Damaged bangle or your broken chain lying in a bank locker will earn interest
Posted on: 13/May/2015 2:53:42 PM - No. of views : (3194)
Under the proposed Gold Monetization Scheme (GMS) a damaged bangle or your broken chain lying in a bank locker may help you earn 2-3% interest. The scheme will be a major improvement over 1% interest being paid for deposits up to five years.
As per sources, the government plans to lower the minimum gold deposit from 500 grams to 50 grams. The schemes are likely to offer interest rate between 1.5% and 2% per annum. The depositor�s account will be credited with 1.5%-2% of the gold price prevailing at the end of the year. The new �gold monetization scheme� will be exempted from wealth tax and capital gain tax. The government also plans to introduce nomination and loan facility on deposited gold.
