Bullion India
October 24, 2012 70 Comments
Here is my new discovery for today:Bullion India.I tried it out today and found the sign up easy and customer service good.I find it an excellent way to buy gold and silver at good rates.Given the tiny units in which you can buy the gold,it is the place to go to make token purchases on auspicious occasions when the prices of precious metals generally rise.Also this site is an excellent way to accumulate precious metals a little at a time as there are no storage costs and commissions.
About Keerthika Singaravel
Stay away from this site, completely unprofessional, my wife placed for 2 withdrawal requests nearly 20 days, they haven’t processed them and they deducted amount from bullion india account. Nothing is organized properly.
Stay away from this site, completely unprofessional, my wife placed for 2 withdrawal requests nearly 20 days ago, they haven’t processed them and they deducted amount from bullion india account. Nothing is organized properly.
My answer stands Gopi.
Strange Gopi. I hope your problems get solved.But safe to say I have never faced such problems with the site.
Keerthika,
I really appreciate your response, thank you much. Hope issues will be solved, and won’t repeat again.
Thanks
gopi
Yes.Hope so too.Get your facts together and telephone call on the helpline.Probably things will get sorted out.
No one is responding to phone call also, is my money safe?
Which number are you calling?
Hey Gopi did u not see this?Their website has a notification that redemption requests are delayed due to technical up gradation in progress.
Is this the number you are calling?+ 91-22-61420000
I called 91-22-61420000, no response…
Is the money at stake huge?If so, as a measure of caution e-mail them and take your complaint to the police.
But I think there’s not much reason to worry.Their site speaks of up gradation and today there must be a Gurupushyamit rush,
At Akshaya Tritiya time I had an e-mail from them advising of delay on account of heavy sales.have you got such a mail by any chance?
Amount is just above 1 lakh. I will wait for few more days.
You too call them tomorrow.I will also call to see if I get connected.
I am also facing the same problem as Gopi. I put a withdrawal request on 11June2013 and after that regularly trying to contact them but all went to vein.
The Live Chat is not available since couple of days and Customer care (022 6142 0000) doesn’t respond even after waitin for 10mins on their voice guided system.
The worst thing is that no response from their side and no proper communication on any delay or techincal issue.
Agreed.Nowadays their customer service sucks.I faced similar delays round Akshaya Tritiya. But the purchase arrived in good condition in 5 days.And as for the phone you really need to hang on.If you drop the line you are unlikely to be able to talk to anyone.And some of the BPO operators are not well informed so you will have to call again to find a better one.
All,
Sorry for the trouble caused:
Now I see a proper message on their site as “Due to technical upgradation, your redemption and withdrawal requests will be processed in a few days. Inconvenience caused is highly regretted.”… so we should wait and watch for couple of days.
Thanks for the comment Krishna.
I was beginning to get irritated handling all the customer complaints of this company.
I got all my money…Thanks Keerthika for your support.
Thanks for your comment Gopi! Hope you’re satisfied with your purchase.
People get nervous if they don’t get their purchases fast enough or if there is some or other hitch and often start implying that I am something of a front for a scam,simply because I happened to write about the service.
Hope your independent comment gets people to cool down in future!
Actually I like this company, because there is neither brokerage nor inventory charge. only charge on customers is 1% bid-offer spread, it is very low if we compare it to other competitors. Actually I am easily able to make 1-2% profits per month on this website. I think they have unfortunate events for past 1 month. Hope they all will be solved. Though I am not willing to invest huge money, I will continue trading in moderate amounts .
Gopi can you tell me what you do?
Are your returns on margin trading?
Hi Keerthika,
I would like to know is this site is good for lang term investment?
Piyush your investment whether long/short can be in gold or silver not in a site.Only you can decide if you wish to invest in precious metals at all.I personally will do so with a time horizon of 30yrs and more.
Now if you buy precious metals from a shop you are not going to be concerned if the shop is going to be round for any length in time so long as you are assured of the purity of your purchase.
