*Earn Interest on Unused Gold* ▪️▪️▪️▪️▪️▪️▪️ *What is the Gold Monetization Scheme?* The Gold Monetization Scheme is a program launched by the Government of India to mobilize gold from households and institutions and put it to productive use. *Objectives:* 1. To mobilize gold from households and institutions. 2. To reduce the country's reliance on gold imports. 3. To provide an alternative to physical gold holdings. *Key Features:* 1. *Deposit Options:* Individuals, trusts, and institutions can deposit gold in various forms, including jewelry, bars, and coins. 2. *Purity Testing:* Deposited gold is tested for purity and weighed. 3. *Interest Payment:* Depositors earn interest on their gold deposits, which is credited periodically. 4. *Tax Benefits:* Interest earned on gold deposits is exempt from tax, and there is no capital gains tax. 5. *Redemption Options:* Depositors can redeem their gold in the form of gold bars, coins, or jewelry. *Eligibility Criteria:* 1. *Resident Indians:* Individuals, trusts, and institutions resident in India can participate in the scheme. 2. *Minimum Deposit:* The minimum deposit required is 30 grams of gold. 3. *Maximum Deposit:* There is no maximum deposit limit. *Interest Rates:* 1. *Short-Term Deposits (1-3 years):* 2.25% - 2.50% per annum 2. *Medium-Term Deposits (5-7 years):* 2.50% - 2.75% per annum 3. *Long-Term Deposits (12-15 years):* 2.75% - 3.00% per annum *Benefits:* 1. *Earn Interest:* Depositors earn interest on their gold deposits. 2. *Tax Benefits:* Interest earned is exempt from tax, and there is no capital gains tax. 3. *Reduction in Making Charges:* Depositors can redeem their gold in the form of gold bars, coins, or jewelry with reduced making charges. 4. *Convenience:* Depositors can deposit and redeem gold at designated banks and other authorized entities. *Authorized Entities:* 1. *Banks:* Scheduled commercial banks, regional rural banks, and urban cooperative banks. 2. *Other Authorized Entities:* Entities authorized by the Reserve Bank of India (RBI) and the Government of India. *How to Participate:* 1. *Visit a Designated Bank:* Visit a designated bank or authorized entity. 2. *Fill the Application Form:* Fill the application form and provide required documents. 3. *Deposit Gold:* Deposit gold in the form of jewelry, bars, or coins. 4. *Earn Interest:* Earn interest on your gold deposits. Note: The scheme details may be subject to change, and it's always best to check with the authorized entities or the Reserve Bank of India (RBI) for the latest information.