Seylan Bank launches 'Access to gold investment online'

Seylan Bank introduced the Gold Investment Trading Account for the first time in Sri Lanka, in the recent past and is the only bank that provides investors with an opportunity to trade in gold.

The bank has now taken another step by launching its website to enable investors online access to the bank on purchase and sale of gold on their behalf.

Seylan Bank would quote the buying and selling rate online on a daily basis and also be the counterparty to buy back the gold in the Gold Account sold by any individual maintaining such accounts.

Customers may also sell the gold in their account back to the bank online at the bank's prevailing buying price and enjoy capital gains, depending on the market conditions.

However, customers may even withdraw physical gold from this account with prior notice given three days ahead for a very nominal fee which would depend on the type and number of Gold Bars withdrawn.

There is no compulsion to retain physical gold.

The quantum of gold purchased by an individual less the quantum sold, would reflect as the balance in the account.