Gold Monetization Scheme

Gold Monetization Scheme : Features

• Earn Interest on Idle Gold Lying in your locker/house/trust
• Save on Locker charges incurred on storing gold
• 102 BOB Branches (PAN INDIA) are authorized to accept Gold deposit under Gold Monetization scheme, 2015
• Check your Gold purity in your presence at our authorized CPTC Centres

Gold Monetization Scheme : Eligibility

• Resident Indians [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] can make deposits under the scheme.
• Joint deposits of two or more eligible depositors are allowed and deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding joint operation of bank deposit including nominations will be applicable to gold deposits.

Gold Monetization Scheme : Process

• Existing Savings customers of the bank can visit any one of the designated branches for availing Gold Monetization Scheme (GMS)
• For Non BoB customers, customers can open a Savings/Current Account with the bank and opt for Gold Monetization Scheme
• Fill GMS application form at branch & then visit nearest Collection and Purity Testing Centre (CPTC)/GMCTA with customer copy within 7 days
• Submit the gold with consent for melting process. CPTC/GMCTA to give a deposit receipt with quantity of gold and purity details
• Customers will receive deposit certificate through courier as well as on registered e-mail id with details of gold quantity, purity and scheme details

Gold Monetization Scheme : Most Important Terms and Conditions MITC

Note: Government of India, vide its press release ID 2115009 dated March 25, 2025 regarding Gold Monetization Scheme (GMS) has decided to discontinue the Medium Term and Long Term Government Deposit (MLTGD) components of GMS with effect from March 26, 2025. Accordingly, any gold deposits tendered at the designated Collection and Purity Testing Centre (CPTC) or GMS Mobilisation, Collection & Testing Agent (GMCTA) or the designated bank branches towards MLTGD component of GMS shall not be accepted after March 25, 2025. The designated banks, at their discretion, may offer Short Term Bank Deposits (STBD) under GMS. The MLTGD mobilized till March 25, 2025 shall continue till redemption as per the extant guidelines.

• Deposit Quantity:
  1. Minimum: At any one time shall be 10 grams of raw gold (bars, coins, jewellery excluding stones and other metals)
  2. Maximum: No Limit
• Purity: 995 fineness
• Schemes:
  1. Medium Term Government Deposit (MTGD)
  2. Long Term Government Deposit (LTGD
• Medium Term Government Deposit (MTGD):
  1. Period of 5 - 7 years
  2. ROI: 2.25% p.a.
  3. Lock in Period - 3 years
• Long Term Government Deposit (LTGD):
  1. Period of 12 - 15 years
  2. ROI: 2.50% p.a.
  3. Lock in Period: 5 years
• Interest is denominated in INR & paid on the value of gold prevailing on the date of creation of deposit
• Deposits are accepted by banks on behalf of the Central Government and deposit receipt & certificates indicated on behalf of the Central Government.
• Whole or part premature withdrawal allowed subject to such minimum lock-in period and penalties (The redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption, or in gold. However, any pre-mature redemption of MLTGD shall be only in INR)