SBI LAUNCHES GOLD BANKING OUTLET IN HYDERABAD

State Bank of India launched its first exclusive gold banking outlet in the country - SONG GHAR - in Hyderabad. The SONG GHAR would sell pure gold coins and bars from 2 gm. to 50 gm. The gold coins would be assay certified and special discounts would be offered at the outlet for bulk purchase of 500 gm. and above.

The outlet would also offer gold deposit schemes and interest @ 1 - 1.5 per cent would be paid on gold for a term ranging from three to five years. Rupee loans could be availed from any SBI branch against pledge of the gold deposit certificate. There is also a provision for premature withdrawal of the gold deposit after an initial lock in period of one year.

Source: http://www.business-standard.com/india/news/sbi-launches-gold-banking-outlet-in-hyderabad/381300/