What does an impersonal metal account mean? Anonymized metal account. What kind of income do impersonal metal accounts bring?
With the advent of the global economic crisis, the popularity of impersonal metal accounts (UMA) has grown, which is associated with currency instability and inflation. In recent years, the price of gold has been growing steadily, and this confirms the effectiveness of investments in precious metals. At the moment, compulsory medical insurance remains the most popular type of investment.
The bank offers compulsory medical insurance in gold, silver, platinum and palladium. The minimum amount of metal to open a fixed-term account is 50 grams for gold and platinum, 3,000 grams for silver and 200 grams for palladium. The deposit period is 367 days, the interest rate is 1% per annum. In case of early termination of the contract, 0.01% per annum is charged. Additional contributions are accepted, the amount of which is not limited. Urgent compulsory medical insurance is opened subject to the client having a current account in rubles and compulsory medical insurance “On demand”.
The “Demand” deposit can be opened for any period, and the amount of precious metal is not limited. No interest is charged on the balance. Compulsory medical insurance “On demand” in NOMOS-BANK is issued subject to the client having a current account in rubles.
NOMOS-BANK
Clients can open compulsory medical insurance in this bank in gold, silver, platinum and palladium. Interest is not accrued on the “Demand” account, and the deposit period and purchase and sale transactions are not limited. The minimum amount of metal to open an account is 1 gram for gold and silver, 300 grams for platinum and palladium.
A time deposit in gold and silver allows you to receive interest, which is calculated in grams and amounts to 0.1-0.5 percent per annum. The minimum amount of metal to open a time deposit is 3,000 grams of gold and 300,000 grams of silver.
The bank allows you to withdraw funds in the form of bullion, but you will have to pay a bank commission and VAT in the amount of 18% of the amount. Opening and maintaining an account with NOMOS-BANK is free. To open compulsory medical insurance, you only need a passport of a citizen of the Russian Federation and funds to purchase the required amount of metal.
To carry out compulsory medical insurance transactions via Internet banking, a special agreement is concluded. Opening and maintaining an account is free. To carry out purchase and sale transactions of impersonal metal on the Internet, open a card in rubles and connect to NOMOS-Link.
Sberbank
Traditionally, customer trust in Sberbank is high, and given that compulsory medical insurance is not included in the deposit insurance system, many investors prefer to open such accounts here.
The investor can open compulsory medical insurance in gold, silver, platinum and palladium. The minimum metal size for opening an account and conducting purchase and sale transactions is 0.1 grams of gold, palladium, platinum and 1 gram of silver. The deposit is made “on demand” with an unlimited period. There is no interest rate on metal. There is no minimum or maximum account balance, which allows you to withdraw metal without closing the account.
It is possible to have several compulsory medical insurances in Sberbank, but funds cannot be transferred from one account to another. It is possible to deposit and withdraw funds in bullion, but in this case the investor must pay a bank commission and a tax in the amount of 18% of the deposit amount. To open a deposit, you must have a passport of a citizen of the Russian Federation with you. Metal can be purchased from a bank for cash, by transfer from another account, or deposited into an account in bullion.
During the transaction, an agreement for opening and maintaining compulsory medical insurance is signed. Money or bars are exchanged for unallocated metal at the Sberbank rate at the time of the transaction and are credited to an account, the opening and closing of which is free. The client is given a second copy of the contract and a savings book, which indicates the amount of metal.
Compulsory medical insurance quotes at Sberbank are set at 9:30 and 19:30. Each bank branch has its own quotes and spreads; this feature must be taken into account before signing an agreement. You can monitor quotes on the official website of Sberbank.
Investors with trades in excess of 1,000 grams of gold, platinum, palladium and 60,000 grams of silver can count on personalized quotes available at any time.
URALSIB
The bank offers to open a time deposit or “on demand” in gold and silver. A passport of a citizen of the Russian Federation is required for registration. It is possible to withdraw metal from the account in the form of bullion.
The interest rate on a time deposit depends on the period the metal is in the account: 0.20% per annum is charged on 181 days, 0.30% per annum on 271 days, and 1% per annum on 367 days. The minimum deposit weight is 10 grams of gold, 1,000 grams of silver. Account replenishment and contract extension are not provided. No interest will accrue upon early termination.
