Can I buy gold coins at the post office?
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.
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
Does the post office really sell 24 carat gold?
Yup, it looks like it sure does.
It s very unfortunate that no andhara city was included why was we are look down
I guess it is only a matter of time when this starts in Andhra.
the gold coin is been sold in andra also…. nearly 34 PO’s are selling gold
I would like to buy Gold Coins.
Great kunda, buy it and courier to my house.. 😛
Hai…………….
Brother Gold conis win from Tirupattur
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
i need today post office gold rate
is there any discount on purchase from postoffice in india ?
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.
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.
please sent mail to my mail id day to days
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?
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
I need to know….. what is the procedure to resale the coins. Is there the facility of the same with Post Offices??
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?
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
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.
https://www.onemint.com/2010/04/27/where-to-buy-gold-coins-in-india/
PLS SENT POST OFFICE GOLD COIN RATES
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.
please give the current rate of 24 carat gold in under the website.
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.
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
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.
https://www.onemint.com/2011/03/03/banks-selling-silver-bars-and-caveat-emptor/
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?
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.
sir,
please send me todays gold rate of post office
sir,
what is todays gold rate of post office
Hello – you will have to check that from the post office directly – it’s not found online anywhere.
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!
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.
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.
gold coins are sold in hyd.my dad bought gold coins frm Hyd-miyapur post office
miyapur post off near takie town..sme wher tre im nt sure of the place..hyd
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
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…..
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… 🙂
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
can u sale the same gold coin in post office
No, I’m afraid not, they don’t allow that.
how to i can buy gold from bank?.how much intrest
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.
can any one guide me where can i buy gold from post office in bangalore
thanks
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……
Hi, you can buy it from Post ofice
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,
want to buy gold coin need todays gold rate for 24 carat 99.99 / 999.9 grade . i need @ least 40 to 50 gm.
Sheriff… yu can buy the coins from India Post … they have 10g,20g and 50g….
where are yu from???
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?
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?
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,…
Hi,
Can any one suggest me once i buy a gold from post office. Where can i sell if i need to. In Chennai.
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.
Thanx Mansu…
is there any post office that seel gold in kerala
is there any post office that sell gold in kerala
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
is gold coins are sold at sri ganganagar post office
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?
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
I need gold rate today of post office.
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?”
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
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?
Can i buy gold coin any branch of jammu post office.if yes mention name.
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
Can i buy gold coin from any branch of jammu post office.if yes mention name.
Sir,
Can i buy gold coin. if i exchange of my old gold . whether if yes mention send me details below.
Hi,
Can anyone suggest me when the gold rate will reduce in upcoming month, because some of the article and TV new channel says that in “Ashada masam” gold rate will reduce.
But I wt see much difference in gold rate. Can you please suggest me in which month or week it will reduce, due to occasion we are planning to buy some gold.
Hi,
Am Mr Yapi Adams by name, the CEO Yapi Capital. We have 24ct, 99.9% purity raw gold bars for sale and our price is $25,000 usd per kg. I need serious buyers from India, if interested call or whatsapp me on: +2348099373895
Iam shoced to hear that Post office you can buy 24 carat gold, but in time our need we cannot sell the same gold the postal service never buy the gold back from us. Than where should I go to sell my gold.
Samuel, U can sell that gold in any jewellery shop or you can exchange it with Gold Jewellery