PNB Gold Monetisation Scheme: Cash crunch? Earn income through your idle gold

PNB Gold Monetisation Scheme: If your gold is lying idle and you want to earn some money from it, here is what you can do. Gold futures for June 2020 contract was Rs 45313 today. The Punjab National Bank (PNB) Gold Monetisation Scheme (GMS) can be a way forward. The GMS is intended to mobilise gold held by households and institutions of the country and to enable its use for productive purposes. The PNB customers can deposit their idle gold under GMS and earn some interest money. The bank will also ensure that it is kept safe.

RBI has even issued guideline on GMS.  
   
Who can avail this benefit: 

-- Resident Indians of the following categories can avail this benefit:
* Individuals
* HUFs
* Proprietorship & Partnership firms
* Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations
* Companies
* Charitable institutions
* Central Government
* State Government or any other entity owned by Central Government or State Government.

The bank allows joint deposits of two or more eligible depositors under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors.

Minimum deposit quantity is 30 gms. There is no maximum limit.

Type of Scheme Tenor (in Year)

-- Short Term Bank Deposit (STBD) with 1-3 yrs duration
-- Medium Term Government Deposit (MTGD) with 5-7 yrs duration
-- Long Term Government Deposit (LTGD) with 12-15 yrs duration

The deposit under Medium Term And Long Term will be accepted by the Bank on behalf of the Central Government. Visit website to know more.

Period Rate of Interest PA
1 year 0.50 per cent
Above 1 year up to 2 years - 0.60 per cent
Above 2 years up to 3 years - 0.75 per cent
Medium Term Government Deposit - 2.25 per cent
Long Term Government Deposit - 2.50 per cent

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In the case of MTGD & LTGD, the principal will be denominated in gold. However, the interest shall be paid in Rupees annually on 31st March or cumulative interest on maturity. Broken period interest is paid at the time of maturity. Interest is calculated on gold value in rupees, at the time of deposit.

The PNB customers are required to visit the bank branches to avail the scheme.