The Demand Deposit does not accrue interest. The minimum metal weight is 10 grams of gold and 1,000 grams of silver. It is possible to top up your account in an amount that is a multiple of 0.1 grams of gold and 1 gram of silver. The deposit period is not limited.
VTB 24
The bank offers compulsory medical insurance in gold, silver, platinum and palladium. The minimum established size of metal for a purchase and sale transaction is 0.1 grams of gold, platinum, palladium and 1 gram of silver. No interest is charged on the account balance. There is no minimum minimum balance, which allows you to sell metal without closing the account.
It is possible to open several accounts in the bank in one name. The client has the right to transfer precious metal from one account to another, provided that they are opened in the same metal. Purchase and sale is carried out at the rate set by VTB24.
Opening and servicing compulsory medical insurance is free, and the deposit period is not limited. To open an impersonal account, you will need a passport of a citizen of the Russian Federation and another identification document. You can top up your compulsory medical insurance by transferring metal from another impersonal account or by purchasing it from a bank. All operations are carried out without the participation of physical metal: there is no provision for receiving and issuing bullion when opening or closing an account.
Benefits of compulsory medical insurance
The advantages of compulsory medical insurance over the physical purchase of metal are that when conducting transactions with an impersonal account, VAT in the amount of 18% of the cost of the metal is not paid. At the same time, its price is as close as possible to the level of the world market, because the price does not include the production, transportation and insurance of bullion. In addition, the investor does not need to rent a cell for storing bullion.
The indisputable advantage of compulsory medical insurance is the free opening and maintenance of an account. Many banks do not limit the minimum amount of initial and additional contributions. And the sale of metal from an impersonal account is carried out on the day of application. Some banks allow the withdrawal of metal in the form of ingots, but in this case you will have to pay VAT (18%) and a bank commission. Sometimes a non-cash transfer of metal from one compulsory medical insurance to another, opened in the same bank, is provided.
Disadvantages of metal accounts
Compulsory medical insurance is not included in the deposit insurance system. Against the backdrop of recent events in Russia, this is a significant drawback of this type of investment. If a bank's license is revoked, the account holder joins the general queue of bank creditors and awaits the sale of its assets.
Banks set their own quotes for the purchase and sale of metal. In this case, the spread (the difference in price between the purchase and sale of precious metal) is 3-5 percent. But in case of unforeseen circumstances, for example, a sharp increase or decrease in demand, the spread can increase significantly, because there are no restrictions, and the decision is made by the bank.
Compulsory medical insurance does not make the investor the actual owner of the gold. Some banks provide the possibility of physically withdrawing metal from the account, but in this case the owner pays VAT in the amount of 18% of the amount and a bank commission, which is not regulated by anyone and is set by the financial institution independently. This means that in a situation that could provoke a massive withdrawal of physical metal from an account, the bank has the right to set a commission of even 50% of the cost of the bullion.
Recently, there has been a tendency for the amount of paper gold to exceed physical gold. This could theoretically lead to the fact that owners of physical gold will not want to sell it on deliverable futures and paper contracts markets will stop. As a result, the owners of such contracts will simultaneously want to cash them out, and there will not be enough physical metal to cover the obligations. In addition, banks will be able to set arbitrary spreads and commissions for withdrawing metal into physical form. Therefore, despite the advantages of compulsory medical insurance, we should not forget about possible investment risks.
After the opening of compulsory medical insurance, the cost of investments immediately decreases by the amount of the spread, and in order to reach at least zero when selling metal, you must wait until its value increases by the amount of the spread. Based on this, it is recommended to open compulsory medical insurance for the long term.
Interest on urgent compulsory medical insurance, as well as income received from changes in metal quotations, are subject to income tax at the rate of 13%. In the first case, the bank holds it, and in the second, the responsibility falls on the account owner.
Description of the essence of impersonal metal accounts. How and when is it beneficial to use compulsory medical insurance?
