Can I buy gold coins at the post office?

by Manshu on April 21, 2010

in Investments

A few days ago I wrote about buying gold coins in India, and in that post I wrote about banks selling gold coins. What I didn’t know at the time was that even post offices have started selling gold coins in India!

The post office sells 24 carat gold coins of the denominations of 0.5 grams, 1 grams, 5 grams and 8 grams. Right now, this service is quite limited, and not every post office sells gold coins.

Buy gold coins from the post office

Buy gold coins from post office

In fact this option is available only to people living in the following cities:

  • Chennai
  • Trichy
  • Madurai
  • Coimbatore
  • Salem
  • Delhi
  • Ahmedabad
  • Surat
  • Vadodara
  • Pune
  • Nagpur
  • Nashik
  • Mumbai

This link has a list of all the post offices within these cities that sell gold coins. I read somewhere that post offices in Jharkhand have also started selling gold coins, but didn’t find them in the postal department’s website.

There are several similarities in buying gold coins from the post office and buying them from a bank; for one – if you are buying gold coins worth more than Rs.50,000 – you will have to furnish a copy of your PAN card. For another – you will pay a certain premium because the post office says that it charges a commission of 4% on the gold coins. However, this premium might still be less than the one charged at a bank.

If you are looking to buy gold coins – then this opens up one more option for you – it might not be the cheapest option, but it is probably cheaper than buying from a bank, and offers much of the same confidence.

Image by Motoyen

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{ 69 comments… read them below or add one }

TIP Guy April 23, 2010 at 12:19 pm

Does the post office really sell 24 carat gold?

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Manshu April 23, 2010 at 4:08 pm

Yup, it looks like it sure does.

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S N RAO May 3, 2010 at 3:15 am

It s very unfortunate that no andhara city was included why was we are look down

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Manshu May 3, 2010 at 3:55 am

I guess it is only a matter of time when this starts in Andhra.

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NUel September 2, 2011 at 8:17 am

the gold coin is been sold in andra also…. nearly 34 PO’s are selling gold

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Kunda Ghag May 5, 2010 at 9:34 pm

I would like to buy Gold Coins.

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Vignesh June 25, 2010 at 5:21 am

Hai…………….
Brother Gold conis win from Tirupattur

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NUel September 2, 2011 at 8:20 am

yu get the gold from the tirupattur HO, these coins are 24 crt swiss ceritified gold coins… they have laughed new denominations like 10g, 20g and 50g,,, the higher denomination yu buy more is the benefit

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vinodh babu June 26, 2010 at 4:47 am

i need today post office gold rate

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pravin r bhatt August 9, 2010 at 6:46 pm

is there any discount on purchase from postoffice in india ?

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vikas m. mungekar July 7, 2010 at 8:36 am

in sindhudurg district where i can gets this coins ? after buying the coins what are the benifits if i resale again? plese pursive me the full details.

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R N Madaan July 23, 2010 at 8:03 pm

Please note that now more post offices sell gold coins that before. You will find post offices selling in almost every Tier 2 city of India.

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SAKTHIVELU.S August 17, 2010 at 12:09 am

please sent mail to my mail id day to days

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umanath August 17, 2010 at 9:30 pm

Is the scheme of buying gold coins through post offices presently there in the state of Kerala? If so, in which cities is it available. What will be the denomiantions and the purity?

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Manshu August 18, 2010 at 3:57 am

This link has a list of all the places the post office will sell gold coins. You can see if there is one near you.

http://www.indiapost.gov.in/Netscape/GoldCoinPOs.html

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AMAR September 28, 2010 at 10:57 pm

I need to know….. what is the procedure to resale the coins. Is there the facility of the same with Post Offices??

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Manshu September 29, 2010 at 3:21 am

No they don’t buy back the gold coins, and neither do the banks, so that’s one thing you have to consider while buying it from a post office – what is your plan to sell them back?

