Gold Investment in Indian Banks Review

Gold Investment in Indian Banks

India was one of the leading gold consumers in the world in 2009 due to increased gold investment in India and high industrial demands accounting to 27% of total global demand statistical figure. Gold investment in Indian banks is a safe and easy way for most Indians to buy gold bullion coins. Many Indians choose gold as an investment because of its popularity and stable value.

Due to high gold price in India today, a lot of individual investors are trying to switch their buying preferences from common gold jewelry than can be very pricey to gold bullion coins. Bank of India with over 3000 branches all over the country is an excellent place to consider for your gold investment in Indian banks. Bank of India offers a large selection of domestic 24 karat bullion coins coming in a variety of weights anywhere from 4 grams to 50 grams. It’s important to remember when you decide to do gold investment in Indian banks that almost no bank will purchase coins back from you and will have to go to your local reputable jeweler to sell these back.

If you buy your coins from Indian banks, you need to consider premium costs associated with this transaction. At times you might find a trustworthy gold jeweler who can sell you gold coins with a lower premium. It’s definitely worth to shop around. In addition, if you do gold investment in Indian banks over a certain amount, you might be required to present your PAN (personal account number). This is done to monitor large amount purchases by the Central Board of Direct Taxes in India.

Once you take possession of your gold bullion coins in India, you need to consider how to store them, many individuals prefer to store them at home but the best way is certainly renting a safe deposit box at your local reputable bank, however, this comes with added storage costs.

When it comes to gold investment in Indian banks, it’s important to exercise additional caution when buying gold coins from new or unknown banks due to widely spread gold coin scams in India. The best gold investment advice in India is to stay away from doubtful sources that are trying to sell you gold coins. Anв if you follow the advice – your investment in gold will bring you success.