Regional Rural Banks
As per the 2015 Gold Monetisation Scheme (GMS), all Scheduled Commercial Banks excluding Regional Rural Banks (RRBs) will be eligible to implement the scheme. The 2015 GMS will replace the existing Gold Deposit Scheme (GDS),1999 and Gold Metal Loan (GML) Scheme,1998. The deposits outstanding under the GDS will be allowed to run till maturity unless the depositors prematurely withdraw them. The excerpts of GMS 2015 are as follows: a) Resident Indians viz. Individuals, HUFs (Hindu undivided Families), trusts including mutual funds/exchange traded funds registered under Sebi (mutual fund) regulations and companies can make deposits. B) Minimum deposit at any one time shall be raw gold viz. Bars, coins, jewellery excluding stones and other metals, equivalent to 30 grams of gold of 995 fineness. C) No maximum limit. D) Tenure: Banks will accept gold deposits under the Short Term (1-3 years) Bank Deposit (STBD), Medium (5-7 years) and Long (12-15 years) Term Government Deposit Schemes. E) Principal and Interest of the deposit will be denominated in gold and banks are free to fix the interest rates.