The Telegraph
Sunday , October 16 , 2011
Since 1st March, 1999
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Golden rebate from SBI

Patna, Oct. 15: Those hesitant to buy gold owing to its soaring prices have a golden opportunity to buy the glittering metal from the country’s leading public sector bank.

State Bank of India (SBI) has launched an attractive offer to sell gold, trying to cash in on Dhanteras.

The country’s largest lender is offering a discount of one per cent on every purchase of 2gm, 4gm, 5gm, 8gm, 10gm, 20gm and 50gm gold coins till October 30. “Keeping in mind the festive season, we have come out with schemes for those who wish to buy gold or car or want a home loan. Since people have been seen making a beeline for buying gold on Dhanteras, we have decided to offer them one per cent discount on gold purchase,” SBI chief general manager (CGM) Jeevandas Narayan said.

Narayan said: “We are offering gold coins in various small denominations to suit customer needs. We will sell 999.9 per cent pure gold through our 110 branches in the circle (Bihar and Jharkhand). Branches selling gold coins would remain open on Dhanteras till 9pm to meet the rush of customers.” When asked about post offices offering a discount of 5 to 7 per cent on gold purchase, the CGM said it depends on purity of gold and as far as SBI is concerned, it is selling 999.9 per cent pure gold.

Targeting to sell 50kg gold on Dhanteras alone against last year’s sale of 38kg, he said: “We have set an ambitious target of selling 150kg of gold in the current financial year. Of this, we have sold around 22kg gold on Akshaya Tritiya and hope to sell another 50kg on Dhanteras.”

There has been huge demand for car loans and that’s why the bank is offering the lowest interest rate of 11.25 per cent per annum on car loan, Narayan said, adding that the bank would give loan for buying even used cars.

“We will not charge any processing fee if any customer applies for loan before December this year. If a customer makes pre-payment, then he/she will not be penalised for making pre-payment. Buyers would have to pay just 15 per cent as margin money on the on-road price of the car,” Narayan said.

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