'Gold Eternity' launched in Kerala

Kochi, Jan 19: In its bid to encourage gold investment, Kotak Mahindra Bank today launched 'Gold Eternity', 24-carat pure Swiss-made gold coins and bars at a function here.

Speaking to mediapersons after the launch, Retail Liabilities and Branch Banking Head K V S Manian said the investment product would be available in gold coins of 5 grams and 8 grams and bars in 20 grams, 50 grams and 100 grams.

He said the gold was manufactured in Switzerland by PAMP and has an Assay certification denoting highest level of purity as per international standards.

The gold could be purchased through any of the Bank's outlets, he noted.

He said the Bank forayed into bullion trade in September 2006 and was able to sell around 100 kg of gold to date.

The Bank has a national sales target of 300 kg and Kerala target of 25 kg of gold by March 2007, he added.

Mr Manian said the Bank was also planning to come out with a 'gold mutual fund' in the near future.

Noted cine actor and danseuse Shobana launched the product.

UNI