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State Bank of Travancore (SBT) has launched its Gold Saving Scheme in Kozhikode.
The scheme, available in select branches of the bank, is for the purchase of gold ornaments or coins through tie-up arrangements with major jewellers. It was launched here by Mr J. Ramakrishnan, Deputy General Manager of SBT.
The gold investment scheme enables the customer to hedge the future rise in the price of gold, apart from serving as savings and creation of assets.
Under the scheme, a gold loan will be sanctioned by the bank to the customer and the payment will be made directly to the jeweller. The loan amount will be 70 per cent of the invoice/bill amount, with a minimum of Rs 1 lakh and a maximum of Rs 10 lakh.
Tie-up
The scheme is available at the bank's main branches in Kozhikode and Thrissur, with tie-up arrangements with Bhima Jewellers and Kalyan Jewellers, according to a release from the bank.
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