By AimIndia Team 
The Gold Monetization Scheme (GMS), which the Indian government started, aims to put unused gold from homes and organizations to work. This plan helps people make money from their gold and cuts down on how much gold India needs to buy from other countries. The GMS gives people a smart way to use their gold and has many good points for those who want to make the most of their gold.
The Gold Monetization Scheme lets people and organizations put their unused gold in specific banks and get interest on the amount they deposit. They can deposit gold bars, coins, or jewelry. After the gold gets cleaned up, the bank gives the depositor a certificate. This plan also covers the old Gold Deposit Scheme and the Gold Metal Loan Scheme making it a full package for gold investment
Objectives
- To get the gold sitting unused in homes and organizations into the financial system.
- To cut down India’s need for gold imports by making domestic gold available to use.
- To give people a chance to earn interest on their gold deposits.
- To push the use of idle assets to boost economic growth.
Full Details Of Gold Monetization Scheme
| Name of Scheme | Gold Monetization Scheme |
|---|---|
| Announcement | Government of India |
| State Name | Nationwide (India) |
| Implementation | Launched in September 2015 |
| Objectives | To mobilize idle gold, reduce reliance on gold imports, and earn interest on deposited gold |
| Incentive | Interest on gold deposits (Varies by tenure) |
| Application Starts | Always Open |
| Process | Offline and Online Registration |
| Official Website | www.rbi.org.in, www.sbi.co.in, www.pnbindia.in |
Eligibility Criteria
- Resident Indians including individuals, HUFs, proprietorships, and partnership firms.
- Companies, trusts, and charitable institutions, as well as Central and State Government entities.
- Two or more eligible depositors can make joint deposits under the scheme.
Benefits
- Get interest on gold deposits (short, medium and long term).
- Gold is kept in banks, so no risk of theft.
- Interest earned and gold value at maturity is tax free.
- Deposit gold in form of bars, coins or jewelry without any limit.
- Redeem in gold or cash at the time of maturity.
Required Documents
- Identity Proof: Aadhaar card, PAN card, or passport.
- Address Proof: Utility bills, voter ID, or driving license.
- Gold Purity Certificate: Issued by an authorized Collection and Purity Testing Centre (CPTC).
- Bank Account Details: Savings or current account details with a designated bank.
How to Apply
- Visit a Designated Bank: Check the Gold Monetization Scheme banks list and visit one of the designated branches.
- Purity Testing: Take your gold to an authorized Collection and Purity Testing Centre (CPTC). The gold will be tested for purity, and a certificate will be issued.
- Submit the Application: Fill out the GMS application form at the bank, attaching the gold purity certificate.
- Deposit Gold: Deposit the gold at the bank. The bank will issue a deposit certificate with details of the gold quantity, purity, and other scheme specifics.
- Receive Interest: Interest earned will be credited to your bank account, as per the Gold Monetization Scheme interest rate.
Additional Information
- Launched on by the Government of India.
- Interest rates are based on the tenure of the deposit, with options for short (1-3 years), medium (5-7 years) and long term (12-15 years).
- SBI and PNB are major banks participating in the scheme, with deposit services available easily.
- Sovereign Gold Bonds are also an option under this scheme, with similar benefits.
By investing in Gold Monetization Scheme India, you can convert your idle gold into a productive financial asset, earn returns and enjoy the benefits of safe storage and tax exemption