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Steps to open an account under gold monetization scheme


Date: 30 Jun 2015    Group: Finance & Banking    Category: Investments   

I would like to know the detailed steps and procedure to open an account under Gold Monetization Scheme. Can it be opened online? Please give relevant information.

Eager to open a bank account for the gold monetization scheme? Get step by step guidance from experts right here.


Author: Vandana    30 Jun 2015      Member Level: Gold     Points : 5  (Rs 5)    Voting Score: 0

As yet the gold monetization scheme is still in its draft mode and as such the modalities have not been fixed. However, it is going to be very easy to open an account under the gold monetization scheme. Your first step is to open a separate gold savings account in the bank which is offering the scheme, giving the requisite ID and other documents which will be asked for.

Step 2: Put in a minimum of 30gms of gold at the bank.

That's all. Now you will earn interest on the gold deposit. This could be either in cash or gold.

However, you should note that while the returns can be cash or gold, the gold itself will not be returned in the same form in which you deposited it. So don't expect to get back the ornaments which you put in!

For more information refer: How to invest in Govt. of India gold monetization scheme


Author: Timmappa Kamat    30 Jun 2015      Member Level: Platinum     Points : 6  (Rs 6)    Voting Score: 0

You need to follow the following steps for the purpose:

1. You will need to take your gold to the Purity Testing Centres. They will let you know the amount of pure gold.

2. If you agree to it, you will need to fill a bank KYC form which signifies your consent for melting the gold.

3. Gold will melted in your presence and the value of pure gold stated to you. Any gems or precious stones will be removed and handed over to you.

4. Gold is subjected to Fire Assay test to ascertain purity. If you agree to it, you will be given a certificate. Else, you can take your melted gold and pay the prescribed fees.

5. When you produce the certificate of purity, your bank will open Gold Savings Account in your name. You will be paid interest the in terms gold or cash. The interest is paid after 30 or 60 days. of opening the account. The rate of interest will be decided by the banks concerned.
Notes - Tenure will be one year or in multiples of one year. You have to deposit a minimum quantity of 30 grams of gold.





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