Gold Monetisation Scheme

Features and type of Gold deposits

Sr. No.FeaturesMedium Term Gold Deposit (MTGD)Long Term Gold Deposit (LTGD)Short Term Gold Deposit (STGD) (*)
1. Minimum amount 30 grams of raw gold  (bars, coins, jewellery excluding stones and other metals)
2. Maximum amount No limit
3. Deposit held On behalf of Central Government In ICICI Bank’s books
4. Interest rate decided by Central Government ICICI Bank
5. Current interest rate offered on gold deposit 2.25% p.a. 2.50% p.a. Currently not offering the same
6. Tenure 5 – 7 years 12 -15 years 1-3 years
7. Minimum lock-in 3 years 5 years At discretion of bank
8. Penal interest >3 and <5 (MTGD interest less 0.375%)
>=5 and <7 (MTGD interest less 0.25%)
>5 and <7 (MTGD interest less 0.25%)
>=7 and <12 (LTGD interest less 0.375%)
>=12 and <15 (LTGD interest less 0.25%)
At discretion of bank
9. Time lag between date of acceptance of gold at Refinery or Refiner’s Purity testing centre and creation of deposit. 30 days
10. Principal (P) denominated in Grams of Gold with purity 995 Grams of Gold with purity 995 Grams of Gold with purity 995
11. Interest (I) denominated in INR will be paid on the value of gold prevailing on the date of creation of deposit INR will be paid on the value of gold prevailing on the date of creation of deposit Gold
12. Redemption of Principal (P) and interest (I) denominated in P & I – in INR only P - will be paid on the value of gold prevailing on the maturity date of deposit P & I – in INR only P - will be paid on the value of gold prevailing on the maturity date of deposit P & I – in Gold or INR at the option of depositor exercised at the time of placing of deposit.
13. Interest payment frequency Annually on 31st March or Maturity date whichever is earlier Annually on 31st March or Maturity date whichever is earlier Annually on 31st March or Maturity date whichever is earlier

 

*Currently STBD not offered to ICICI Bank customers.