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Our Bureau

Mumbai, Oct 23

Bank of Baroda on Tuesday launched the selling of gold coins at its branches. These coins will be available in three denominations of 4 gm, 5 gm and 8 gm and would be available in 141 branches in 80 cities initially. The bank will increase the list of branches to 250 shortly.

Mr Rahul Dravid, Brand Ambassador, Bank of Baroda, launched the coins in Mumbai, today. The bank is also planning to offer gold coins in more denominations and also gold bars.

The bank’s customers and staff would get a discount of two per cent. Such discounts would also be available to non-customers on bulk buying.

Announcing the launch, Mr S.C. Gupta, Executive Director, Bank of Baroda, said that the coins are competitively priced. “While the price of gold is same for other banks and jewellers, our products are available at highly competitive prices because we have kept our margins at 4-6 per cent, while the industry average is 6-8 per cent.”

While the price of the gold would fluctuate daily, the bank may, at a later stage, offer schemes and discounts that will provide a cushion against price fluctuations, said Mr V. Santhanaraman, Executive Director, Bank of Baroda.

Though banks are not yet permitted to buy back gold coins or bars, this is no way a deterrent to customers wanting to buy them from banks. “Coins bought from banks have the guarantee of purity and weightage, ” said an official from a private bank that also sells retail gold coins.

More Stories on : Public Sector Banks | Gold & Silver | New Products & Services

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