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Gold Monetisation Scheme (GMS)
Resident Indians can deposit gold under Gold Monetisation Scheme. The deposit will be denominated in grams of gold with purity 995. The deposit will help the depositor earn interest at the rate of interest decided by Central Government and notified by Reserve Bank of India from time to time. ICICI Bank is one of the designated banks authorised to implement the Scheme.
Objective of RBI/Government
GMS, which modifies the existing 'Gold Deposit Scheme' (GDS) is intended to mobilise gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to reduce country's reliance on the import of gold.
Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme. The opening of gold deposit accounts will be subject to the same rules with regard to customer identification as are applicable to any other deposit account.
You need to hold Savings / Current Account with ICICI Bank before opening Gold deposit account for credit of interest on gold deposit in INR. In case you do not hold an account with us, you will need to open a Savings / Current Account after complying with the KYC norms.
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