What is the minimum deposit period under Gold Monetization Scheme?
- ((a))
3 years
- ((b))
6 years
- ((c))
1 year
- ((d))
2 years
Show Answer
1 year
The correct answer is 1 year

Key Points
- Gold Monetization Scheme was launched with the aim of turning this unused gold lying idle in India’s households into a productive asset.
- I t was launched by the Government of India on 5th November 2015.
- This scheme was also intended to help reduce India's dependence on gold imports
- This scheme replaced the Gold Deposit Scheme, 1999.
- The minimum deposit of raw gold in this scheme is 30 grams.
- Minimum Deposit period under Gold Monetization Scheme is 1 Year

Additional Information
Gold Monetization Scheme:
- Collection and Purity Testing Centers (CPTC) - The collection and assaying centers certified by the Bureau of Indian Standards (BIS) and notified by the Central Government for the purpose of handling gold deposited and redeemed under GMS.
- Designated bank – All Scheduled Commercial Banks (excluding RRBs) that decide to implement the Scheme.
- Gold Deposit Account – An account opened with a designated bank under the Scheme and denominated in grams of gold.
- Medium and Long Term Government Deposit (MLTGD) - The deposit of gold made under the GMS with a designated bank in the account of the Central Government for a medium-term period of 5-7 years or a long term period of 12-15 years or for such period as may be decided from time to time by the Central Government.
- Nominated bank – A Scheduled Commercial Bank authorized by RBI to import gold under the extant Foreign Trade Policy.
- Refiners – The refineries accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) and notified by the Central Government for the purpose of handling gold deposited and redeemed under GMS.
- The scheme - Gold Monetization Scheme, 2015 which includes Revamped Gold Deposit Scheme (R-GDS) and Revamped Gold Metal Loan Scheme (R-GML).
- Short Term Bank Deposit (STBD) - The deposit of gold made under the GMS with a designated bank for a short term period of 1-3 years.














































































