Page 6 - Digi Page - General Awareness - Dec, 2015
P. 6
www.bankersguru.org
(General Awareness)
Financial Term of the Week
Gold Monetisation Scheme
What is gold monetisation scheme?
It is a scheme that facilitates the depositors of gold to earn interest on their metal
accounts.
How it generally works?
When a customer brings in gold to the counter of specified agency or bank, the
purity of gold is determined and exact quantity of gold is credited in the metal
account.. The deposited gold will be lent by banks to jewellers at an interest rate
little higher than the interest paid to customer.
How is the interest rate calculated?
The government has notified to offer a rate of 2.25 percent on medium-term
deposits (5-7 years) and 2.5 per cent on long-term deposit (12-15 years)
The interest rate is decided by the banks concerned.
What is the tenure?
The tenure of gold deposits is likely to be for a minimum of one year. The minimum
quantity of deposits is pegged at 30 gram to encourage even small deposits.
The gold can be in any form, bullion or jeweller.
Date of Release - 17-Dec-15 SUBJECT: GENERAL AWARENESS www.bankersguru.org
(General Awareness)
Financial Term of the Week
Gold Monetisation Scheme
What is gold monetisation scheme?
It is a scheme that facilitates the depositors of gold to earn interest on their metal
accounts.
How it generally works?
When a customer brings in gold to the counter of specified agency or bank, the
purity of gold is determined and exact quantity of gold is credited in the metal
account.. The deposited gold will be lent by banks to jewellers at an interest rate
little higher than the interest paid to customer.
How is the interest rate calculated?
The government has notified to offer a rate of 2.25 percent on medium-term
deposits (5-7 years) and 2.5 per cent on long-term deposit (12-15 years)
The interest rate is decided by the banks concerned.
What is the tenure?
The tenure of gold deposits is likely to be for a minimum of one year. The minimum
quantity of deposits is pegged at 30 gram to encourage even small deposits.
The gold can be in any form, bullion or jeweller.
Date of Release - 17-Dec-15 SUBJECT: GENERAL AWARENESS www.bankersguru.org