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Physical gold is the best tool for minimizing the risks that arise during instability in the economic and political sphere of the country. This form of storing savings is characterized by certain disadvantages. These include a very high bank spread and VAT, for this reason experts recommend that citizens open impersonal metal accounts. This type of storage of funds compares favorably with gold bars, since a completely different taxation system is provided for it.
What are impersonal metal accounts and what are their advantages?
Compulsory medical insurance (OMS) are bank deposits, which are distinguished by the fact that their assessment is based on the current cost of gold and other precious metals. Such accounts can be opened in silver, platinum, gold or palladium. The most common among citizens are, of course, “gold” accounts.
For what reasons do people prefer virtual gold? The choice is explained by the many advantages that distinguish this form of storing savings. The main advantages of compulsory medical insurance:
- Full liquidity. Investors can easily convert virtual gold into monetary assets, which cannot be said about funds in the form of gold bars and investment coins;
- No need for transportation and logistics of precious metal. It is no secret that such problems arise when purchasing physical gold;
- The difference between the acquisition and sale of gold in virtual form is minimal compared to bullion and investment coins;
- There is no need to pay VAT when opening a bank account, the rate of which is 18%;
- The transaction is not subject to registration with the tax office, unlike the purchase of gold bars;
- An account may be opened in favor of third parties;
- The operation of purchasing an impersonal precious metal is simpler in terms of mechanics than purchasing real bars;
- The opening of compulsory medical insurance is available to almost all categories of citizens; the minimum that can be invested is 1 gram of precious metal.
Types of compulsory medical insurance
Unallocated metal accounts are current (on demand) and deposit (time-based).
Current compulsory medical insurance. A current impersonal metal account works in such a way that income is generated taking into account the increase in the exchange rate value of the precious metal in the account. At the same time, the account owner has the opportunity to withdraw funds from it, as well as replenish the deposit. The holder of this type of compulsory medical insurance is able to “maneuver.” For example, if quotes rise, he can immediately record income and withdraw cash. This option is suitable for those individuals who prefer speculative investment tactics. This means that they expect to make money on precious metals in a short time. Interest is not accrued when opening this type of deposit. There is no time limit for storing gold, platinum or other precious metal.
Deposit compulsory medical insurance. When opening a time deposit, profit is formed from interest. They are calculated in grams of precious metal and due to the growth of the gold rate on world markets. The storage period for savings in a fixed-term account is limited; they are agreed upon when opening it. This type of deposit is an ideal solution for a long-term strategy, when the focus is on the desire to receive a stable income through interest, and not through exchange rate differences. In case of early termination of the contract with the bank, commission payments are not provided.
Where and how are compulsory medical insurances opened?
Today the list of banks that provide this service is very wide. Therefore, investors who are thinking about creating a “financial haven” have plenty to choose from. Promsvyazbank, Uralsib, Nomos-Bank, VTB-24, Sberbank– is a far from complete list of financial institutions that offer their clients services for creating compulsory medical insurance. The conditions for opening and maintaining accounts differ in different banks, so you need to find out several questions that relate to opening a deposit in a particular bank:
- Minimum weight of purchased metal;
- Categories of available deposits;
- When opening a time deposit - the interest rate for the year;
- Deadlines for placing deposits;
- The spread value, which is set for the product of various operations with a deposit.
Important point: Compulsory medical insurance is not included in the insurance system for bank deposits and deposits. Therefore, it is worth carefully studying the bank itself, its reporting and history. Naturally, close attention should be paid to the terms of the contract and the transparency of the mechanism for setting quotes for the purchase and sale of precious metals.
Now you can proceed to the account opening procedure itself. In order to buy virtual grams of metal, you will need money that you plan to deposit into your account. The only document that will be useful is a passport; it can also be another document that proves your identity.
The bank employee issues the following documents:
- Agreement on opening an account in two copies;
- Bank cash receipt order;
- Certificate about the amount of gold or other metal in your account.
So, from now on you are the legal owner of the account with virtual grams of metal, who has the right to dispose of them at your own discretion. For example, you can record and withdraw income, wait for rates to increase, replenish your account, or withdraw funds in the form of physical bullion.
Points that are important to pay attention to when opening an account
First of all, it is worth remembering that this category of accounts is not included in the deposit insurance system. For this reason, a person’s choice should be based on experience with the bank or personal trust.