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Prashanth October 22, 2010 at 11:46 am

Is it really worth buying gold coins from Post offices??? i guess charge they alot compared to SBI and Govt banks…… Suggest me the best place to buy gold coins.. if yu are suggesting Post offices tell me reasoms too

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Manshu October 22, 2010 at 12:32 pm

Probably not based on the fact that they don’t buy it from you later on, and the higher price that you mentioned.

This post has got a lot more options, and the comments themselves list down more options and pros and cons that you can evaluate.

http://www.onemint.com/2010/04/27/where-to-buy-gold-coins-in-india/

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shaJIMON October 31, 2010 at 9:51 pm

PLS SENT POST OFFICE GOLD COIN RATES

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Manshu November 1, 2010 at 2:39 am

You will have to go to your nearest post office from the list, and get the rates. I don’t think there is anyone who can send you the rates.

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arpit kesharwani November 6, 2010 at 5:04 am

please give the current rate of 24 carat gold in under the website.

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Manshu November 6, 2010 at 3:50 pm

Newspapers show the daily rate of gold, and you can see that there. For example if you go to Hindu’s website: http://www.thehindubusinessline.com/businessline/index.htm

You will see gold rate on the top right corner which shows Rs. 1,832 for 1 gram today.

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sorabh March 3, 2011 at 11:05 pm

HI all – where can one buy silver bars in India, i know one can go about asking the same at jewellers but does the PO also sell silver ? or any other govt agency who sells silver ? and what are the resell prospects of silver bought at these places ?

many thanks
Sorabh

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Manshu March 5, 2011 at 10:47 am

Banks sell silver, but they don’t buy it back, so that is one additional option. However read this post to understand some factors related to it.

http://www.onemint.com/2011/03/03/banks-selling-silver-bars-and-caveat-emptor/

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MANJU April 14, 2011 at 7:49 am

can you just tell me the advantage of buying goldcoins from post office?is it profitable? is there any rate differences in post office comparing to shops?

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Manshu April 14, 2011 at 11:12 am

Manju – Since POs don’t buy back gold coins and don’t sell it at any discount either, I don’t see any benefit in buying it from them.

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vishal shrivas May 7, 2011 at 12:05 am

sir,
please send me todays gold rate of post office

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vishal shrivas May 7, 2011 at 12:06 am

sir,
what is todays gold rate of post office

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Manshu May 8, 2011 at 9:12 pm

Hello – you will have to check that from the post office directly – it’s not found online anywhere.

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gsalerts May 25, 2011 at 10:45 am

One of my buddies is always talking about your blog at work – finally came and checked it out today, nice work! I’m subscribing to your rss feed – keep on posting!

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thanuja June 8, 2011 at 5:47 pm

Recently I saw a news published that 24 carets gold coins which are 99.999% pure are selling in some post offices.Please issue the names of cities in AP in which they can be sold.

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Manshu June 8, 2011 at 6:35 pm

Till some time ago they weren’t selling any in AP. I don’t know if anything changed, and if they have started sales in AP now.

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Subha September 1, 2011 at 10:55 am

gold coins are sold in hyd.my dad bought gold coins frm Hyd-miyapur post office

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Subha September 1, 2011 at 10:56 am

miyapur post off near takie town..sme wher tre im nt sure of the place..hyd

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NUel September 2, 2011 at 8:31 am

hi, i had bought the gold coin from Post Office, good services from the PO employees and they are selling 24crt swiss certified coins and their purity is 99.99% which is purest form of gold…. these are best investments coins…. and when yu are buying these coins you should not think of selling these coins for the next three years…..the sale is high in the south india esp Tamil nadu and Kerala…
(and i read an article in the newsletter that the India Post sold nearly 100kgs of gold during akshaya Tritya)

If yu are looking out for investments in gold coins i feel that India post is the best place

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Rajeshwari Shetty September 5, 2011 at 12:05 pm

PLease let me know if it is sold in MAngalore, KArnataka… which is the best place to invest for gold, i want to invset for my daughters future. is it post office or join any gold scheme in any of the known jewelry shop…..

