The Reserve Bank of India (RBI) on Thursday issued
directions for banks on implementation of the Gold Monetisation Scheme
approved by the government.
- In gold monetisation scheme, customers can deposit their gold and earn interest on it.
- Banks can accept a minimum of 30 grams of the precious metal of 995 fineness in the form of a bar, coin or jewellery under the scheme. There is no upper limit on the amount of gold deposit.
- All scheduled commercial banks have been allowed to offer this scheme. The designated banks are free to fix the interest rates on these deposits.
