In a notification, the RBI said reimbursement of payments made by banks, relating to Medium and Long-Term Government Deposit (MLTGD), will be made by its Central Account Section (CAS), Nagpur. The RBI on Tuesday asked banks to “immediately” pay interest due on the gold deposited by individuals and institution under the Gold Monetization Scheme (GMS) launched in 2015.50 percent..Gold can be deposited under the GMS with a designated bank in the account of the Central government for a medium-term period of 5-7 years or a long-term period of 12-15 years.
After making payments, the banks may raise the claim to the government through RBI can be deposited under the GMS with a designated bank in the account of the Central government.The annual rate of interest on medium-term deposit is 2. Mumbai: The Reserve Bank on Tuesday asked banks to “immediately” pay interest due on the gold deposited by individuals and institution under the Gold Monetization Scheme (GMS) launched in 2015.25 percent and on long-term deposit, it is 2.”
Accordingly, banks are advised to pay immediately the interest amount already due to the depositors and to take note that, in future, payment of interest to the depositors is to be made on the due dates,” said the notification.The government had launched the scheme to curb imports of gold, which has a bearing on current account deficit.The China Pump bearings rate of interest on gold deposit is decided by government and notified by Reserve Bank of India from time to time
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