Home » Banking & Finance » Banks charge low fees for gold custody service

After stopping gold mobilization, banks are now providing gold custody service at various fees, most of which are nominal.

Several banks just impose a token fee for gold custody service because most of those who use this service are their depositors previously.

For example, Nam A Bank provides the service for only VND1,000 per tael during the entire time gold is kept at the bank, rather than charging fees on a monthly basis.

At DongA Bank, the minimum fee for gold custody is VND2,000 and the maximum one is VND100,000. Meanwhile, Sacombank sets a service fee of VND10,000 per tael, which will vary among its branches.

An ACB employee said gold saving contracts would automatically turn into gold custody contracts if clients had not withdrawn their gold.

ACB charges a fairly high fee, 0.05% of the gold value. The fee will be lower if gold is kept for more than six months, but it will be at least VND50,000 per month.

Banks only keep SJC gold or the gold they previously produced. All the gold bars must be qualified with wrapping intact.

Le Thanh Trung, deputy general director of HDBank, said the demand for gold custody service would remain high in the coming time because citizens were buying more gold as prices went down.

Citizens are ready to pay for gold custody service to keep their gold safe and when in need, they can sell gold to banks, he said. HDBank now charges a fee of 0.05% of the gold value.

Some people wonder if banks will return the exact gold bars that clients entrust them with. Representative of a bank said banks could only return clients gold bars of the same quality.

If clients want to retrieve the exact gold bars, they should hire a safe deposit box to keep their gold at banks, he said.

Sacombank has offered safe deposit boxes for a long time, but they are only available at its headquarters for a fee of VND120,000-200,000.

(SGT)

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