SBI's deposit scheme gets 548 kg gold

The country’s largest bank SBI, under its Gold Deposit Scheme, has collected 548 kilograms of the precious metal in two months. 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 attracted 548 kgs of gold in the last two months,” a senior SBI official said.

“The gold deposit 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 received 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.”