Sep 16, 2011

India ICICI Bank cheats Gold Coin sales

Beware! If you have purchased or planning to purchase GOLD coins from ICICI Bank, India be watchful!!! Normally people who buys/plans to buy gold from ICICI are supposed to be elite customers who do business with them on trust. We take it for granted with the belief that banks like ICICI is trust worthy! NEVER TAKE ANYTHING FOR GRANTED! PLEASE CHECK OUT!! They never mention PER GRAM price on their invoice or seldom give you an invoice when you buy gold coins.

India ICICI Bank logo

Now let me tell you how we got cheated! My wife has been purchasing gold coins from local gold merchants. When I heard about ICICI bank selling gold, I asked my wife to buy it from them since I thought they would be more trust worthy. We never checked their price and have been purchasing since last one year. When he heared the gold price was going so high, I asked my wife to note down the price during her last purchase in November, 2005. To our surprise, we found that they were taking a margin of over Rs 100 per gram over the market price. To be specific, the market price of 99.99% gold on 14th November 2005 was $469.75 per ounce in the international market and Rs 705.50 per gram in Indian market. However, they charged us Rs 813.36 per gram for 50 gram coin, Rs 839.19 per gram for 8 gram coin and Rs 921.91 per gram for 2.5 gram coin!!!! These prices are exclusive of Sales Tax. Now you get an idea about how ICICI Bank loots its customers! If anyone want more detail or documentary proof, please contact me.
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