Mumbai: In an effort to make the Gold Monetisation Scheme more customer-friendly, the RBI on Thursday said depositors will be able to withdraw medium-term (5-7 year) and long-term government deposits (12-15 years) pre-maturely after the minimum lock-in period, though with a penalty.
The RBI made a few amendments to its Master Direction on the Scheme. The modifications, it said, have been made in consultation with the government to make the Scheme “more customer-friendly”.
The rate of interest on the deposits will be decided by government and notified by the RBI from time to time. The current rate of interest as notified by the government on medium term deposit is 2.25 per cent per annum and on long term deposit is 2.50 per cent per annum.
RBI has also permitted banks to sell India Gold Coins (IGC) with Ashok Chakra minted by MMTC through their branches.
It has been decided to allow designated banks to sell the IGCs manufactured by MMTC, RBI said in a notification. “The terms and conditions will be as per the contract between the bank and MMTC,” it said.
