OREANDA-NEWS.  September 19, 2012. Sviaz-Bank has launched a new service – investment in unspecified precious metal accounts – to individuals. Funds are deposited in unspecified metal accounts for three precious metals – gold, silver, and platinum, reported the press-centre of Sviaz-Bank. 

No limitations put by the Bank on the quantity of a precious metal bought or sold and the undiminishing balance of metal in the account are significant advantages of the unspecified metal account.

Transactions are performed in unspecified metal accounts without moving the physical metal, that is, precious metals are neither accepted on deposit nor withdrawn in the form of ingots and coins.

“By investing money in precious metals in unspecified metal accounts a customer earns a stable income deriving from the difference in the price of the metals at purchase or sale time, and invests his savings at a profit,” said Maria Zenina, Director, Sviaz-Bank’s Retail Banking Products Department. “Precious metals today are among the most popular long-term investment instruments.”

The price of the unspecified precious metal does not include the costs of ingot casting, metal storage and transportation costs, VAT, and account opening and maintenance charges. These advantages give extra saving to the customer as compared to investments in physical metal and make this service affordable to any customers earning different incomes.

For an account of this kind to be opened with Sviaz-Bank, a customer is required to have a current account, or, lacking it, it is opened at the same time as an unspecified metal account. No interest is accrued or paid on it. This is a demand account.