The second point: when closing an impersonal metal account using the method of withdrawing real bullion, you will need to pay VAT of 18% from the cost of the metal.
The third point: you should study the terms of the contract with the bank very carefully and closely. This is necessary to avoid possible troubles in the future. Eg, it may turn out that the bank charges a commission for opening, maintaining and closing an account, as well as for other operations performed.
Fourth point: taxation of profits under compulsory medical insurance. Even experts do not have a consensus on this matter, so this issue will be raised in a separate paragraph.
Taxes and impersonal metal account
The main problem is the lack of uniform formulations of legislative norms. Therefore, lawyers and tax consultants have many questions when solving certain problems related to compulsory medical insurance.
There is a clear provision according to which the profit that the taxpayer receives from interest and the increase in the value of precious metals in world markets, subject to taxation on personal income(Article 224, clause 1 of the Tax Code of the Russian Federation).
At the same time, the tax code does not mention points regarding how to calculate the base for calculating the amount of taxes and at what rates to pay them. There is not a single unambiguous answer as to what type of bank deposits are compulsory medical insurance (simple bank deposit or property).
Many experts believe that investors who own compulsory medical insurance must pay taxes. However, this is worth doing only if you receive real income, which arises from the difference between the amounts paid when purchasing gold and received from its sale.
According to lawyers, the lack of standards for calculating the tax base allows the taxpayer to use any economically feasible method. For example, this may be the average cost method, when the cost of the first acquisition is subtracted from the cost of the first sale.
As for the fixed-term deposit, everything is more or less clear - at the end of the year, the bank withholds income tax from the depositor’s account at a rate of 13%. If you are the holder of a current compulsory medical insurance, you will also have to pay income tax yourself by filling out a tax return.
conclusions
Purchase of impersonal grams of precious metals – one of the simplest methods of saving savings from inflation. Of course, this type of financial instrument also has negative aspects in the form of ambiguous provisions of the Tax Code and the lack of an insurance system. However, if desired, all these disadvantages can actually be reduced to zero.
By carefully choosing a bank and carefully studying the terms of the contract, you can purchase virtual gold without fear. Before opening an unallocated metal account, it is recommended to obtain advice from a tax specialist and representatives of the local tax service in order to avoid possible problems in the future.
An excellent alternative to a standard deposit in dollars or rubles is a metal account with Sberbank. In some situations, it opens up great prospects for earning money. The most popular are impersonal metal accounts, also known as compulsory medical insurance. Their main advantage is that they do not require additional maintenance costs, and any manipulation with them is very simple. Compulsory medical insurance is offered in almost any financial institution, but, despite the specific conditions of partnership in each of the banks, there are general standards and rules.
What does an impersonal metal account mean?
A metal account at Sberbank is one type of client account that contains precious metal. It is not characterized by the presence of characteristics typical for ingots, such as quantity and fineness. You can withdraw from your account either directly in bullion format, which will be accompanied by additional costs, or in cash equivalent.
If you plan to deposit gold, silver or platinum directly into your account in physical format, you will have to conduct an examination of the metal, order its evaluation and provide transportation. Moreover, you will have to pay VAT in the amount of 18% of its cost. The procedure for replenishing an account is simplified if you use an impersonal precious metal. It will be reflected in your own deposit in grams. You can deposit metal in an amount of 0.1 grams or more, which makes the offer accessible to almost every person.
What about interest charges?
An unallocated metal account at Sberbank does not accrue interest. In Russia, it is not customary to credit additional funds to accounts in this category. If a financial institution offers a rate of 1 to 2%, which will be calculated in grams of metal, then this is an incredibly profitable offer and should be accepted immediately. In Western countries, the practice of charging interest on deposits is quite widespread. The depositor receives profit on this category of deposits due to changes in quotes. If the value of the precious metal increases during the partnership with the bank, the investor will earn money. If the value of the asset decreases, the deposit will suffer a drawdown. The specifics determine the low liquidity among the broad masses of such a product as Sberbank metal accounts. The rate of the precious metal on the international market determines the profitability and loss of the asset, which is very risky and not suitable for most investors.
