associate sponsors

Llyod
HDFC

RBI orders banks to immediately pay interest under Gold Monetisation Scheme

Mumbai: The Reserve Bank of India (RBI) on Tuesday advised commercial banks to "immediately" pay interest due on the Gold Monetisation Scheme (GMS), 2015.

AFP

AFP

"It has been decided that reimbursement of payments made by banks, relating to Medium and Long Term Government Deposit (MLTGD), will be made by Central Account Section (CAS), Nagpur, RBI. Accordingly, banks are advised to pay immediately the interest amount already due to the depositors," the central bank said in a statement here.

As per the notification, after making payments, the banks can raise the claim to government through the central bank.

Under the Gold Monetisation Scheme, launched by the government in 2015 to curb imports, the yellow metal can be deposited with a designated bank in the account of the central government either for a medium term of 5-7 years, or a long term period of 12-15 years.

The annual rate of interest on medium term deposits is 2.25 per cent, and on long term deposits is 2.50 per cent.


Updated Date: Oct 18, 2017 10:28 AM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}