1. Will the gold price quoted daily be better than at goldsmith shops?
  2. Why is interest not paid for MGIA?
  3. Is there a minimum balance I need to keep at all times?
  4. When is the right time to purchase gold?
  5. Will the Bank accept deposits in gold e.g. gold jewellery?

1. Will the gold price quoted daily be better than at goldsmith shops?
The price of gold quoted daily will be pegged to the international gold price and will definitely be better than goldsmith shops without the usual "workmanship" charges.

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2. Why is interest not paid for MGIA?

When you purchases gold through MGIA, this is recorded into a passbook. The Bank actually keeps the gold in safe custody for you, and as such, interest is not paid.



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3. Is there a minimum balance I need to keep at all times?
Yes, you must maintain a minimum balance of 1gm at all times.

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4. When is the right time to purchase gold?
The recommended time would be when the price of gold is low.

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5. Will the Bank accept deposits in gold e.g. gold jewellery?
No, the Bank will only accept gold wafers purchased from the Bank.

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