Opening conditions
The compulsory medical insurance service is available to every client of a financial institution who is 18 years old at the time of signing. A metal account with Sberbank can also be opened for a child who has not yet turned 14 years old, but only if an official representative is present. Children aged 14 to 18 years can independently open this category of accounts, but only with the official permission of their parents or guardians.
Account management may be entrusted to a third party with a certain level of qualifications. The main thing is that the power of attorney is formalized and notarized. Not all branches of the financial institution have the technical ability to open a metal account with Sberbank, so it’s worth asking about this issue in advance.
Important aspects of partnership
Metal accounts, reviews of which are mostly positive, in most cases are opened for a period of one year. The client is given the opportunity to prolong the deposit. The account can be opened in one of four popular metals such as gold, platinum, silver and palladium. Most often in gold, as it is considered the most liquid and sought-after asset. Opening an account in silver, platinum or palladium is the prerogative of professional investors. The markets for these metals are highly volatile and both provide good prospects for making money and involve high risks. When Sberbank metal accounts are issued, the rate at which the financial institution sells the asset is the price the client pays. After the end of the deposit, the client receives funds in his hands at the metal purchase rate at the bank. The difference between the cost of buying and selling an asset is called the spread. Quotes are determined by the bank itself, but taking into account the actual cost of the metal on the international market and the situation within the state.
Account specifics
An impersonal metal account at Sberbank is very specific, since it does not provide for direct contact of its owner with the metal. The client simply brings funds. And the equivalent in metals is credited to the account. You won’t be able to see, much less hold, your asset in your hands without additional expenses. Assets are essentially virtual. If desired, the account can be replenished or partially cashed out. It is even possible to temporarily close it if the market situation indicates an impending sharp drop in the metal. It is worth noting that, despite excellent opportunities for managing your assets, the bank charges an additional commission for any manipulations.
Are there any ways to cash out your account with gold?
Metal accounts can be cashed out and replenished not only in the form of a monetary asset. Cashing out is quite possible with ordinary bullion. Here we note that this opportunity is available only in 500 Sberbank branches out of 8,500 operating throughout the country. If you decide to withdraw not money from your account, but the metal itself, you should notify the bank about this in advance. As a rule, in this situation, certain financial costs are imposed on the client. You will have to pay for the issue of bullion and their transportation to the bank branch. Moreover, you will have to pay VAT, which is not charged when trading virtual metals. According to the law, gold that has not left the financial institution is not subject to tax. If you look at the situation objectively, then mutual settlements with the bank on impersonal metal accounts are much more profitable to carry out without direct manipulation of bullion.
You need to know this
Each client of a financial institution such as Sberbank can open impersonal metal accounts (the exchange rate for which is constantly changing) in any amount. There is no upper limit.
Persons who actively use online banking are provided with universal, more favorable partnership conditions. Please note that transactions on the account can only be carried out in the branch in which it was previously registered. It is impossible to transfer from one compulsory medical insurance to another.
Disadvantages of compulsory medical insurance, or How to make the right decision
Metal accounts differ significantly from standard deposit programs, which, although they guarantee a stable increase in the deposit, are not protected from inflation. As for gold or any other precious metal, these are assets that belong to the category of exhaustible natural resources, therefore, their value will increase in the future. When making a decision, it is important to pay attention to the fact that this category of deposit does not fall under the protection of the deposit insurance agency, and if something happens to the bank, the damage will not be compensated. It is very important to select the time for opening the compulsory medical insurance, since the profitability of the asset will depend on how profitable the metal was purchased. If you open metal accounts at an institution such as Sberbank during a chart rollback, the rate (gold, silver, platinum, palladium) at that time will be the most profitable, and this will allow you to make great money. The average annual return on this category of investment programs is at least 20%.
Nuances worthy of attention
Compulsory medical insurance is more suitable for those who are well versed in the international and metals markets. Today, when the economic situation is unstable, it is better to refrain from this type of investment. Opening an impersonal account is easy, but the ability to withdraw profits from it is considered professional manipulation. You need to take into account the fact that the purchase of precious metal from a bank will always be carried out at a speculative rate, which will differ significantly from the exchange rate, which in itself promises certain extra expenses.
