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Today's Gold Coin Rates of Different Banks in India - Gold Coin Sale by Indian Banks - Know Everything
(
सोने के सिक्कों के आज के दाम (रुपयों में)
Sale of Gold Coins by Banks in
India
In India, Gold has
traditionally been the most
popular form of investment of general public. In fact, even
today, India is amongst the largest buyers of Gold in the
world. To encash this love for gold, almost all banks in India
used to sell cold coins aggressively under their brand name.
Although, GoI had placed certain restrictions on import of gold
coins, yet Banks like SBI, BoB, ICICI,
PNB, quote Gold Coin Rates on regular basis and update the same
on websites.
The Gold Coin Rates or Price of Gold Coin sold by Banks
in India is no doubt higher than the gold
prices in the bullion market as banks keep huge margins.
However, it is a safe investment on account of two
key components, namely, Reliability and Convenience.
The retail sale of Gold coins gains
momentum during festival seasons, specially around Diwali. During
festivals like Akshay Tritiya and Diwali, banks even offer some discounts on
purchase of bulk coins.
Ads by Google
Most of the banks in India
used to import gold coins from Switzerland as
per tie up with one of the reputed foreign suppliers and such coins
are 24 carat pure gold carrying 99.99% assay
certification (signifying the highest level of purity as per
international standards). However, in August
2013, RBI banned import of gold in the form of coins and medallions. The coins
sold by banks are usually in
weights of 1gm; 2.5 gm, 5 gm; 8 gms; 10 gms; 20 gms ; 50 gms and 100 gms.
(However, each bank does not sell all type of gold coins).
These coins usually also bear the logo of the bank selling the same.
Gold coins sold by Indian banks are well packed and give a good look
for gifts etc
The customers may be surprised to note that
daily price of the gold coins ( of similar weight and with same
quality) is different in different banks even on the same day.
If you have the time and choice of choosing the Bank, you should
compare the Gold Coin Rate by clicking on the links given below
before you proceed to buy the gold coins for your loved ones.
For comparing the gold coin rates for today, please click on the respective link
that will take you directly to the
webpage of the bank giving today's gold rate. Buy only after
comparing the rates.
Ads by Google
Links for
Latest Gold Prices of that Bank - Click on any of the
Banks To Know the Latest Gold coin
rates [Some of these banks may not be selling gold coins in
view of RBI's new guidelines]
State Bank of India
Punjab National Bank
Bank of Baroda
ICICI Bank
Bank of India
IndusInd Bank
Union Bank of India
Indian Bank
Indian Overseas Bank
In addition to the above banks, now a days, some Jewellers and online portals
too are selling the same. We give below some of the links, which
will help you to check the prices even from private sellers :-
(a) http://www.snapdeal.com/products/jewelry-coins-bars
(b)
http://www.caratlane.com/gold-coins.html
(c)
http://www.ebay.in/sch/Gold-/39482/i.html
Thus, gold coins are purchased by customers either for investment and
savings for the future or to gift on marriages, birthdays, festivals etc.
Sometimes these are also given by corporate to their employees as an incentive.
Some of the Features
of the Gold coins which are common with most of the banks :-
> 24 carat gold coins with 999.9
pure gold
> Imported from Switzerland
> Coins packed in tamper proof see
through packets
> International Quality
Certification (Assay Certificate) also issued with the coins
Where Should I sell my Gold Coins Purchased From a
Bank in India :
We have already written above that banks do not buy even the gold coins
sold by them. Now in case a holder of such coins needs money, he is
left with no alternative but to approach his jeweler. Usually, in case you
wish to purchase jewellery by surrendering the gold coins, most of the jewelers
will come forward to your rescue and purchase the same. However, in case
you wish to get back cash, jewelers may show reluctance to buy and may give you
cash only at a slightly discounted price.
Comments by
Rajesh Goyal :
Why You Should Not Buy Gold Coins From Your Bank ?
-
In case you try to compare prices
between your local jeweler and some banks – you might be
shocked. There will be a reasonably high difference
even when both of them guarantee the same purity. (Soon
hallmarking of the jewelery is likely to be made compulsory). However, a number of people feel that this premium charged
by banks is
worth it, because the price will be higher for gold coins
bought from banks when you go to sell the
same. BUT REMEMBER THIS IS NOT TRUE. We leave it to our
readers to decide whether the difference in price is worth
it.
-
You should also remember that
most of banks do not buy back the gold coins (even those
gold coins which have been sold by them). Traditionally,
Indians sell back their gold to the same jeweller as he used to
give the best value at the time of re-sale.
This can also be another reason for buying gold coins from
jewelers.
-
Although, both customers and
non-customers are eligible to buy gold coins from banks, but any
transactions of Rs. 50,000 or more will attract the requirement
of quoting of PAN.
Thus, we can say that public should also explore the possibilities of
purchasing gold coins from reputed jewellers which may work out to be cheaper
but carry the same purity certificate.