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Nuel September 5, 2011 at 9:27 pm

Hi,
You get the coins in Bangalore and Mangalore too….
The gold you get from Post office are 24 carat swiss gold and the gold yu get at the jeweller is 18 0r 22 carat Indian gold… So there will be difference in gold prices

If yu are looking at investments and if yur daughters marriage is after years then yu can go for POst office gold the reason, your investments are safe because of certified coins

When yu are going to the jeweller he normally charges a lot at the wastage and making charges , the mail concern will be the purity, just imagine you buy gold ornaments and in future yu come to knw its less pure????

I have told my insight… :-)

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sowmya October 17, 2011 at 11:50 am

hi, can any one suggest me where can i buy gold coins in bangalore is this option of buying gold coin available to bangalore or not

pls suggest me with place

thanks

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sathish kumar September 8, 2011 at 7:01 pm

can u sale the same gold coin in post office

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Manshu September 11, 2011 at 5:10 am

No, I’m afraid not, they don’t allow that.

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kalimuthu September 27, 2011 at 1:18 pm

how to i can buy gold from bank?.how much intrest

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Manshu September 28, 2011 at 4:30 am

You can buy gold coins by going to the bank branches. They sell gold coins at a premium and don’t buy it back from you so that’s something you need to be careful of but other than that it is the simple matter of going to a branch and buying them.

I don’t quite understand what you mean by interest.

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sowmya October 17, 2011 at 11:52 am

can any one guide me where can i buy gold from post office in bangalore

thanks

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chandan kumar October 19, 2011 at 1:43 pm

hi,
i want 2 buy gold coins approax 10gm*5=50 gm. can anyone guide me ,from where i buy the gold coins i.e bank, post office,branded showroom,hallmark licensed shop……

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Nuel November 2, 2011 at 9:54 pm

Hi, you can buy it from Post ofice

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Prince April 24, 2012 at 10:10 am

Hi,

State Bank of India has lowest rate of Gold other than all banks in Jharkhand.

Post Office may be tahe second choice as it’s rate are more higher than banks.

Thanks,

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sherieff November 2, 2011 at 3:56 pm

want to buy gold coin need todays gold rate for 24 carat 99.99 / 999.9 grade . i need @ least 40 to 50 gm.

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Nuel November 2, 2011 at 9:53 pm

Sheriff… yu can buy the coins from India Post … they have 10g,20g and 50g….
where are yu from???

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Pavan November 5, 2011 at 1:23 pm

But the gold coin sold in post office is very costly. When I enquired today, the 24 carat 1gm gold rate was 3500+ in post office but today’s 24carat gold rate is like 2800+ Rs outside.
I am not sure why it differs so much and if it is really worth buying in post office?

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Mona November 5, 2011 at 11:08 pm

did anyone get the gold coin from post office at chennai? does they really offer the discounts that they had posted on their website. all i hear is that they charge more from us than what we pay to jewelry shops. As pavan said y they are charging 3500 for 2800?

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Nuel November 6, 2011 at 7:54 pm

Hi Mona\Pavan,

There is lots of difference bet jewellery gold and Investments gold coins… the jeweller will charge Rs2800 on ornaments.. and above that they charge extra on making charge and wastage and the best part is that we wont knw the actual purity

The gold coin concept is sometik introduced to help us from getting cheated from the jeweller… the coin offered from the Post office is 24crt gold(99.99 purity) swiss gold coins.. tey are certified, so tre is no question of getting cheated.. i had bought a 50gm gold coin from chennai – mount road, and i also had a cross check wth my jeweller, and the result was that gold was in the pureeeeest form

And the gold coins we buy should be always bought on investment base… if yu are gonna buy today and sell tomorrow then yu have loss…. always advisable to have it min of 3yrs….

Always best is to invest in certified gold,…

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Karthikeyan December 13, 2011 at 2:00 am

Hi,

Can any one suggest me once i buy a gold from post office. Where can i sell if i need to. In Chennai.

