But staring March 2026, the 5-7 years and 12-15 years GMS scheme earning an interest of 2.25% and 2.5% have been discontinued. Her gold jewellery has now been melted and converted into tradeable bars along with 31.16 tonne worth of other gold held by State Bank of India in valuts, while Sharda holds certificate for her gold holdings and earns interest (see table) for the three years gold deposit.
South-India based retired financial professional Sharda (name changed), hasn’t been adorning her wedding jewellery and other gold coins gifted over years. Hence she decided to use the Government of India’s Gold Monetisation Scheme (GMS) to earn interest on the idle gold.