How to Buy Gold through Bank Auction in Chennai?
Step 1: Registration
- Visit the [Chennai Bank Auction website to view daily gold auctions in Chennai, Tiruvallur, Kanchipuram, and Chengalpattu districts.
- Contact the concerned bank to register for the auction.
- Provide personal information, such as name and contact details, and KYC documentation.
- Pay an Earnest Money Deposit (EMD) of ₹10,000-₹25,000 (refundable if unsuccessful) in favor of the seller/bank via cash/RTGS.
Step 2: Inspect the Gold
- Before the auction, inspect the gold for quality and purity.
- Note that gross weight, net weight, and tentative purity are displayed on the website or ask the bank.
- All ornaments are sold in “AS-IS-WHERE-IS-WHAT-IS” condition.
Step 3: Review Terms and Conditions
- Read the auction’s terms and conditions to understand the process, payment procedure, and more.
- Note that the upcoming auction list is displayed approximately 3-7 days before the auction.
Place a Bid
- Follow the auction’s bidding procedure, which may be conducted online through the auction website or offline in-person at the designated auction location.
- Carefully review the bidding rules and guidelines before placing your bid.
Step 5: Pay for the Gold
- If you win the bid, pay for the gold within the specified time frame (usually one-three days).
- Payment must be made at the respective bank branch.
- Payment options:
- Cash
- Bank cheque (buyer must have an account with the respective bank)
- RTGS (payment must be made against each loan account number)
- Payment can be made by a third person with an authorization letter from the original bidder.
Step 6: Take Possession
- Once payment is made, take possession of the gold at the respective bank branch.
- Ensure to check the packets thoroughly before taking delivery.