Dhanteras 2019 investments: Earn money from your idle gold at home; here is how
Many people have gold at home, but it is lying idle. Indian families keep gold idle at home, as it appreciates over time. They should know that this can be a money-making opportunity.
Traditionally, gold is bought on Dhanteras, which is considered to be an auspicious day for buying precious metal especially. Notably many people have gold at home, but it is lying idle. Indian families keep gold idle at home, as it appreciates over time. They should know that this can be a money-making opportunity as they can earn income from their gold deposits through banks under the Gold Monetisation Scheme (GMS) launched by the government earlier. Under this scheme, those who have idle gold can deposit their gold at banks and earn interest on it. At the same time they can get back the precious metal after maturity. Investors can choose an auspicious day like Dhanteras to deposit this precious possession and earn money on it. This way investors get interest on their deposit, as well as, the appreciated value of the metal. Not only that they also save on cost of keeping the yellow metal safe. When one keeps gold in a bank locker certain charges have to paid.
This scheme offers you the safety of your gold and you can also earn up to 2.5 percent interest annually.
The deposit will help the depositor earn interest at the rate of interest decided by the Central Government and notified by Reserve Bank of India from time to time. Various banks offer this scheme, which include SBI and ICICI Bank.
Short Term Gold Deposit for 1-3 years offers 0.50 percent for a year and 0.60 per cent interest for two-three years tenure. The investors can draw interest annually or on maturity. The Medium-term gold deposit for 5-7 years tenure offers 2.25 per cent while the long-term gold deposit for 12 years tenure offers 2.5 percent.
Interests are paid in rupees annually on March 31 or cumulative interest on maturity, which will be calculated on the gold value in rupees. The government launched the scheme in 2015 to bring the idle gold to the banking system. The information on this scheme is available on the RBI website and the websites of respective banks.