Process

What is Gold Monetisation Scheme process in India?

The Gold Monetisation Scheme (GMS) in India facilitates the conversion of idle gold holdings into productive assets. Individuals and entities can deposit their gold with authorised agencies, where it is tested, melted, and converted into interest-earning assets. Depositors receive interest based on the quantity and purity of their gold, with options to redeem in cash or gold. The scheme aims to reduce the country's dependence on imported gold while promoting financial inclusion and economic growth.

Provision for pointers

Process:

  • Existing customers of the bank can visit designated branches to participate in the Gold Monetisation Scheme (GMS).
  • Non-HDFC Bank customers need to open a Savings or Current Account with the bank to enrol in the Gold Monetisation Scheme.
  • Complete the GMS application form at the branch and proceed to the nearest Collection and Purity Testing Centre (CPTC) with the customer copy within 7 days.
  • Submit the gold for the melting process with consent. The CPTC will issue a deposit receipt detailing the quantity and purity of the gold.
  • Customers will receive a deposit certificate via courier and on their registered email, containing information about the quantity, purity, and scheme particulars.

List of branches to visit:

Sr No Designated Branches Address City
1 Vijayawada - Andhra Pradesh NO.40-1-129, GROUND FLOOR, NEAR BENZ CIRCLE, M.G.ROAD, VIJAYAWADA, ANDHRA PRADESH Vijayawada
2 Karol Bagh - J Block NO-2212, GALI NO 64-65, J BLOCK, NAIWALA, GURUDWARA ROAD, KAROL BAGH, NEW DELHI, DELHI Delhi
3 Chandni Chowk 1907, CHANDNI CHOWK, OPPOSITE SIS GANJ GURDWARA, MAIN RD, NEW DELHI, DELHI Delhi
4 Navrangpura ASTRAL TOWERS, OPP RELIANCE GEN. INSU, NEAR MITHAKALI SIX ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT Ahmedabad
5 Cauvery Bhavan HDFC BANK LTD, EAST WING, KHB BUILDING, K G ROAD, BANGALORE, KARNATAKA Bengaluru
6 Kamala Mills KAMALA MILLS COMPOUND, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI, MAHARASHTRA Mumbai
7 Parel SHAPOORJI PALLONJI BUILDING, DR SHIRODKAR MARG, NEAR KEM HOSPITAL, OPP BATA SHOWROOM, MUMBAI, MAHARASHTRA Mumbai
8 Feroze Gandhi Market Ludhiana HDFC BANK LTD, SCO -16-17, FORTUNE CHAMBERS, FEROZE GANDHI MARKET, LUDHIANA, LUDHIANA, PUNJAB Ludhiana
9 T Nagar - South Boag Road OLD NO.319B/13, NEW NO.46/B13, SOUTH BOAG ROAD, T NAGAR, CHENNAI, TAMIL NADU Chennai
10 Gandhipuram 100 FT. ROAD, 7TH STREET, GANDHIPURAM, COIMBATORE, TAMIL NADU Coimbatore
11 Raj Bhavan Road NO. 6-3-891 AND 892, GROUND FLOOR, THE BELVEDERE, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, TELANGANA Hyderabad
12 Visakhapatnam - Andhra Pradesh POTLURI CASTLE, 1ST FLOOR, ABOVE RAYMOND SHOWROOM, 48-14-9, DWARAKA NAGAR, VISAKHAPATNAM, ANDHRA PRADESH Visakhapatnam
13 Pitampura Community Centre 23-A, NN TOWERS, COMMUNITY CENTRE, (NEAR RANI BAGH) ROAD NO 44, PITAMPURA, NEW DELHI, DELHI Delhi
14 Vikaspuri HDFC BANK LTD, C 1 VIKASPURI NEW DELHI., ., NEW DELHI, DELHI Delhi
15 Vadodara - R C Dutt Road (Br - 33) HDFC BANK LTD, GROUND FLOOR, KANHA CAPITAL, R C DUTT ROAD, VADODARA, VADODARA, GUJARAT Vadodara
16 Kalawad Road - Rajkot (Br - 379) HDFC BANK LTD, NEAR WOCKHARDT HOSPITAL, KALAWAD ROAD, RAJKOT, GUJARAT Rajkot
17 Ghod Dod Road (Br -1249) HDFC BANK LTD, UPPER GROUND, SHOP NO I1, 16 TO 25, SARELA SHOPPING CENTER, SARELAWADI, SURAT, GUJARAT Surat
18 Bangalore - Richmond Road NO 8/24 SALCO CENTRE, RICHMOND ROAD, ., BANGALORE, KARNATAKA Bengaluru
19 Ulsoor Ii NO.128/1, VIDYA DEEP COLLEGE BUILDING, ULSOOR ROAD, BANGALORE, KARNATAKA Bengaluru
20 Seshadripuram  MEERA SADAN, NO 60, 1ST MAIN ROAD, SESHADRIPURAM, BANGALORE, KARNATAKA Bengaluru
21 K R Circle GROUND FLOOR & FIRST FLOOR, NO.3284, K.R.ROAD, BANASHANKARI 2ND STAGE, NEAR UPHAAR SAGAR, BANGALORE, KARNATAKA Bengaluru
22 J C Road HDFC BANK LTD, VISL HOUSE, NO.8/2, J.C.ROAD, BANGALORE., BANGALORE, KARNATAKA Bengaluru
23 Chandra Layout NO.1563, 8TH CROSS, OPP CHANDRA LAYOUT, VIJAYANAGAR, BANGALORE, KARNATAKA Bengaluru
24 K H Road GR FLOOR & FIRST FLOOR, SAMSKRUTHI CHAMBERS, NO 103 K.H. ROAD, BANGALORE, KARNATAKA Bengaluru
25 Basaveshwaranagar NO. 321, 3RD STAGE, 4TH BLOCK, NEAR 8TH MAIN, CLOSE TO AIRTEL SHOWROOM, BANGALORE, KARNATAKA Bengaluru
26 Vijayanagar F1, FIRST FLOOR, NOS.2934E & 2935E, MAGADI CHORD EXTENSION, VIJAYANAGAR CLUB ROAD, BANGALORE, KARNATAKA Bengaluru
27 Vashi Sector 17 Hdfc - Annexe HDFC - ANNEXE, PLOT NO. 82, SECTOR 17, VASHI, NAVI MUMBAI, MAHARASHTRA Navi Mumbai
28 Santacruz West - Linking Road S'ANA BUILDING, LINKING ROAD, SANTACRUZ (W), MUMBAI, MAHARASHTRA Mumbai
29 Express Towers GROUND FLOOR, EXPRESS TOWERS, LANDMARK-NEXT TO AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA Mumbai
30 Goregaon Sv Road HDFC BANK LTD, UNIT NO C AND D, A K PLAZA, S V ROAD, OPP MTNL GOREGAON WEST, MUMBAI, MAHARASHTRA Mumbai
31 Mulund East NAV SAI PRASAD CHS LTD, 90 FEET ROAD, V.B.PHADKE MARG, MULUND EAST, MUMBAI, MAHARASHTRA Mumbai
32 Mall Road (0034) PLOT B19 65 SE THE MALL LGF 1, 1ST MALL, LUDHIANA, LUDHIANA, PUNJAB Ludhiana
33 Rishi Nagar (1388) OPP.KALI MATA MANDIR, RISHI NAGAR, HAMBRA ROAD, LUDHIANA, PUNJAB Ludhiana
34 Petbasheerabad 04-089/G/A/B/1A, OPP DIWAN DHABA, SOMU RESIDENCY, NH7, PETBASHEERABAD, RR DIST, HYDERABAD, TELANGANA Secunderabad

