Gold savings is a form of bank savings that has appeared in the Vietnamese market, according to which people with spare gold can bring it to the bank to deposit and receive interest. At maturity, customers will be repaid the principal in the amount of gold bars deposited according to the bank's standards, the interest will be calculated on the gold price according to the standard gold bar purchase price announced by the bank and converted into cash.
Many people have the habit of buying gold to store but do not know whether they can save gold in banks or not. (Illustration: SJC)
Is it possible to save in gold now?
Saving in gold used to be one of the forms of capital mobilization of banks in Vietnam. At that time, many banks allowed people to save in this form. However, later, the State Bank issued Circular No. 11/2011/TT-NHNN regulating the termination of capital mobilization and lending in gold by credit institutions.
Accordingly, since May 2011, all capital mobilization activities in gold by credit institutions have not been carried out and have been forced to stop. People cannot deposit savings in gold at banks and credit institutions. Since then, the only form of capital mobilization that banks have implemented is mobilization in currency (Vietnamese currency and foreign currency).
Therefore, people cannot currently save gold in banks or other credit institutions.
The reason why this form of capital mobilization by banks is no longer licensed is because in 2010, the domestic gold price fluctuated a lot and was no longer stable as in the previous period, so capital mobilization in gold encountered many difficulties and the ability to use capital was not optimistic.
In addition, according to many experts, saving and lending in gold also increases dollarization in the economy, causing many risks to the currency market and the operations of credit institutions.
Solution for people who want to save in gold?
Gold savings are no longer allowed in Vietnam, so people with idle gold reserves cannot make savings. Customers can choose to convert gold into cash or foreign currency and then deposit it.
In addition, for those who want to keep gold, many banks have implemented gold custody services. People who have gold and want to reserve it can deposit it in the bank through the form of "renting a safe", the bank will keep the gold for you, but will not receive interest. This is the optimal solution for people, both helping to protect assets and being able to keep gold waiting for the time when the price increases and sell it to earn a profit.
Although gold savings at banks are no longer available on the market, people can still choose many other forms of investment that suit their conditions.
Ganoderma (Synthesis)
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