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How to Buy Gold from SBI Bank

SBI Bank is the authorize dealer of selling 24 carat gold. Purity of Gold of state bank of India is 999.99. It sells the gold in the form of 2,4, 5, 8, 10 and 50 grams coins on the basis of updated price. For example, 9th oct.'s rate of 10 grams gold coin is Rs. 31100 which you can see in its website page


Following are the main steps for buying gold from SBI.

1st Step : Fill the Form for Requesting 

SBI will only seller of gold. It does not buy back. For buying gold, you have to fill the form of request in which you have to mention your name, address and mobile no. One time, you can buy from one bank. 

2nd Step : Give Your Identity and Address Proof's Copies to SBI

You should carry your voter card, PAN Card and Adhar card's photocopy because your request for buying will be accepted after getting your voter card copy. It will be the proof of your name and address. 

3rd Step : Sign the Tax Invoice and Get Gold Coin with Invoice


SBI officer will make two copies of tax invoice. You have to deposit the price of gold plus VAT. VAT is 1% on the current value of gold. 8th oct. 2013, I have bought gold, I have deposited Rs. 31020 out of them, I have paid Rs. 370 as VAT.  One copy, I have to sign and it will be kept by bank. One tax invoice is given to me which is the proof of buying. Now, it will become my investment and I can take its benefit as investment

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Accounting Education: How to Buy Gold from SBI Bank
How to Buy Gold from SBI Bank
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Accounting Education
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