Deposit your gold in this scheme of the bank, you will get interest income sitting at home.

If you also have any such gold lying at home, which you do not use. So you can deposit it in a special scheme of the bank. Then you will get interest income sitting at home, that too a good amount. Let us tell you how...?

You all must have seen an advertisement 'When there is gold lying in the house, then why cry', but this advertisement is about taking a loan by mortgaging the gold of the house. That means the gold is yours and you will also pay the interest. Imagine you get a scheme where you deposit your unused gold, and you get interest income sitting at home. So the banks of the country run such a scheme. Let us tell you about it…

Gold Monetization Scheme was launched in the year 2015. Its purpose is to bring the gold lying in people's homes, big temples and other institutions into the economy. Its aim is also to reduce the country's import dependence on gold over time. How does this scheme work?

Earn money like this from Gold Monetization Scheme

Any citizen of the country, Hindu undivided family, company, charitable institution, proprietor ship or partnership firm, trust or mutual fund etc. can earn money by investing in the Gold Monetization Scheme. At the same time, central or state governments or their companies can also cash their gold in this scheme. Money can be earned in this scheme even by depositing just 10 grams of gold.

Selected banks in the country offer the benefit of 'Gold Monetization Scheme'. All you have to do is fulfill the KYC (Know Your Customer) rules. After this, the bank will get your gold checked for purity in front of you and in return you will be issued a deposit receipt. In exchange for these deposit receipts, banks will open your 'Gold Bank Deposit Account'. It opens in 3 ways.

Earn interest from short term to long term

Gold Monetization Scheme opens accounts for short term, medium term and long term in exchange for your deposit receipt. In short term, your gold deposit is for 1 to 3 years. In this the interest is decided by the bank. Whereas in medium and long term deposit scheme, your gold is deposited with the government and you get fixed interest on it.

If you deposit gold for medium term, then it is not deposited in the bank but with the government. This deposit for a period of 5 to 7 years offers an annual interest of 2.25 percent. Whereas in long term, it is deposited with the government for 12 to 15 years and you get 2.50 percent interest annually.

Do you get gold back?

Under this scheme, if you deposit gold for short term, then you get your gold back. Whereas those who invest in medium term or long term do not get their gold back, rather they get returns according to the price of gold at the time of maturity. The government uses this gold for other purposes.

If you take interest every year, you get only simple interest, whereas while taking returns on maturity, you get paid compound interest.