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Thought that the gold you own is only to wear in high-end weddings and is of no use to you. It is definitely considered as one of the best forms of Emergency Funds but beyond that what. How about we tell you that there is a way to earn interest in a safe way on your gold via Gold Monetisation Scheme. This scheme helps you to monetize the gold that you have and earn interest on the same.
The Gold Monetisation Scheme allows you to earn interest on the gold you own. It also saves the storage cost for gold. To gain benefit from the scheme, you need to deposit gold in any physical form, jewelry, coins or bars. This gold will then earn interest based on its weight. You get back your gold in the equivalent of 995 fineness gold or Indian rupees, as you desire (this option is to be exercised at the time of deposit).
Eligibility – Restricted for sale to resident Indian entities, including individuals, HUFs (Hindu
undivided families), trusts, universities, charitable institutions
Tenure – One to three years (short term); Five to seven years (medium-term); 12–15 years (Long term)
Interest: Both principal and interest to be paid to the depositors of gold are ‘valued’ in gold. For example, if a customer deposits 100 gm of gold and gets one percent interest, then, on maturity, he has a credit of 101 gm. The interest rate is decided by the banks concerned.
Minimum Deposit – 30 gram (any form bullion or jewelry)
Interest & Taxation – Interest paid in gold terms. Fully tax-exempt, no capital gains
Remember that since the gold that you deposit will be melted, you won’t get back the gold in the same form as you had deposited.
How to Open an Account – You need to first go to a collection and purity-testing center to ascertain the purity of your gold. You can deposit your gold if it clears the criterion set for gold content. You will be provided with a certificate of purity and gold content. You will need to present the certificate to the bank where you want to open the account.
Redemption – you can take back gold or cash at redemption but the preference must be stated at the time of deposit.
Wealth Cafe Actionable – In the scheme, you give your gold to the bank which is then melted so if its jewelry ensure that you won’t get it back. Also, it is bank-specific so be sure to go to a good bank for this scheme to be sure of getting your returns and money/gold back.