To attract customers during the festive season, banks and financial institutions are offering gold coins at prices lower than their existing market rates. Some of these institutions are even offering the yellow coins at up to 8 percent discount.
Take for instance the leading private sector bank, ICICI Bank, which is providing customers with the option of buying gold coins online, at about 3 percent to 8 percent discount on 24 carat gold coins of different weights as part of its scheme called ‘Pure Gold'.
On the matter, an executive of the bank said, "Existing ICICI Bank customers have to log-in to ICICI Bank Net Banking and complete the online formalities for ordering gold." To avail this facility, after making the online purchase all that a customer has to do is to visit the chosen branch the same day or any other day, with a acceptable ID proof, to collect his gold. In addition to this, the bank also delivers the gold coins booked online in about 64 cities.
World Gold Council, in a tie up with India Post and Reliance Money, is selling gold coins at a discount of 7 percent on purchase of these coins from India post offices anywhere in the country.
It is to be noted that gold purchases increase considerably during the festive season starting from Dussehra till Diwali. It is estimated that investment in gold during the period reaches about USD 15 billion. Of this amount, about 50 percent to 60 percent gold investment comprises of gold coins alone.