of gold are lying idle in various institutions and lockers with homes in the country.
Under the GDS, the bank gives a fixed amount of interest from the government to the depositor on depositing gold in banks for a certain period of time. A few months ago, the Financial Affairs Department (DEA) of the Ministry of Finance had consulted the James & Jewellery Export Organization to popularize the scheme.
Till now, at least 30 grams of gold had to be deposited at one time under GDS. After the amendment in the rule, this limit has been reduced to 10 grams. There is no maximum submission limit. At the same time, banks will now be able to give loans to depositors also in exchange for gold deposited for the medium term and long term. Separate guidelines will be issued in this regard. Only gold bricks, jewellery and coins can be deposited as GDS.
Jewellers will be agents of the bank
According to the new rule, jewellers will work as agents of the bank, who will be responsible for checking the gold. Before depositing the gold in the bank, a certificate has to be obtained from the jewellers for its purity. Jewellers will also serve as gold collection centres. In return for this work, banks will also give them a fee. Detailed guidelines in this regard will be issued soon by the Indian Banks Association (IBA).
According to the revised rule issued by the Ministry of Finance for R-GDS, at least one-third of branches of state-run banks in every city will act as GDS branches. At least two employees of branches of public sector banks will be trained for this task.
Portal and app soon
State Bank of India (SBI) will work to develop a portal and app for GDS through which depositors will be able to complete all the processes of GDS. The Ministry will give a grant to SBI to develop the digital platform of the scheme and SBI will be responsible for overseeing this platform and all other responsibilities