Review of banking conditions for opening impersonal accounts
Almost 2 years ago I wrote about not buying it directly in physical form. , - all this is a little different from what would be interesting to a simple private investor with a small amount of capital. For example, the price of the “St. George the Victorious” coin in rubles has only dropped over the year, and collectors are not yet interested in it. Reason: loss of investor interest in gold on world markets due to the strengthening of the dollar and the growth of stock indices. Over the year, gold actually remained at the same level ($1220 - 03.28.16 versus $1243 - 03.23.17), drawing highs (over $1350 in April 2016) and lows ($1130 in December 2016).
And yet gold is gradually recovering, and elections in Germany and France await Europe ahead. This means that in the face of market uncertainty, gold may rise. One of the easiest ways to invest in gold is impersonal metal accounts. At least, in the event of a gold drawdown, they will be able to at least partially compensate for the losses through interest on the deposit (if provided), and the gold itself will not be accepted by the bank at the price of scrap. Today we are talking about how to open an impersonal metal account and what conditions banks offer now.
What is an impersonal metal account and how to open it
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An unallocated metal account is a bank account that records the metal purchased by the client (gold, silver, platinum, palladium). Physically, metal can be issued in person at the client’s request, but then the essence of metal accounts as a deposit is lost. In an impersonal form, the client simply opens an account in which the metal is accounted for; the accounting unit is the weight of the metal in grams or ounces. Quotes for banking metal are usually set once a day.
Advantages of an impersonal metal account:
- accrual of interest on deposits (albeit for a few banks);
- When the account is closed, the metal is “sold” to the bank at the current exchange rate. When selling a real bullion, the bank can not only demand documents for it, but also accept it at a reduced price, citing its condition;
- Storing metal at home is more dangerous than storing it in a bank.
Disadvantages of an impersonal metal account:
- receiving physical metal in hand loses its meaning due to VAT of 18%;
- Deposit insurance does not apply to unallocated metal accounts;
- the need to independently submit a declaration and pay personal income tax of 13%.
It is not possible to open an impersonal metal account in any bank branch. For example, even such a banking giant as Sberbank warns on its website about the need to check the technical feasibility of opening an account and transferring money. The process of buying metal is identical to opening a deposit: a client with a passport enters into an agreement and deposits money.
Review of bank offers for opening metal accounts
Since compulsory medical insurance is not subject to deposit insurance, the least risk will be when collaborating with large banks. That's why I'll start with them.
1. Anonymized metal account in Sberbank
Sberbank has two advantages:
- the possibility of opening compulsory medical insurance in the name of a minor;
- possibility of opening an account remotely. However, for this you need to have a Sberbank card and register to create a personal account.
And there is a drawback - interest is not charged on the balance.
There is no fee for opening or closing an account, nor for maintaining an account. There is no commission for the purchase of standard bars (1, 5, 10, 20, 50, 100, 250, 500, 1000 grams), but for the purchase of non-standard weight the commission is also symbolic - 15-400 rubles per gold bar, for palladium and commission absent (or by agreement with the client). The minimum and maximum amount for purchasing metals is not limited.
I will not consider the conditions for issuing physical metal, because I don’t see the point in it. Yes, and you can only receive silver and gold. The rate at which Sberbank sells metals depends on the discount prices established by the Central Bank, the internal market situation and price fluctuations on the world precious metals market. As of March 23, 2017, Sberbank established the following quotes (rub./gram):
- gold: purchase - 2193, sale - 2417;
- silver: buy - 30.81, sell - 33.94;
- platinum: purchase - 1697, sale - 1871;
- palladium: purchase - 1390, sale - 1533.
For comparison, the official quotes of the Central Bank: gold - 2309.07, silver - 32.51, platinum - 1779.12, palladium - 1447.22. I provided the Central Bank quotes for general information, since the huge size of the margin is visible to the naked eye. For clarity, I will give an example of the profitability of compulsory medical insurance, calculated using the Sberbank calculator for the last year.
Alas, the loss is about 30%. It makes sense to buy gold after a trend reversal; it is best to invest in moments of instability in the US and EU markets.
