BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Five year
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Two year
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One year
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Three year
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Detailed explanation-1: -The minimum deposit under the scheme at any one time shall be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 10 grams of gold of 995 fineness. There is no maximum limit for deposit under the scheme.
Detailed explanation-2: -In Gold Monetization Scheme, gold is mobilized from households and institutions of the country to facilitate its use for productive purposes, and in the long run, to reduce country’s reliance on the import of gold.
Detailed explanation-3: -Gold Monetisation Scheme explained Gold, under the scheme, can be deposited in any form-bars, coins or jewellery, and the depositor also has the option to either take cash or gold on redemption. The investor at the time of redemption will not get the gold in the same form as they had put it.
Detailed explanation-4: -This scheme ensures the safety of gold by depositing the idle gold in the bank. The gold is deposited in SBI R-GDS in the form of gold bars, coins, jewellery excluding stones and other metals. SBI (State Bank Of India) accepts these gold deposits on behalf of the Central Government of India.