FAQs

Yes, the Gold Monetisation Scheme (GMS) in India is considered safe for depositors. It is backed by the Government of India and managed by authorised banks and agencies, ensuring credibility and security. The scheme offers multiple safeguards such as transparent testing of gold purity at Collection and Purity Testing Centers (CPTCs), issuance of deposit certificates, and secure handling of deposited gold. Additionally, the scheme provides flexibility in choosing the form of maturity proceeds (either gold or cash), thereby mitigating risks associated with market fluctuations. Overall, these measures enhance the safety and reliability of participating in the Gold Monetisation Scheme.

The maturity period for the Gold Monetisation Scheme (GMS) in India varies depending on the type of deposit made. Short-term deposits under the scheme have a tenure of 1 to 3 years, while medium-term deposits range from 5 to 7 years. Long-term deposits have a tenure of 12 to 15 years. Upon maturity, depositors receive the equivalent value of their gold in either gold or cash, based on the terms chosen at the time of deposit. Interest rates also vary based on the deposit tenure, providing flexibility for depositors seeking returns on their idle gold holdings while contributing to reducing the country's gold import dependence.

The interest rate for the Gold Monetisation Scheme (GMS) varies depending on the tenure of the deposit. Generally, banks offer different interest rates for short-term, medium-term, and long-term deposits under the scheme. For instance, short-term deposits (1-3 years) might offer lower interest rates, while medium-term (5-7 years) and long-term deposits (12-15 years) typically provide higher rates. The interest rates are decided by the government and announced periodically. Depositors receive interest on their gold deposits either in the form of cash or additional gold, based on their preference at the time of deposit.