Family can pull out of gold scheme in case depositor dies, says RBI

Investor's heirs need not wait any more for lock-in period to expire

The Reserve Bank of India (RBI) on Thursday allowed premature withdrawal of deposits under gold monetisation scheme before the lock-in period, in case the original depositor died.

Premature withdrawal from the scheme was allowed but not before the lock-in period of three and five years, depending upon the duration of the original scheme.

However, in case the depositor dies, the family members can withdraw the deposits, foregoing some interest.

In the case of medium-term gold deposit scheme (MTGD), where the lock-in period is three years, if the deposits are withdrawn within six months, no interest will be paid. For withdrawal