You gotta choose one of the above when you create the account.as cash, so if you put 100 grams at 1% a year, you get cash worth 1 gram of gold after one year (valued at the time the interest is paid, which might even be monthly).as gold, so if you put 100 grams at 1% a year, you get 101 grams after a year.The bank opens a gold savings account for the customer and has an interest rate. Now You Go To The BankĪnd you give them the deposit certificate. Note: Minimum 30 grams, which is about Rs. The gold is then deposited at the center and sent to a “refiner” or to a bank for holding. You then say “gimme a deposit certificate”, which just says the center has X amount of gold of Y purity. We don’t know how much.īut let’s say you agree with their estimate. Then you walk away with your gold in the form of a gold bar, for which there is another charge. The fire test tells you how much gold you really have. 300 for the fire test, and melting losses at actuals. Then then do a fire assay test and tell you how much gold you really have.Ĭost: Rs. Which means they melt it and remove any other stuff like studs or stones (typically added to jewellery). Then you fill up a “KYC” form, and give your consent to melt your gold. You give them the gold, they do a prelim test on an XRF machine, and tell you approximate values of pure gold that you’ve given. These guys tell you the “genuine” nature of your gold. You go to a Purity Testing Center, called a Hallmarking Center. This might sound a little stupid, but bear with us please. They’re yet to be finalized, but at least we have something. Essentially you can deposit gold with banks and they’ll give you interest (in Gold!) of something like 1% a year, and you are expected to rush to the nearest bank and dump all that yellow metal you have, and save India tons of money in valuable foreign exchange because we import gold like crazy. In Budget2015, Jaitley had mentioned this. The government has released Draft Guidelines for the new Gold Monetization Scheme.
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