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Can I withdraw the deposit prematurely?

Yes subject to the below Minimum lock-in period and revised interest rate conditions.


(i) Minimum lock-in period
A Medium Term Government Deposit (MTGD) is allowed to be withdrawn any time after 3 years and a Long Term Government Deposit (LTGD) after 5 years.


(ii) Penalty on premature withdrawal
The amount payable to the depositor on premature withdrawal shall be calculated as a sum of (A) and (B), as indicated below:


(A) Actual market value of the gold deposit on the day of withdrawal.
(B) Interest payable on the value of the gold for the actual period for which deposit was held (i.e. Start date of deposit till date of withdrawal)


FeaturesMedium Term Gold Deposit (MTGD)Long Term Gold Deposit (LTGD)
Current interest rate offered on gold deposit2.25% p.a.2.50% p.a.
Tenure5 – 7 years12 -15 years
Minimum lock-in3 years5 years
Penal interest>3 and <5 (MTGD interest less 0.375%)
>=5 and <7 (MTGD interest less 0.25%)
>5 and <7 (MTGD interest less 0.25%)
>=7 and <12 (LTGD interest less 0.375%)
>=12 and <15 (LTGD interest less 0.25%)