The short-term deposits should be treated as bank’s on-balance sheet liability. These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of rollover). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.).
RBI has made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.
Source- The Hindu Business Line