ING Vysya Bank has launched sale of 24-carat gold coins. The bank will offer gold coins in denominations of 5 grams, 8 grams and 10 grams with attractive discounts to select retail customers, said a press release from the bank. Imported from Switzerland, the gold coins have 999.9 fineness, and are offered in tamper-proof packing, along with the assay-certification.
Mr Uday Sareen, Country Head, Retail Banking, ING Vysya Bank, said in the release that gold as an asset class is a key alternative investment avenue for individual investors and also acts as a natural hedge against other asset classes. “We have been seeing tremendous demand for this product,” he added.
The bank plans to use its branch network to distribute the yellow metal, with 149 branches now offering the product. Gold retailing is part of the bank's overall strategy to offer end-to-end investment products and services across all banking verticals, said the release.
The bank will offer competitive rates for its gold coins based on international bullion rates.