There are different phases from which a depositor has to go through before opening a Gold Saving Account.
Stage-1: Customers who are willing to deposit their yellow metal, He/She has to go near Purity Test Center (PTC verified by the Bureau of Indian Standard(BIS)) has authority to test the purity of gold, where Preliminary XRF machine test (a Preliminary test to verify the quantity of gold).
Stage-2: If customer is satisfied with the test and gives his/her consent of melting the gold, a Fire Array Test will be conducted by the PTC and net weight and purity of the gold is calculated.
Stage-3: After, this PTC will give a certificate certifying the amount and purity of gold. If customer wants to take a melted gold bar, he is authorized to do so.
Stage-4: Now, the depositor has to produce the certificate at the bank so that its Gold Savings Account can be opened for the depositor and then, bank credits the quantity of gold into the depositor’s account.
After the maturity is over, the customer has right to get bullion or cash of his/her choice.
After the maturity is over, the customer has right to get bullion or cash of his/her choice.
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