Similarly if you are taking delivery of your purchases from this site why will be worried about the long term fate of this company?That said I see no reason to suspect the promoters of being crooks.And I have taken delivery of bars from this site and have no complaints.
Hello Viewers,
I opened the account the day I heard of it on CNBC Awaz. I trust that channel like anything. Deposited 500 Rs initially. As the rates are going more down and was predicted to be going further down till 23600, I opted to sell the holdings. The only mistake that I made was I clicked the Sell button twice and It actually Bought another dip for me. This was strange. Sell button even works the same as Buy did. Also, I was not having anything into Silver but still when I clicked on Sell, it actually purchased Silver for me…This is very critical bug in the WebTrader. This is not expected in such sites.
Did anybody else faced such problem?
Kindly suggest.
No never had the problem,maybe because I have always bought units to take delivery.Which browser are you using?Which anti-virus are you using?Have you scanned your computer recently?Have you spoken to the management?If the software has such a problem,it is a serious matter.Please take it up with them after checking your own system.
Hi Virendra, This isnt any bug, the web trader allows you to sell even if you have not bought any gold/silver (short selling) but you will receive a mail from bullion India informing you that the transaction isnt executed. Will suggest you to go through the demo section of the website to get more details on the platform http://bullionindia.in/Demo/index.html before starting your trade. I faced similar problem long back and as the order isnt executed its no harm however next time be careful
Thanks Aditya for clearing things up by answering Virendra’s question.I didn’t know this as I don’t trade on the site.
Hi keerthika,
This is the message to you .. I have read the comments you post . I saw your comments are supporting to this trading website . You know what ? When i was give the customer complaints link to an agent he just closed our chat and he escaped. So please don’t supprot them without any proof.
“Money doesn’t grow from the tree of yours”
Pradeep.
Pradeep what agent are you talking about?
Have you called them on this number?+ 91-22-61420000 I have called here.In my case it was a lady answering who sorted out my problems with opening an account.
Where did ever claim that money grew on this or any other tree?I just said that it was a cost effective way for retail buyers to buy chips on festive occasions.
I am sorry for the trouble you faced but I was satisfied in my dealings with this company and blogged to that effect.I think I have the proof I need to write about my personal experience.
If you have been reading the comments you will see that some others have had some problems.I have not tried to suppress views contrary to mine.So instead of going on the offensive against me why don’t you do your research before investing?And please note I have not recommended trading on the site.Its something you have done on your own initiative.
Dear keerthikasingaravel,
I observed that you are the only person answered so many posts in this and that to positively with bullion india. Can i know that from since how many days you are trading in this website? And Till how many transactions you made? How much worth of this transactions? These are for just a better understanding of your perception.
My transaction on this site just runs to thousands of rupees as I, to repeat myself.make token purchases here.
hey there are any website like bullionindia.com ,gold buyeing sell , for secure amout
Do you want to take delivery of the metal or trade in it or just punt on its price?Accordingly there may be options.
Hi Bullion India is a waste of time just stay away..i tried calling them writing to them and tried all options for transfering funds to my trade account it does not work…its a waste of time ….its just a scam i guess..they dont escalate .The promoters and management are verywell aware of the situation and using the support to shield themselves..quiete unethical and shamless …
Cool down.What exactly happened?When you say you tried transferring funds to your trade account,did you lose money in the transaction?If so first get the transaction ID from your bank and details of which account it was transferred to.Then communicate to Bullion India with the details of the transactions.If they don’t reply to your satisfaction, file a police complaint.
However I must say,your experience is vastly different from mine.
hai , please tell me can i invest in bullion india is it secure for huge amount
I have had no problems with them.But as I invest small amounts with them, I can’t recommend them because of personal experience.So proceed with caution.
