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 the import of gold coins, Banks like SBI, BoB, ICICI, PNB, quote Gold Coin Rates on a regular basis and update the same on their 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, especially around Diwali. During festivals like Akshay Tritiya and Diwali, banks even offer some discounts on purchase of bulk coins.
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 and not all banks sell all type of gold coins. These coins usually also bear the logo of the bank selling the same. The customers are often 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.