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You can buy Gold as Gold coin or Bars. Almost all the bank offers Gold coins and bars. Financial institutions are also selling coins. Even Jewelers also offers coins. One can select the institution according to its reputation and worthiness. You can also buy coins from Post office. You don't need to have a demat account for buying Gold coins or bars in India. If you are buying coins worth more than Rs.50000, then you have to quote your PAN number. Below Rs.50000 but above Rs.20000 you have to produce a Identification certificate. Below Rs.20000, no formality needed.
The purity of the Gold is assured. You will get 24 carat Gold. 99.99% purity is guaranteed by this method. Purity of the coin is even assured with assay certification and tamper proof packing. Gold coins are available in sizes ranging 1gm, 2gm,4gm, 5gm, 8gm, 10gm, 20gm, 50gm, 100gm. Unlike ornaments, there is no need to pay taxes like VAT or Sales tax. It is a profitable method of Investment in Gold in India. You are buying the Gold coin at that days price of the Gold in international market. You can get oval, rectangular, round shaped Gold coin in India.
Bankers charge stiff premium to the market price of the Gold when you are buying Gold coins. Normally they charge 5 to 10% premium to the price Gold. You can't sell the Gold coin back to the Banker. All you can do is, to sell it to the jewelers. Here Jewelers may put a discount to the price of the Gold. So you may be at a loss. Department post is charging a commission of 4% on selling Gold coin. But they also offers periodical discounts. You have to compare the charges and discounts from each and every institutions and go for the one who is giving you more discounts and less charges and the one with reputation and better brand image.
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