Public sector lender, State Bank of Travancore has introduced its gold saving scheme in Kozhikode.

According to the scheme, customers can now buy gold ornaments or gold coins from jewellers with whom the bank has tied up.

As per the scheme, a customer can take gold loan from the bank and for jewellery that he purchases, the payment will be directly made by the bank to the jeweller with whom the bank has a tie up.

The scheme would also allow the customer to hedge the gold price from any future rise.

The scheme was launched in Kozhikode by Mr J. Ramakrishnan, Deputy General Manager of SBT.

The amount of loan will be 70% of the total bill amount and would range from Rs 1 lakh to Rs 10 lakh.