India Post offers gold coin scheme for customers

Buoyed by the tremendous response it got to its gold coins sale last Diwali, India Post is offering special schemes and discounts on its sale this festive season.

“We have come up with a special offer for customers buying India Post gold coins. For every 10 gram gold coin purchased from post offices, we are giving half gram gold coin free,” Department of Posts General Manager (Business Development) John Samuel told The Hindu .

“We are also offering 6 per cent discount on purchase of gold coins of any denomination in any quantity to both the Central and State government employees. Even retired government employees are eligible for this scheme. Customers can walk into over 700 post offices across the country to avail the offer,” he said.

The department was focusing on gold coins of low-end denominations of 0.5 gm., 1 gm., 5 gm., 8 gm. and 20 grams.

“We started selling gold coins two years back and the response from people, particularly small investors, has been overwhelming. The move has helped the department earn more revenue. The 24 carat gold coins contain the India Post logo and are manufactured by Valcambi, Switzerland. They come with the benefits of internationally recognised certification, quality packaging and product standardisation,” he said.

“Indians are the largest consumer of gold in the world. Research reveals that they continue to privately hold around 18,000 tonnes and consume around 700 tonnes of new gold every year. We provide various saving instruments to people, and gold coins give one more option to our customers to invest for their secure future,” Mr. Samuel added.