NEWS & ADVICE : PERSONAL LOAN
RBI to introduce four gold-related instruments
By Vaibhav Aggarwal
Nov 26, 2012
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Reserve Bank of India will be introducing four gold based financing instruments to ease the physical demand for gold. The four alternatives to direct investment in gold are modified as gold deposit schemes (GDS), gold accumulation plan, gold linked account and gold pension plan, said Mr. Subir Gokarm, Deputy Governor of RBI at the Bankers Conference in Pune.

Gold Deposit scheme will be suitable for the mid-size investors. Under this scheme, physical gold will be deposited wit banks for definite period and interest will be charged ion form of gold after maturity. However, the gold won't be returned to the investors in the original form.

The gold linked account will be a non-interest bearing account wherein the gold will be purchased and kept abroad. At maturity, the customer can dispose the gold and get equivalent cash for it.

The gold accumulation plan will be like the systematic investment plan and gold pension plan will be like reverse mortgage of property.


 


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