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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