Public Bank offers gold investment account

Tuesday April 22, 2008

Datuk Seri Tay Ah Lek

KUALA LUMPUR: Public Bank Bhd has launched a new investment product, Gold Investment Account, that allows customers to purchase the purest available gold commodity in 99.99% fineness at daily prices in ringgit per gram.

Managing director Datuk Seri Tay Ah Lek said in a statement the launch of the product was in line with the recent rise in gold demand and to provide an alternative investment product for customers who wished to earn potentially higher returns.

“The account provides customers with the convenience of investing in gold without the hassle of keeping physical gold, as trading is carried out through a passbook,” he said.

Tay said the initial gold purchase quantity to open an account was 20g and subsequent minimum trading would be 5g and in multiples of 1g.

He said the account would not pay interest and the bank would keep the gold with an authorised custodian bank.

Tay said the bank would make available the physical gold in denominations of 100g, 500g and 1,000g should the customer required physical withdrawal of gold.

“A minimum 2g of gold are to be maintained by the customer to ensure the account remains active,” he said. – Bernama

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Source from http://biz.thestar.com.my/news/story.asp?file=/2008/4/22/business/21020597&sec=business