According to the draft scheme, a person can open a "gold savings account" in banks for a minimum period of one year and earn interest on the gold deposited under the scheme.
The minimum quantity of gold that a customer can deposit is proposed to be 30 grams. The gold can be in any form, i.e., bullion or jewellery.
The banks will pay interest on ‘Gold Savings Account’ after 30/60 days of account opening. The rate of interest is proposed to be decided by banks directly. Both principal and interest to be paid to the depositor shall be valued in terms of gold
Amount earned from “Gold Saving Account” under this scheme is likely to be exempted under Income-tax Act.
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