State Bank of India to launch second ‘Sona Ghar’ today

Staff Reporter

VIJAYAWADA: The State Bank of India (SBI) will launch the second ‘Sona Ghar’ in the country here on Thursday. The first one was opened recently in Hyderabad.

Besides selling gold coins of purity of 999.99, the ‘Sona Ghar’ will also accept deposits of gold on which attractive rates of interest will be offered. It will be opened at SBI local head office opposite Vastralatha in One Town.

Addressing a press conference here on Wednesday, Shiva Kumar, SBI Chief General Manager, Hyderabad Local Head Office, said that gold coins of various denominations, from 2 gram to 50 gram, will be available for purchase in ‘Sona Ghar’. These will be sold to the public as per the prevailing bullion price.

About gold deposit scheme, he said that it would provide an opportunity to the customers to earn income in the form of interest on their gold holdings.

“Safety, liquidity and tax savings are the other benefits,” he explained.

The bank would convert the jewellery deposited in ‘Sona Ghar’ into coins of purity of 999.99 and give a certificate to the depositor. “This certificate is transferable and the depositors can avail themselves of the facility of obtaining loan from any of the SBI branches by mortgaging the certificate,” Mr. Shiva Kumar said.

A minimum of 500 gram of jewellery will have to be deposited for a period of three years or four years or five years. A rate of interest of 1 per cent, 1.25 per cent and 1.5 per cent, respectively, will be offered.

SBI General Manager T.S. Krishnaswamy and others were present.

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