Digital Gold investment:Buying gold on Dhanteras is considered auspicious, but during the festive season, rising gold prices and making charges make it very expensive. Additionally, finding the right seller can also be challenging. The simple solution to this problem is digital gold. Through this you can buy pure gold at the current market price without any extra charges. It is also easy to buy and sell, and it is always available at market price. Now the question is how to buy it? Before investing money in it, know here what is digital gold? Also understand the advantages and disadvantages of these options.
Digital Gold: Easy option for small investment
Digital gold is such an option in which you can invest in gold even with a very small amount. This investment is backed by 99.9% purity gold, which you can buy through some online platforms or jewelers. In this type of purchase, you do not need a demat account, and you can start investing in gold with just Rs 1.
Also read: Investment Tips on Diwali: This Diwali, along with cleaning the house, make your portfolio also shine, these 10 tips will be very useful.
Benefits of digital gold
Small investment facility: You can buy digital gold for just Re 1
You can buy digital gold even for Re 1, which is a great facility for small investors. A big advantage of buying digital gold is that you can buy it from Rs 1 to Rs 2,00,000 every day. When you buy digital gold, it is on paper, but its value increases and decreases with the market, just like physical gold.
no worries about security
You don’t have to worry about it being stored or stolen as the seller will take care of it on your behalf.
No demat account required
Demat account is not required to invest in digital gold.
converting into physical gold
Digital gold can be converted into physical gold, such as gold coins or bars, and even into jewellery. Some platforms also allow you to convert your digital gold into physical, but for this you have to fulfill certain conditions, such as you must have at least one gram of gold.
Apart from this, selling digital gold is very easy. It is as simple as sending money to someone through UPI. Talking about purity, the difference is that physical gold is 22 carat or 91.6 percent pure, while digital gold is 24 carat or 100 percent pure.
Disadvantages of digital gold
3% GST is applicable on purchasing digital gold. Apart from this, some platforms also charge storage fees.
Digital gold is not directly monitored by SEBI or any other government regulator, which can increase the risk.
Also read: Gold ETF vs Digital Gold: What is wise to buy this Dhanteras, what is better between gold ETF and digital gold?
These apps are best for buying digital gold
Leading digital payment platforms in India like Google Pay, Paytm and PhonePe allow users to quickly buy digital gold without installing any app or creating a new account.
How to buy digital gold on Google Pay
Open Google Pay app and search “Gold Locker”. Here you will see the current price of gold, which includes taxes. Click on the “Buy” option, enter the amount, and complete the transaction.
You can also get physical gold coins delivered to your address using this option, but this service is available only for select pin codes.
How to buy digital gold on Paytm
Open Paytm app and click on “Paytm Gold”. Here you can buy digital gold up to Rs 2,00,000 at a time.
/financial-express-hindi/media/media_files/2024/10/29/MGGKX47zmycBcPWKui91.jpg)
Paytm also often gives limited time offers and deals. Additionally, