GOLD Coins from ICICI Bank

I have been purchasing 24 Carat Gold Coins from ICICI Bank, M.G.Road Branch, Cochin from January 2005 till November 14th 2005 when I realized that the Bank was cheating us by charging Rs 150 to Rs 250 per GRAM more than the Market Price of the day published in Paper and Electronic Media. When checked, they said their gold was different. We found out that there is no difference and the price you will get when selling the ICICI Gold will only be the market buying price. Besides, ICICI Bank don’t buy back the gold sold by them which evidently proves their intention. They say there is no law preventing from selling at a Premium!? BEWARE, when purchasing GOLD from ICICI Bank. THEY are NO.1 cheaters!!

A disappointed Consumer who trusted the ICICI Bank, but forgot to VERIFY.

SALEEM S.A.,

31/20E Ambelipadam Road, Vytilla, Cochin 682019, India, Tel: 0484-2305142, 093886-32150, email: Email User

PS: Anyone is welcome to contact me for further details.

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I bought 20 gms 24K from Golpark branch, Kolkata.

I do feel that the bank has charged me at least Rs. 200 extra per gram.

I had a few logistical problem in making the purchase but the clerk was tenacious in making the deal (he even offered me to bring the gold home and collect Rs. 1500, which was falling short). I told him i can wait since i was in no hurry but he kept on pushing for the sale.

at the end of the day, i feel cheated and I am more mad at myself since I assumed that a bank was not going to be such a classless baniya.

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We have got some gold yesterday from ICICI bank, dwarakanagar branch. They charged us 100- 150 rs extra per gram and we lost around 9000 Rs in the whole transaction. They say their gold is very pure.. I am not sure how pure it is compared to the gold sold at gold shops. But we have been checking gold price every day to buy it, and my parents in India got them from ICICI without telling us. we felt really bad .. is there anything that we can do.. I know they do not take the gold back. Pls suggest.

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Dear Customer,

I would like to post a few words for you, kindly ponder amount on the same,

ICICI BANK sels 24k 99.99% pure gold which is ASSAY certified and the certificate no is given on the back of the gold pack. The noramal 24 k gold available at the market if you go to sell the Jewelles will cut anything from 4% to 6% for purity factor. But if you go to sell ICICI BANK pure gold to any ASSAY certificated Gold marchent who is the Certifier for World Gold Councill, will take the gold without any Purity factor Cut. The Price of your Gold then Makesup the Price difference you paid at the time of Buying, many of the times the Difference is a gain for your money you have spent.

So just pondr upon before you spend your valuable time writing down your anguish.

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Dear Sir,

I have 200 kilogram of 23+ carat alluvial gold dust

which i inherited from my late father, which i have decided to put on

sale for sometimes now.

(FULL CORPORATE OFFER)

PRODUCT:---------------------- -Alluvial gold dust(AU).

ORIGIN:----------------------- ----Ghana Gold

QUALITY:---------------------- ---23+carat.

PURITY;....................... .......: 999.9/1000 (99.999)

PRICE PER 1 KILOGRAM:---- $15,500USD(Negotiable).

Best regard,

Muhammed

muhammedmored AT yahoo.co.uk

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Thanks Saleema,

To add on to this please check the ICICI FAQ, that the do not buy back at :

http://www.icicibank.com/pfsuser/icicibank/investments/puregold/faq.htm

Q. Will ICICI Bank buy back the gold sold by them ?

A. ICICI Bank does not buy the gold sold by them.

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Thanks for providing such good info about the bank, I have also somewhat similar experience...!!!