Q 1. Is Union Bank of India into Gold Coins business ?
Ans. Yes, Union Bank of India has an approval from RBI to sell Gold Coins
Q 2. Why should I buy Gold Coins ?
Ans. Investing in gold is the one of the hedges against inflation. The purchasing power of Gold is retained even during the highs and lows of the economy. Presence of Gold adds diversification and increases the overall consistency of the investment portfolio
Q 3. Why should I buy Gold Coins from Union Bank of India ?
Ans. Union Bank of India sells 24 carat gold coins which come in a tamper-proof packaging to prevent any damage. Further, our rates are the most competitive
Q 4. In what denominations is the coins being sold ?
Ans. The coins are being sold in the denominations of 2 gms, 5 grams, 8 grams and 10 grams
Q 5. What form is Gold Coins being sold in ?
Ans. The Gold coins are available in the form of round (2, 5 & 8 gms) / rectangular (10 gms) coins with the Union Bank logo on the back
Q 6. Where can I buy the Gold Coins ?
Ans. The gold coins are being sold at designated branches of the Bank.
Q 7. Can I buy Gold Coins if I do not maintain an account with Union Bank ?
Ans. Yes. Both Union Bank customers as well as non customers can purchase Gold Coins from our branches. Union Bank customer can buy gold coins by issue of cheque from their accounts or provide a debit instruction. Non-customers can deposit cash for purchase of Gold Coins if the value is less than Rs. 50,000/-. In case the purchase value is Rs.50,000/- or more, then the payment will have to be made by cheque / PO / DD, on realization of which the Gold Coins will be handed over. The rate as applicable on the date of realization of the cheque, will be charged for the Gold Coins. Identity Proof / PAN card copy duly signed by the customer is also required in case of Purchase for Rs. 50000/- and above, and for all Cash Purchases.
Q 8. What is the price of Gold Coins being sold ?
Ans. The price depends on the Market rate of Gold. However the Gold Coins are competitively priced. The price of the Gold is updated daily and is available on our site.
Q 9. Will Union Bank buy the gold coins back ?
Ans. No. Union Bank of India does not buy the Gold Coins back.
Q 10. What is the procedure to purchase the Gold Coins from the branch ?
Ans. Following are the steps to purchase of the Gold Coins from the branches.
- Visit the nearest designated Union Bank branch and fill in the Gold Coin Application form. The list of branches extending this product is given on the site
- Mention the weight and the number of the coins required along with other relevant details
- Submit the application along with the required amount
- The Bank will process your application and deliver the Gold Coins and the Invoice to you
Note:
- Please contact Call Centre / your nearest Gold Coin dealing branch for further information.
- Above rates are exclusive of Sales Tax / VAT and other local levies, which are payable extra, as applicable.
- Visit "Gold Coin Price Link" for daily prices of gold coins.
- List of branches extending this product
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