Eximbank launches free gold storage service

Eximbank is offering free service to keep gold holdings for clients as interest rates on deposits of the precious metal continue to fall.

Eximbank said clients can send gold buillion to the bank from May 6, but they will not receive any interest during the period the gold stays in its vault. It is the first commercial bank in Vietnam that offers the service for free, Lao Dong newspaper reported Saturday.

In a separate move, the bank has encouraged gold depositors to switch to dong savings, offering to pay 0.15 percent higher than market price for the gold. That compares to an extra 0.35-0.4 percent at Viet A Bank.