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NOW BANK CAN FIX INTEREST RATE ON GOLD DEPOSIT SCHEME
Reserve Bank of India has issued some guidelines that will help banks to fix their own interest rates on gold deposits scheme. As per the guideline issued by RBI, Banks will be free to charge interest rate on such deposit, and interest of the deposit will be denominated in gold.
According to RBI, the selected banks will accept gold deposits under the Short Term period as well as Medium and Long Term Government Deposit Schemes.