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Nov 02, 2005, 03.50 PM IST
After home loans, personal loans, mutual funds and insurance, one can now also buy gold from their bank. Banks are where one can head next time when one wants to buy some gold coins.
This Diwali, banks are not just selling home loans but also gold. With gold being increasingly recognised as an investment option, banks have decided to get into gold retailing in a big way.
GM at ICICI Bank , Anup Bagchi says, "We have seen a 100% rise, Year on Year, in the sales of gold."
With gold prices at all time high levels and having jumped close to 15% this year, Indian consumers are not just buying jewellery any more but also coins with the sole purpose of investment.
Banks are selling hallmarked 2.5 gms to 50 gms gold coins and bars this festive season with a small profit margin.
Head-Liabilities and Payment Prodcuts Group at HDFC Bank , Chitra Pandeya says, "Banks earn small margins. Banks are selling mutual funds, insurance and gold is also becoming popular as an investment avenue."
Buying gold from a bank is a reliable option as these are 99.9% pure gold coins that come with quality certification, resale also becomes easier. However, one should make sure that these gold coins are held for atleast three years or else one would end up paying a 20% capital gains tax.
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