The Reserve Bank of India on Thursday made announcement amendments to Gold Monetization Scheme, 2015 with immediate effect. According to the latest notification, a new subparagraph 2.2.2 (f) has been inserted to read as the ‘Interest on premature closure of the deposit in case of death of the depositor before and after the lock-in period’. The details are as under.
The amount payable to the depositor shall be calculated as a sum of (A) and (B), as indicated below:
(A) Actual market value of the gold deposit on the day of withdrawal.
(B) Interest payable on the value of the gold for the period of deposit at the applicable rate.
B (i) Interest payable on MTCGD before lock-in period of 3 years (on the actual period for which the deposit has run) is as under:
Up to 6 months: No interest
>6 months and <1 year: Applicable rate for MTGD at the time of deposit minus 1.25%
≥1 year and <2 years: Applicable rate for MTGD at the time of deposit minus 1.00%
≥2 years and <3 years: Applicable rate for MTGD at the time of deposit minus 0.75%
B(ii) Interest payable on LTCGD before lock-in period of 5 years (actual period for which the deposit has run) is as under:
Up to 1 year: No interest
>1 year and <2 years: Applicable rate for MTGD at the time of deposit minus 1.00%
≥2 years and <3 years: Applicable rate for MTGD at the time of deposit minus 0.75%
≥3 years and <5 years: Applicable rate for MTGD at the time of deposit minus 0.25%
B(iii) : Interest payable on MTCGD after the lock-in period of 3 years: The applicable interest rate on the actual period for which deposit has run shall be as under:
For >3years and <5 years: Applicable rate for LTGD at the time of deposit minus 0.25%
For ≥ 5 years and < 7 years: Applicable rate for LTGD at the time of deposit minus 0.125%
B(iv): After the lock-in period of 5 years of LTCGD, the applicable interest rate for the actual period for which the deposit has run shall be as under:
For >5years and <7 years: Applicable rate for MTGD at the time of deposit minus 0.125%
For ≥ 7 years and < 12 years: Applicable rate for LTGD at the time of deposit minus 0.25%
For ≥12 years and < 15 years: Applicable rate for LTGD at the time of deposit minus 0.125%
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