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To: Tom Byron who wrote (47267)	1/19/2000 7:52:00 AM
From: Alex	Respond to of 116815

Corporation bank to kick off gold bond scheme on Saturday NEW DELHI: Public sector Corporation Bank will launch its gold bond deposit scheme on Saturday, to become the second bank after State Bank of India (SBI) to start the scheme in India. The bank will offer investors interest rates ranging from three to four per cent with the deposits having a tenure of three to seven years, top company officials told PTI. Interest rates set by Corporation Bank are similar to the rates offered by SBI, which started its the gold bond scheme a few months back. The scheme will allow holders of gold either in solid or in jewellery form to offer them to the bank for a fixed rate of return over a period of three to seven years. The bank, in turn, would sell this to jewellers and this is expected to reduce the country's imports of gold to a large extent. Finance minister Yashwant Sinha, in his last budget, allowed banks to start gold bond deposit scheme to allow the banking system to make use of the idle gold in the country. India is one of the largest consumers of gold with the imports touching higher and higher every year. During last year, Corporation Bank imported Rs 5,200 crore worth gold and with the launch of the gold bond scheme later this week, this figure is expected to come down, reports PTI. expressindia.com