Last Updated :
13 October 2009 at 08:35 IST
Indian banks unleash campaigns to sell gold coins
MUMBAI (Commodity Online): This is the month of religious festival celebrations across India, and the hot selling commodity is gold, despite the skyrocketing price of the yellow metal. This year, banks are in the forefront promoting the sale of
Gold bars and gold coins in India.
"Many banks in India have started major marketing campaigns to sell gold coins and bars. People in India are buying more gold bars and coins as buying gold jewellery items are no longer considered the best investment option," says Sanjeev Mehta, a bullion dealer in Mumbai.
He says gold jewellery items always come with extra 25% work duties and thus are costlier than gold coins and bars. "Gold coins and bars are always non-perishable and more solid investment options than gold jewellery items. That is why banks are promoting gold coins and bars these days," he said.
HDFC Bank, one of the major banks, has unleashed a gold marketing campaign this week. It reads: "We understand that you deserve to be benefited doubly this festive season. Presenting to you, the 24K HDFC Bank Mudra Pure Gold Bar at a special offer exclusively for you. What’s more, with the purchase of every Mudra Pure
Gold Bar, you are gifted a GiftPlus Card at 75% discount on Issuance Charges, so that you can load it with any denomination above Rs. 1500 to spread the festive cheer among your loved ones."
The gold coins from HDFC Bank have the following specifications:
**They are 99.99% pure, assay certified, signifying the highest level of purity as per international standards
**They are imported from Switzerland
**They are available in 2.5 g, 5 g, 8 g, 10 g, 20 g and 50 g
**They are presented in tamper-proof packs
The Bank is offering up to 2.5% discount on bars of 2.5g and 5g and up to 4% discount on bars of 8g and more.
S. Ramakrishnan, Head - Retail Liabilities Product Group, HDFC Bank says: "Our campaign is directed at common people to enable them to bring home prosperity for themselves with HDFC Bank Mudra Pure Gold Bar."
"Go ahead, walk in to the nearest HDFC Bank branch & buy the purest HDFC Bank Mudra Pure Gold Bar," added.
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