SBI attracts deposits of 548 kg gold in two months | business | Hindustan Times
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SBI attracts deposits of 548 kg gold in two months

business Updated: May 23, 2009 15:17 IST

Gold Deposit Scheme of SBI has attracted 548 kilograms of precious yellow metal deposits in a short span of two months in bank vaults.

The scheme which started on March 16 aims at bringing the gold into mainstream from the houses of people of the country.

"Our branches in four centres of Gujarat - Ahmedabad, Surat, Rajkot and Vadodara, have arracted 548 kgs of gold in the last two months," a senior SBI official said.

"Gold desposit scheme has done exceptionally well especially in Ahmedabad with 80 per cent of deposits coming to bank vaults are from the city out of the total gold deposits of 548 kilograms recieved so far from across the state," he added.

"Largely it is the individuals who are depositing gold in the bank vaults, and just two religious trusts have come forward so far to deposit their idle lying gold reserves with us," he added.

"In short term we expect more religious trusts to deposit their gold reserves in the bank," senior SBI official said.

The gold deposit scheme was launched by SBI in mid of March this year as part of government initiatives to put country's idle lying gold reserves into circulation.