? Cool Title, but what’s the news?
The Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.
? Okay, but what does it mean?
The scheme allows banks’ customers to deposit their idle gold holdings for a fixed period in return for interest in the range of 2.25 per cent to 2.50 per cent. Deposits can also be allowed for broken periods (e.g. 5 years 7 months; 13 years 4 months 15 days; etc.
? Why should I care?
Building the gold reserve is important for the economy of every country, and this scheme is very lucrative for the common citizens. If you’re one of those people that keep their gold in bank, this comes as a great opportunity to make your gold work for you. The interest rates are lucrative, and the hassle-free opening is a great plus!
Source: Business Today