2. Anonymized metal account at VTB24
The principle of opening an account is similar with the only difference: the investment period is not limited, the minimum purchase is 1 gram for silver, 0.1 gram for gold, platinum and palladium. There is also no interest charged on the balance. But the bank is much smaller: gold: purchase - 2235, sale - 2370. By the way, finding metal rates on the bank’s website (vtb24.ru/metals) was not the easiest task.
3. Unallocated metal account at URALSIB Bank
Tariffs for opening an impersonal metal account are very simple and can be downloaded in .doc format (uralsib.ru/retail/metals), they differ radically from previous banks. The bank offers two types of accounts:
- With a fixed validity period (181, 271, 367 days). According to the terms and conditions, there is a minimum purchase amount. For gold - 300 grams, silver - 30,000 grams, platinum - 3,100 grams, palladium - 3,100 grams. The tariffs also include consideration of the account encumbrance when drawing up a metal pledge agreement (0.1% of the pledge amount, but not less than 10 and not more than 500 US dollars). There is interest accrual. Nothing is said about their amount on the website, but what they are can be seen by downloading the General Agreement form also on the bank’s website.
- Poste restante. The minimum purchase amount is 10 grams. gold or 1000 gr. silver (platinum and palladium are not included in the tariffs). No interest is charged.
Quotes on the bank’s website, established from March 22, 2017:
- gold: purchase - 2200, sale - 2330;
- silver: buy - 31.00, sell - 32.85.
The spread is almost the same as that of VTB24, that is, more profitable than at Sberbank.
4. Compulsory medical insurance in Gazprombank
By analogy with Bank URALSIB also offers two types of accounts: on demand (terms are not specified, interest is not accrued) and a fixed-term account with a period of 367 days. Minimum purchase amounts for a term deposit:
- gold and platinum - 50 grams;
- palladium - 200 grams;
- silver - 3 kg.
A fixed-term deposit can only be called such only conditionally. The interest on it is 1% per annum. In case of early termination, the rate will be 0.01%.
The bank's quotes and spread leave much to be desired:
- gold: purchase - 2238.15, sale - 2424.66;
- silver: buy - 31.07, sell - 34.35;
- platinum: buy - 1690.92, sell - 1906.78;
- palladium: purchase - 1390.99, sale - 1568.56.
5. Compulsory medical insurance at Otkritie Bank
The bank of the financial group of the same name offers conditions similar to VTB24. There is no issuance of metal in physical form, there are no commissions, the minimum purchase amount for gold, platinum, palladium is 0.1 grams, for silver - 1 gram, the contract period is not established, there is no interest.
Quotes:
- gold: purchase - 2210.70, sale - 2396.3;
- silver: buy - 31.2, sell - 33.90;
- platinum: buy - 1700.90, sell - 1857.70;
- palladium: purchase - 1421.40, sale - 1543.00.
conclusions
Precious metals (especially gold) remain a safe haven for investors during crises. If you decide to open an impersonal metal demand account, then pay attention to the spreads and reliability of the bank. As I already said, Sberbank does not have the most favorable conditions, but VTB24 and Otkritie Bank can be considered. If anyone has experience investing in metal accounts, please share your experience in the comments.
Profit to everyone!
(deposit in gold or any other precious metal) is issued by a banking institution to an individual or company, entrepreneur to carry out transactions with precious metals. In other words, a metal account is a JIOPO account opened with a certain credit institution, which contains an n-amount of precious metal with a determination of its purity. The amount of precious metals is indicated in grams.
Types of accounts for precious metals
Metal bills are classified into:
metal account blocked (secured storage).
The latter has the following features:
bullion that is purchased directly from the credit institution that opens this account;
bullion that was stored in another banking institution or directly with the client.
Banks credit precious metals to a metal account in:
Banks do not have the right to use precious metals that are accepted from a client for storage as credit funds. It should be noted that upon the first request of the client, bullion is issued.
Factors that influence the choice of a “metal” deposit:
interest rate;
conditions for opening and servicing this account (for example, the presence of a commission for the provision of services);
existence of restrictions on the minimum/maximum deposit size.
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