ING Vysya Bank launches 24-carat gold coins

According to ING Vysya Bank, the coins are offered in tamper-proof packing, along with the assay-certification

May 03, 2012 2:46 IST | India Infoline News Service

ING Vysya Bank has launched the sale of 24-carat gold coins. The private sector lender will offer gold coins in denominations of 5 grams, 8 grams and 10 grams which will be sold based on international bullion rates.

The coins are imported from Switzerland and have 999.9 fineness. The coins are offered in tamper-proof packing, along with the assay-certification, said a press release from the bank. Uday Sareen, country head for retail banking, ING Vysya Bank said, "Gold as an asset class is a key alternate 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."

The bank plans to use its branch network to distribute gold coins, with 149 branches now offering the product.

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