GOLDEN OPPORTUNITY! Earn easy INTEREST under Gold Monetization Scheme by depositing GOLD with Bank of Baroda - check interest rates and other BENEFITS here

Gold Monetization Scheme: The Bank of Baroda provides with a 'Golden Opportunity' for its customers. The Bank of Baroda offers its customers to earn an easy interest under the Gold Monetization Scheme. The interested individuals can get more information by logging in to the official website of Bank of Baroda at bankofbaroda.in. 

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The recent tweet from Bank of Baroda said, "It's time to grab the golden opportunity! Under the Gold Monetization Scheme, #BankofBaroda offers you an easy way to earn interest. Know more bit.ly/2WhnxTS." 

It's time to grab the golden opportunity! Under the Gold Monetization Scheme, #BankofBaroda offers you an easy way to earn interest. Know more https://t.co/7Oeuc7YDCm pic.twitter.com/4nHFMBVlr3

— Bank of Baroda (@bankofbaroda) July 27, 2021

What is Gold Monetization Scheme? 

In order to understand the whole process, one must be aware of the Gold Monetization Scheme. One must note that under Gold Monetization Scheme, gold is mobilised from households and institutions of the country to facilitate its use for productive purposes, and in the long run, to reduce country’s reliance on the import of gold. 

It must be noted that 102 Bank of Baroda branches across India are authorised to accept Gold deposit under Gold Monetization scheme, 2015. There are three different types of deposits under the Gold Monetization scheme. 

Short Term Bank Deposit (STBD)

The salient features of STBD are as follows: 

1) The deposit under this category will be accepted by the designated branches for a short-term period of 1-3 years (with a roll over in multiples of one year). The rate of interest for STBD varies from 0.35 per cent to 1 per cent (depending on weight of gold). 

2) No premature closure will be permitted tuntil one year from the date of opening of Gold deposit under the scheme. Theere will be a penalty of 0.25 per cent in case of premature withdrawal.

3) The redemption of principal and interest at maturity will be either in Indian Rupee or Gold.

Medium and Long Term Government Deposit (MLTGD)

The salient features of MLTGD are as follows: 

1) The deposit under this category will be accepted by the designated branches on behalf of the central government

2) The deposit can be made for a period of 5-7 years in case of Medium Term Government Deposit (MTGD) @ 2.25 per cent p.a. and 12-15 years in case of Long Term Government Deposit (LTGD) @ 2.50 per cent p.a.

3) There is a minimum lock-in period of three years in MTGD and five years in LTGD. However, penalty of 0.25 per cent to 0.375 per cent (depending on period) will be charged in case of premature withdrawal in both MTGD and LTGD.

4) The redemption of principal at maturity will be either in Indian Rupee or in gold. However, the redemption of interest will be in Indian Rupee only

Other benefits

An individual can enjoy several benefits under this scheme. They are as follows: 

1) One can earn interest on Idle Gold lying in the locker/house/trust

2) One can save on the locker charges incurred on storing gold

For more details, one can login to the official website of Bank of Baroda at bankofbaroda.in.