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Digital Gold

Updated: Jul 1, 2023

Buying physical gold certainly has its downsides. There may be issues of identifying purity, also problems of safekeeping and storage.

Digital gold, on the other hand can be bought online and is stored in insured vaults by the seller on behalf of the customer.


All you require is internet/mobile banking and you can invest in gold digitally anytime, anywhere.


Any one can invest in digital gold from several mobile e-wallets such as paytm, google pay and phonepe.




Currently, there are three companies offering digital gold in India:

1.Augmont Gold Ltd

2.MMTC-PAMP India Pvt Ltd

3.Digital Gold India Pvt Ltd with its safeGold brand


Once you invest in digital gold, these companies purchase an equivalent amount of physical gold and store it under your name in secured vaults.


Benefits

  • You can take physical delivery of gold at your doorstep.

  • You can invest an amount as low as Rs.1

  • Digital gold is genuine and the purity is 24K 99.5% for safeGold and 999.9 in case of MMTC PAMP purchases.

  • Your purchase is stored safely and is 100% insured.

  • Sell anytime, without going anywhere and receive money directly in your account.

  • You can convert your digital gold to physical gold anytime in the form of jewellery.

Disadvantages

  • Lack of an official government -run regulating body

  • Delivery and making charges are further applied to the price of gold.

  • When you buy digital gold, you need to pay 3% goods and services tax (GST).

Trust in digital gold and start investing. This will be the ladder to your financial freedom.


How to invest:

Any one can invest in digital gold from several mobile e-wallets such as paytm, google pay and phonepe.

Here i am taking paytm for showing how to invest.

Login to your paytm application and in the home screen search for Paytm Gold.



Select Paytm Gold.



Here, we can buy gold after paying the required amount per gram plus 3% GST.

We can buy, sell, gift or take home delivery of the purchased gold in physical form(coins).

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