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
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!
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.
sir,
please send me todays gold rate of post office
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.
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.
http://www.onemint.com/2011/03/03/banks-selling-silver-bars-and-caveat-emptor/
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.
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.
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.
http://www.onemint.com/2010/04/27/where-to-buy-gold-coins-in-india/
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 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
please sent mail to my mail id day to days
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.
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.
i need today post office gold rate
is there any discount on purchase from postoffice in india ?
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 would like to buy Gold Coins.
Great kunda, buy it and courier to my house.. 😛
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
Does the post office really sell 24 carat gold?
Yup, it looks like it sure does.