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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.
 

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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.

 

 

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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.

 

 

 

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