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  1. #33

    Re: ICICI Bank in India cheats in Gold Coin sales

    Hi,
    We are the Customer Care team at ICICI Bank. We are sorry to hear about your dissatisfaction. ICICI Bank Pure Gold is competitively priced. They are in a tamper-proof pack and labelled with the grammage and pricing of the coin to ensure complete transparency, when retailing to its customers. Cost of the gold varies from bank to bank for different denominations.
    We would like to state that banks in India are not authorized to 'buy back gold'.
    Please write to us at [email protected] with your contact details, incase you have any further queries.
    Regards,
    ICICI Bank Customer Service Team.

  2. #34
    Join Date
    Oct 2011
    Posts
    1

    Re: ICICI Bank in India cheats in Gold Coin sales

    I would like to share some IMPORTANT information apart from that already shared.

    1. Premium or no-premium is not the question here. Gold is a commodity and everybody including banks have liberty to sell at their own rates. You should buy only after comparing 2-3 bank and leading jewellry shop rates.

    2. Latest ICICI rates are available at : http://www.icicibank.com/Personal-Ba...gold-rate.html

    3. The real problem is banks don't buy back gold, so whatever price you bought it from them you loose in two ways. I will explain why and give an example.

    4. At todays rate if you bought 10 gms gold from ICICI it would cost Rs 31573.60 - 2525.89 (their discount) + 1161.90 (4%tax) = Rs 30209.61. I checked with PC Chandra Kolkata (biggest gold shop in kolkata) for price of 24 carat gold today, their price was Rs 29235 including tax. So you loose Rs 974 here for 10 gms.

    5. Now, I asked PC Chandra what was the price for gold-exchange for 10 gm gold from ICICI, and to show them my onus I showed them 10 gm gold coin (which I foolishly bought from ICICI 2 years back and have been carrying in the same pouch alongwith a few copper and nickel coins from British India), they reviewed, saw the seal pack, the certificate (which the bank is so proud of 99.99% ASSAY) and gave me 2 rates - Rs 27541 for gold exchange from their shop or Rs 27291 for cash-back.

    6. So if you buy today from ICICI and sell today at PC Chandra and try to get cash-back (most people would want liquidity and want cash back and not exchange for gold) this is what I loose. Rs 30209 (cost price at icici today) - Rs 27291 (sell price at pc chandra today for cash-back) = Rs 2918 for 10 gms gold.

    7. Isn't this interesting and funny! So much so for all that certification of purity and pride of imported gold from switzerland!. If you like to create a personal collection of bank gold coins for your personal museum then you don't loose anything though!

    8. PS: I then asked PC Chandra what would happen if I buy gold coin from you today and sell tomorrow. They went quite eager (salesmanship you know!) and said you just need to keep the cash memo safe along with the gold and we would buy the gold back at sell price of that day.

    9. So you got the moral of the story, never ever but gold coins from bank or anybody who don't buy them back and give you liquidity.

    10. Instead if you want the safety and purity of banks buy Gold ETF bonds instead. They don't have all this hassle. Buy today , sell tomorow, no preimium, no certification, just market cost price today and sell price tomorrow.
    Last edited by arijitup; 10-22-2011 at 09:09 PM.

  3. #35
    Join Date
    Oct 2011
    Posts
    2

    Re: ICICI Bank in India cheats in Gold Coin sales

    Quote Originally Posted by arijitup View Post
    I would like to share some IMPORTANT information apart from that already shared.
    Nice research you have done. I wish to add some more:

    1.Gold sold at jeweler shop will always will inferior in quality and of 9995 purity whereas gold sold at bank/Post office will be 9999 pure and certified from Swiss assayers.

    2. Private Bank / Post office coin is sold around on 2000 premium, but if you sell it then you will get only current market price.

    3. ICICI / HDFC / Kotak Mahindra and Post office are charging horrible premium on Gold coin . So never look at them for buying.

    4. SBI is charging somewhat less than them but still charging high.

    5. Bank of india/ Andra Bank / Corporation Bank / Union Bank / Indian overseas Bank charges least premium. So if you buy a coin buy from these banks.

    6. Never be fooled by discounts. Get the price after discount and compare with other banks then decide. The price charged by post office and private banks after discount is always higher than other banks without discount price.

    Buying from jeweler is least expensive and they buy back also.But they also charge 75-100 per Gram as making charge for coin which they will not consider while buying back. But you can expect them to be honest as they can not become so rich without doing some हेरफेर .

    So if you want peace of mind and purity then buy from these nationalised banks viz. Bank of india/ Andra Bank / Corporation Bank / Union Bank / Indian overseas Bank after checking and comparing their prices.

  4. #36
    Join Date
    Oct 2011
    Posts
    2

    Re: ICICI Bank in India cheats in Gold Coin sales

    Quote Originally Posted by arijitup View Post
    I would like to share some IMPORTANT information apart from that already shared.
    Nice research you have done. I wish to add some more:

    1.Gold sold at jeweler shop will always will inferior in quality and of 9995 purity whereas gold sold at bank/Post office will be 9999 pure and certified from Swiss assayers.

    2. Private Bank / Post office coin is sold around on 2000 premium, but if you sell it then you will get only current market price.

    3. ICICI / HDFC / Kotak Mahindra and Post office are charging horrible premium on Gold coin . So never look at them for buying.

    4. SBI is charging somewhat less than them but still charging high.

    5. Bank of india/ Andra Bank / Corporation Bank / Union Bank / Indian overseas Bank charges least premium. So if you buy a coin buy from these banks.

    6. Never be fooled by discounts. Get the price after discount and compare with other banks then decide. The price charged by post office and private banks after discount is always higher than other banks without discount price.

    Buying from jeweler is least expensive and they buy back also.But they also charge 75-100 per Gram as making charge for coin which they will not consider while buying back. But you can not expect them to be honest as they can not become so rich without doing some हेरफेर/ मिलावट .

    So if you want peace of mind and purity then buy from these nationalised banks viz. Bank of india/ Andra Bank / Corporation Bank / Union Bank / Indian overseas Bank after checking and comparing their prices with other players.

    Wish you all happy diwali and gold buying experience.

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