I have an account with them and found that Customer care is just hopeless. I have transferred some funds to my account through NEFT on 14th Feb and till now(20th Feb 2013) they have not put the funds in my account. Most disappointing thing is they just dont reply your mails or complaints on Help link. Totally indifferent. I wonder how the service would be once their customer base grown even further. My suggestion is please develop a lot of patience before you start dealing with these guys.
I don’t know about e-mails but they respond fast to telephone complaints.Try calling them and don’t wait.
Will bullion india charge any commission while purchasing and at the time of sell? if so, how much? I am first time user of Bullion India and would like to invest periodically on a long term basis..Regds, Vmadhav
Madhav you’ll find the answers in this later post I did: http://wealthymatters.com/2013/01/17/more-about-bullion-india/
Hi Friends,
I’m Simha from Visakhapatnam, India. Today I started my account with Bullion India and I would like to do trial run.If it works I would like to continue.
Please suggest if any one has personal experience.
Regards
Simha
Hi Friends,
I’m Simha from Visakhapatnam, India. Today I started my account with Bullion India and I would like to do trial run.If it works I would like to continue.
Please suggest if any one has personal experience.
Regards
Simha
Guys Simha is looking for assurance.Please chime in with your comments to help him decide.
Simha,I’m sorry there are no replies(comments) as yet.
Only thing I can say is it worked for me.
If no one else replies.perhaps the best way to test the system is to buy a small silver bar.At worst you will lose a few hundred .rupees.At best you will have silver and a good way that works.
Here is more about exiting via sale of units http://wealthymatters.com/2013/01/17/more-about-bullion-india/
I find bullionindia is an unsecured site where I can’t trust…
What do you mean by unsecured?Could you explain yourself?
And what exactly happened to make you distrust the site?
BTW do you bank or otherwise deal with money matters online?
Pingback: More About Bullion India « Wealthymatters
I was looking for some feedback on Bullion India as I just became a member and am about to deposit funds in my account with them. I tried the debit card option and it didnt work so I asked for help online. Their rep replied that I should try refreshing the browser. Yeah, like I wouldnt have tried that several times before troubling them. I tried netbanking too, the page just refreshes with no option to enter further details for payment. The page dosent connect to the billdesk. I have sent an e mail again but am expecting an unhelpful reply. Lets see. I’ll take my business elsewhere if this is how the response has been.
Yeah you are having real problems and if they don’t get sorted out to your satisfaction,I will be the first to encourage to vote with your feet,Don;t risk your money needlessly,
I use Chrome.Which browser do you use?Maybe this is a browser incompatibility issue?Also which bank are you trying to draw the money from?ICICI seems to work fine.
Hi, I found http://www.bullionindia.in/ website very poor in terms of functionality. Once you log in still it asks for ” Be a Member” ? You can not edit your Personal information after clicking on EDIT button etc… Such poor functionality makes me think twice about their commitments.
Which browser are you using?I use Chrome and I sometimes have similar problems with other financial sites due to browser incompatibility.
I have never come across the Be a Member Problem,I can log in just fine,
Also I have been able to use the edit button with no problems.
Have you called their helpline?Personally I have found them courteous and effective,
How serious is your problem?Have you lost money while using the site?
I have a question here..bullion india appears to be too good to be true and how one can be sure of the authenticity of the company before investing? considering the cases of frauds in India I am bit septic..it will be great if some one can help me on this..
Abhinav I have no proof to offer.Frauds exist everywhere not just in India so it is always Caveat Emptor. However I find the promoters cited unexceptional.
I have personally used the site to make token purchases on auspicious occasions and find the site good for the purpose.Definitely better than the local jeweller,bank or post office.
Thanks @keerthikasingaravel
for your comment. As you said you have a personal experience in dealing with bullion india, you have received the bullion in physical and further how to get to know the details of the charges levied by them on the same.
Thanks
Hi Keerthi,
I am planning to start investing money in gold through bullionindia.in, however, I am reluctant due to the large number of frauds worldwide. However, since your last reply on 3rd dec here, have you got the delivery on above. Please let me know so I can start of right away. Awaiting your valuable reply.
