The State Bank of India (SBI) first exclusive gold banking outlet `SBI Sona Ghar' in the country was inaugurated by the Minister of State for Human Resource Development D Purandeswari. Bank’s main branch is in Koti.
SBI Chief General Manager Shiva Kumar told the reporter banks’ launch of its new initiative is very timely as more and more people prefer to invest in gold. At new center gold deposit scheme will also be available.
He told through new centre pure gold coins and bars of 999.9 purity of 2 gm to 50 gm in a tamper-proof packaging will be sold. At new center gold deposit scheme will also be available.
The gold coins will be assay certified and are ideal for investment and individual and corporate gifting. At this outlet on bulk purchase of 500 grams and above special discounts will be given.
On deposit scheme 1 to 1.5 per cent interest in gold will be given for a period ranging from three to five years.
For instance on a 500 gram gold deposit for a period of three years, a customer will get 515 gram at the end of the term, he pointed out that the interest earned on the gold deposit is exempted from income tax and the value of gold has been exempted from wealth tax.
Even the appreciation on value of gold has been exempted from the capital gains tax.
Customers can take loan from any SBI branch by pledging gold deposit certificates. There is a provision for premature with drawl of the gold deposit, after an initial lock-in period of one year individual can with draw it.
He said, “We are targeting gold deposits of 500 kg in one year,'' and added that they will contact various temples and trusts to persuade them to deposit the gold which has been lying idle with them.
He informed bank aims to sell 100 kg gold every month. Purandeswari said as the price of gold is very high therefore it is the best investment option.
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