Bank Refuse to Buy Back Gold

CardBhai has reliably learnt that banks have refused to Buy back gold sold by them during Akshay Trithiya. Banks encouraged customers to BUY Gold during the festive season on their Credit Cards. Now when the customer is in need of money, Banks have blindly refused to Buy Back the gold citing “RBI guidelines prevents them from buying back the gold coins sold to customers. They can pledge the coins and raise money against them.

First of all Banks sell the Gold at 8% premium to what your local jeweller sells at. If you pledge it with a bank, finished they will value it lower than what your jeweller values and they will charge so many hidden fees. Best thing is to AVOID buying gold from banks such as ICICI and HDFC and BUY them only from your jeweller.

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