Don’t Just Hoard, Let It Roar: Financial Hacks to Make Gold Glow Again

Indian families have stored gold in bank lockers for generations as a symbol of security and inheritance. But money planner Lovish Anand is sounding the warning bell: that gold is more vulnerable—and untapped—than one realizes. In a viral LinkedIn post, Anand described how an heirloom jewelery of a friend rusted when floodwater seeped into a basement locker. The bank's compensation? A meager three lakh rupees.

Significant Issues Raised

Most bank lockers provide little insurance, usually to the locker's yearly rent—leaving valuable gold woefully underinsured.

Basement lockers stand to be water-damaged, rusty, and even stolen with minimal hope of compensation.

Emotional and financial worth aside, stagnant gold does not earn one any returns and can even deteriorate in quality over time.

Smarter Option: Gold Monetisation Scheme (GMS)

Individuals in GMS are allowed to deposit excess gold in recognised banks for 5 to 15 years.

The depositors are paid 2.25 to 2.5 percent annual interest on the amount deposited in gold.

The scheme guarantees purity testing, official recording, and eliminates risks of rust, theft, or locker restrictions.

Gold is melted and purified but not owned, and returns are tax-free.

Strategic Highlights

GMS is not selling gold—it's awakening a sleeping asset.

With no locker rental and guaranteed security, it is a source of peace of mind and passive income.

The strategy would be best for those families who do not need to use their gold in the near future but want to watch it grow in value.

Final Thought As Anand so nicely puts it, lockers are nothing but storage boxes—and not wealth protection devices. With rising gold prices and intelligent financial products galore, why not get your gold to do more than just sit pretty?. 

Sources: India Today, LiveMint, WealthForest, MSN India, YouTube (Sarthak Ahuja)