Do you keep your gold assets in bank locker? You are probably paying some fees every year for your lockers.
Instead, what if you could get a locker for free?
What if I said banks would pay you to keep your gold assets safe?
Time for a thread. 👇👇👇
1/ The major issue with having gold in bank lockers is
- You pay hefty fees on an annual basis to the bank.
- The lockers aren't insured
- There's no real safety/security in case of theft or an unfortunate event.
Is there a work around?
Yes.
Enter "Gold Monetisation Scheme".
2/ GOI introduced the Gold Monetisation Scheme in 2015. The main objective was to cut down India's gold imports.
How it works:
You deposit your gold in bank.
They keep it safe for a fixed number of years.
You get it back as physical gold or cash on maturity.
3/ What should you do to be eligible?
You should take the gold you want to deposit to a Collection and Purity Testing Centre (CPTC). GOI has established over 300 CPTC's across India.
They will take your gold, evaluate its purity, and provide a receipt for the gold quantity.
4/ You take the receipt to your bank.
Create a gold monetisation scheme account in your bank.
Give them the receipt provided by PTC.
Your bank will then convert that receipt to a scheme certificate as part of your GMS account.
