The State Bank of India has attracted gold deposits of 3, 650 kg via its gold deposit scheme which commenced on 1st March 2009, said a senior bank official. From the total gold collected, 800 kg was contributed by branches in Gujarat.
The official said, “As on March 1, 800 kg of gold had been deposited in Ahmedabad, Surat, Rajkot and Vadodara branches in Gujarat, which is highest in the country”.
According to scheme clients have to deposit minimum 500 gm of gold with a lock-in period of 3-5 years. The gold put in by clients is liquefied and converted into pure gold bars. Interest earned on 3-year deposits is 1%, 1.25% for 4 years and 1.5% for 5 years. The gold bars are sold by the bank to the public.
Gujarat deposited 800 kg gold, Maharashtra deposited 770 kg of gold Kerala deposited 490 kg and 359 kg was deposited by Tamil Nadu.
The official said, “The scheme has not fared well in Madhya Pradesh, which stood last in the country with only 77 kg of gold deposits”. The official further elaborated that the scheme was previously introduced in November 1999, but had to be withdrawn because of the poor response.
He added, “The scheme was re-launched last year as gold prices started climbing. This scheme is aimed at utilizing the gold deposits lying unused in the lockers of big trusts and individual customers”.
Besides this, SBI also continues to offer teaser home loans.
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