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Canara Bank launches gold deposit scheme

Our Bureau

BANGALORE, June 10

CANARA Bank has launched its gold deposit scheme in Bangalore, offering 3-3.5 per cent interest on the deposits. The bank, the last of the five nationalised banks to launch the product, hopes to rake in 200 kg from depositors.

Launching the product here on Friday, the Chairman

and Managing Director, Mr. R. J. Kamath, said while most other banks have fixed the tenure of the deposit at 3-7 years, Canara has pegged the tenure lower at 3-5 years. The customer had the option of getting back either gold or cash on maturity of the de posit. The bank has decided to bear the conversion charges at the time of deposit.

Under the scheme, a customer can deposit gold in the form of gold biscuits or jewellery, which will be converted into pure gold bars by the bank. Canara Bank would focus on the southern markets in the first phase.

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