News for Gold Coins :
The sharp rise in gold imports made RBI worried. To
check huge gold imports, including gold coins, in June 2012 there
was news that RBI is seriously considering the banning of sale of gold coins by
banks. The reports indicated that India imported 963 tonnes of
gold in 2010 and another 878 tonnes of gold in 2011. A part of these imports was
abetted by banks. Gold coins sales at banks rose 33% in 2011 to 18 tonne as
against 13.5 tonne in 2010. SBI, ICICI, HDFC Bank, Bank of India and
Indian Overseas Bank accounted for 70% of the total gold coins sold in India.
Keeping in the crisis of Current Account Deficit, RBI on the directions of GoI
banned the import of gold coins, and introduced a new gold import policy known
as based on the principle of 20/80. Under this policy
it is incumbent on all nominated banks/nominated agencies and other entities to
ensure that at least one fifth, i.e., 20%, of every lot of import of gold
imported to the country is exclusively made available for the purpose of exports
and the balance for domestic use. In view of these
restrictions and levy of duty on imported gold, the price of gold coins in India
is much higher than the price as in international market.
You may also be interested in :
You can give your feedback / comments
about this Article. Please give only
relevant comments as irrelevant comments are
waste of time for yourself and our other
readers.
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|
Sale of Gold Coins by Banks in India
The Gold Coin Rates or Price of Gold Coin sold by Banks
in India is no doubt higher than the gold
prices in the bullion market as banks keep huge margins.
However, it is a safe investment on account of two
key components, namely, Reliability and Convenience.
The retail sale of Gold coins gains
momentum during festival seasons, specially around Diwali. During
festivals like Akshay Tritiya and Diwali, banks even offer some discounts on
purchase of bulk coins.
Ads by Google
Most of the banks in India used to import gold coins from Switzerland as per tie up with one of the reputed foreign suppliers and such coins are 24 carat pure gold carrying 99.99% assay certification (signifying the highest level of purity as per international standards). However, in August 2013, RBI banned import of gold in the form of coins and medallions. The coins sold by banks are usually in weights of 1gm; 2.5 gm, 5 gm; 8 gms; 10 gms; 20 gms ; 50 gms and 100 gms. (However, each bank does not sell all type of gold coins). These coins usually also bear the logo of the bank selling the same. Gold coins sold by Indian banks are well packed and give a good look for gifts etc
The customers may be surprised to note that daily price of the gold coins ( of similar weight and with same quality) is different in different banks even on the same day. If you have the time and choice of choosing the Bank, you should compare the Gold Coin Rate by clicking on the links given below before you proceed to buy the gold coins for your loved ones. For comparing the gold coin rates for today, please click on the respective link that will take you directly to the webpage of the bank giving today's gold rate. Buy only after comparing the rates.
Ads by Google
In addition to the above banks, now a days, some Jewellers and online portals too are selling the same. We give below some of the links, which will help you to check the prices even from private sellers :-
(a) http://www.snapdeal.com/products/jewelry-coins-bars
(b) http://www.caratlane.com/gold-coins.html
(c) http://www.ebay.in/sch/Gold-/39482/i.html
Thus, gold coins are purchased by customers either for investment and savings for the future or to gift on marriages, birthdays, festivals etc. Sometimes these are also given by corporate to their employees as an incentive.
Some of the Features of the Gold coins which are common with most of the banks :-
> 24 carat gold coins with 999.9 pure gold > Imported from Switzerland > Coins packed in tamper proof see through packets > International Quality Certification (Assay Certificate) also issued with the coins
Where Should I sell my Gold Coins Purchased From a Bank in India :
We have already written above that banks do not buy even the gold coins sold by them. Now in case a holder of such coins needs money, he is left with no alternative but to approach his jeweler. Usually, in case you wish to purchase jewellery by surrendering the gold coins, most of the jewelers will come forward to your rescue and purchase the same. However, in case you wish to get back cash, jewelers may show reluctance to buy and may give you cash only at a slightly discounted price.
Thus, we can say that public should also explore the possibilities of purchasing gold coins from reputed jewellers which may work out to be cheaper but carry the same purity certificate.
News for Gold Coins : The sharp rise in gold imports made RBI worried. To check huge gold imports, including gold coins, in June 2012 there was news that RBI is seriously considering the banning of sale of gold coins by banks. The reports indicated that India imported 963 tonnes of gold in 2010 and another 878 tonnes of gold in 2011. A part of these imports was abetted by banks. Gold coins sales at banks rose 33% in 2011 to 18 tonne as against 13.5 tonne in 2010. SBI, ICICI, HDFC Bank, Bank of India and Indian Overseas Bank accounted for 70% of the total gold coins sold in India. Keeping in the crisis of Current Account Deficit, RBI on the directions of GoI banned the import of gold coins, and introduced a new gold import policy known as based on the principle of 20/80. Under this policy it is incumbent on all nominated banks/nominated agencies and other entities to ensure that at least one fifth, i.e., 20%, of every lot of import of gold imported to the country is exclusively made available for the purpose of exports and the balance for domestic use. In view of these restrictions and levy of duty on imported gold, the price of gold coins in India is much higher than the price as in international market.
You may also be interested in :
|