Yes no fuss delivery by the postman.
But try with one gram first to check it works equally easily for you.
should I ever be in the market, I know where to go
Yes.
Wow, so they even store the metal for free? That is quite special.
I invest with Goldmoney.com and they have a significant storage fee (which is of course understandable seeing the security measures required to safely store precious metals).
I took a quick look at Goldmoney but saw no option of taking delivery of the bullion purchased.Have you taken delivery and what were the costs involved?And how are the taxes,especially VAT paid?
Hi, sorry about the late reply. Things were a bit hectic here.
Goldmoney definitely gives you the option of taking delivery, but I have never done it so I don’t know the details. You can read more about it here: http://www.goldmoney.com/physical-metal.html
But if I actually wanted to take physical possession of my gold in Goldmoney, I would simply sell gold from my Goldmoney holding and use the resulting fiat currency to buy coins from a local dealer. Goldmoney charges nothing when you sell you gold/silver and I would definitely prefer coins above bars if I am to take physical possession. Also, shipping the bars might even be more expensive than the premium on standard coins.
Basically, I see Goldmoney as a “gold standard bank account” – a place where I can store my savings as real money while still enjoying most of the electronic conveniences of fiat currencies. You have the preservation of purchasing power through gold combined with the liquidity and convenience of electronic fiat currencies.
The only negative is the 2.5% fee for buying gold to add to your Goldmoney holding and the 0.15% per year storage fee. This is higher than bank charges for a normal savings account, but still very much worth it.
Don’t apologize. I myself have not had much time to blog lately.
I too was struck by the charges of goldmoney.
Here savings accounts earn 4%pa and liquid funds 7% and more so I can’t see myself using these services as savings accounts but since Bullion India sells bullion cheaper than on the street and rematerializes and delivers at negligible rates even for tiny 1g wafers.I plan on using it as a procurement source.
Its a pity Bullion India doesn’t sell platinum and palladium.Here shops sell them at a 100 percent premium.
Wow, that almost sounds too good to be true. I wonder how Bullion India actually manages to make money while still ensuring secure and ensured storage and delivery of the precious metals.
So you store your gold at home? Don’t you feel that is a bit risky/expensive?
One of the promoters of Bullion India is Riddhi Siddhi Bullions-India’s largest bullion dealers and they have outlets even in small towns in rural areas where they do good business after the harvest.So it is really a matter of economies of scale.Also I am lucky to live in Mumbai which along with Ahmadabad are cities which are points of delivery,
Sorry Schalk I don’t feel comfortable answering the next question online.However should we ever meet I’d be happy to do some show and tell.
Yes, I suppose it helps a lot that Indians have such a rich gold culture and so many people save in gold. I wish the West could catch up and allow savings in real money to go mainstream.
I apologize for that second question. It was not appropriate.
Not at all.You are my friend.The question is fine.Just answering it on a blog would be unsafe.
The day the rest of the world catches India’s Gold fever is when transmutation of base metals into gold will become a commercial reality.By then who knows whether gold will be gold or go the way of pearls?
Dear keerthikasingaravel,
I observed that you are the only person answered so many posts in this and that to positively with bullion india. Can i know that from since how many days you are trading in this website? And Till how many transactions you made?
I do not trade on this website.In fact I don’t trade on the price of bullion and must warn all readers to refrain from it unless you are prepared to lose your capital.
I buy and take delivery of gold and silver bars in small amounts,Buying on this site when prices are lower and then making a token purchase and taking delivery on auspicious days works out cheaper than buying from banks,post offices, NBFCs, jewellers and from online stores on these days.
I have recommended this site as a way to make token purchases on auspicious days.
I just don’t understand what makes people vent on my site when they have done something I have not even recommended they do.
And I have so far used the site about a dozen times and have faced no problems.