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Manshu December 13, 2011 at 2:11 am

The post office or any bank will not buy it back but if you will be able to sell it a jeweler. These jewelers will deduct a lot of money at the time of sale but at present that seems to be the only option.

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Karthikeyan December 13, 2011 at 2:37 am

Thanx Mansu…

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jithin February 8, 2012 at 3:34 pm

is there any post office that seel gold in kerala

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jithin February 8, 2012 at 3:34 pm

is there any post office that sell gold in kerala

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CA Karan Batra February 9, 2012 at 12:06 am

It is a great move by RBI to allow Banks and Post Office to sell Gold Coins. Although Banks and Post Offices charge a higher rate for the same, but they also provide genuine Gold and not fake Gold as may the case with Local Jewellers

However, RBI has still not allowed Banks to Buy-Back the Gold sold by them… RBI has only given them the powers to sell the Gold Coins and not to Buy the Gold Coins… Once this gets implemented, more and more people may be willing to buy from the banks as they can also sell back the same

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subhash chandra gupta February 11, 2012 at 5:57 pm

is gold coins are sold at sri ganganagar post office

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Shwetha February 21, 2012 at 3:25 pm

Can anyone give me the comparison of the charges imposed by banks and post office (apart from the normal gold rate)?
Which is the best place to buy, Bank or PO, since both give pure forms of gold coins?

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Suresh T April 23, 2012 at 9:54 am

Hi Guys, Is there any post office at Thane or near Thane were Gold coings are sold ? I am eagerly looking to buy some. If some one knows please provide with full address. I hope some one can do me a favour. Thanks

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Parveen May 7, 2012 at 2:15 pm

I need gold rate today of post office.

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M.P.Gupta July 4, 2012 at 11:57 am

Sir,
Can you please write on “illegal Kickbacks to medical practitioners(and Quacks) by Pharmaceutical companies in India and its effect on ever raising PRICES of medicines available to our people?”

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L L John September 15, 2012 at 2:00 pm

Hi Manishu, this is my first time in this site and I already like it. Now, a quick query. From all the discussions, it looks like no matter where you buy the gold from – bank or PO etc, reselling will be to Jewellers or Traders etc only, correct?

Is there any govt entity/org that you can suggest where I can resell my gold? Don’t really want to go to individual own business setup to sell it.

P.S. I bought gold 8 months ago, for the 1st time, and want to sell it now.

Thanks!
John

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pooja November 10, 2012 at 10:28 pm

hi! i hve bought 25gm gold from PO. I wnt to ask whether i got the money as per the market value of gold whenever i sell it or i hve to go with any kind of deal with the jeweller at the time of selling.
and plz tell me whether jewellers purchase it or not?

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Jarnail April 17, 2013 at 3:49 pm

Can i buy gold coin any branch of jammu post office.if yes mention name.

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Manshu April 18, 2013 at 1:00 am

The J&K Post office website mentions some addresses, maybe you can find one close to you. Here is the info it has:

In association with RML & WGC, India Post sells gold coins of the denomination 0.5 g, 1g, 5 g and 8 g of 24 carat (99.99% pure). The gold coins are packed in a sealed cover with the certification from Valcambi, Switzerland. It has the benefits like internationally recognized certification, low risk of duplication, quality packaging, product standardization, numbering.
In Jammu and Kashmir PostalCircles, Gold Coin are sold through Jammu TawiHO,GandhiNagar HO, Srinagar GPO, Jawahar Nagar SO, Kathua HO, Udhampur HO, RS Pura SO, and Janipur SO.

Here is the link: http://jkpost.gov.in/gold_coin.html

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Jarnail April 17, 2013 at 3:49 pm

Can i buy gold coin from any branch of jammu post office.if yes mention name.

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K.Senthil Raj August 11, 2014 at 7:23 pm

Sir,
Can i buy gold coin. if i exchange of my old gold . whether if yes mention send me details below.

Reply

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