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Buying Digital Gold in India : Gold at Re.1

Updated: Jan 24

Imagine you are planning for your daughter's wedding in the next few months. But because of these pandemic situations you cannot go to the store to purchase jewellery. So during such times what if you can buy gold jewellery without visiting a jewellery shop. Your favourite jewellery will be available just at your doorstep without taking any risk for your health. Don’t you think it will be a very convenient option for your family? As nowadays through online sites you purchase many things sitting at home. Similarly, now it is possible to buy gold jewellery as well either in INR or grams.


Digital Gold Getting Popular

Not only for weddings but, gold is a metal which is commonly used for various functions and festivals in Indian households. As the yellow metal is widely used by many individuals, some companies in the market have started the facility of buying gold digitally. Digital gold is an instrument which allows you to invest and buy pure gold in digital mode. Despite being in the midst of a global pandemic the number of people buying digital gold is increasing. Because people are hesitant to visit jewellery shops and dealers, buying gold online has become a convenient option for buyers as well as sellers.

Digital gold is rapidly catching the eye of investors as it offers all the benefits of buying gold online. Currently, three companies named Augmont Goldtech, MMTC-PAMP India Pvt. Ltd and Digital Gold India are having the facility of buying digital gold. Digital gold is a simple way of buying physical gold through a mobile app, which negates the need to go to a store. Jewelry showrooms like Tanishq, Senco, and Kalyan Jewellers have started offering digital gold through similar tie-ups.


Why Digital Gold?


Buying digital gold is affordable for a middle-class person because the price of digital gold starts from as low as Re. 1 only. The maximum limit to buy gold in a single day is Rs. 2 lakhs. Customers prefer to invest in digital gold at a low price, purchasing gold in a small fraction. Low price, purity, and easy availability are the main reasons for the immense popularity of buying digital gold.


How to Buy Digital Gold?


If you are thinking of investing in digital gold right now the process is not so complicated. One can buy digital gold via popular E-wallets such as Paytm, Amazon Pay, Google Pay, and PhonePe. Once you are on any of these platforms you need to perform following steps:

  • Enter an amount in INR or grams – You can buy gold of a fixed worth, or buy by weight at the live market rate.

  • Choose your payment method – Once you complete the KYC process, you will have multiple payment options to choose from such as an account, card, or wallet.

  • Store your gold in a secured locker – Your account is updated instantly, and can be accessed 24/7.

  • Sell whenever you want – You can choose to sell your gold digitally itself to the platform whenever you want.

  • Take physical delivery of the gold – In case you choose to not sell the gold, you can request for a doorstep delivery of your gold in the form of coins or bullion.

  • (Note: Delivery fees are applicable.)

Is Buying Digital Gold Safe?


Digital gold buying is a trustworthy option because entities who sell digital gold are the custodian of investor’s gold, whether investors buy it directly or via any platform. Entities appoint a trustee to oversee the quality and operation of investor’s vaults. So, investors don’t have to worry about their precious yellow metal. Therefore, the risk of getting digital gold stolen or causing any damage to it is less compared to physical gold.


Conclusion


Compared to other metal investments options gold is considered to be the most reliable one since many years. During the time of crisis when there is no cash in hand gold acts as an asset not only for individuals but also for businesses. Therefore, buying or investing in digital gold is a smarter decision in today’s time

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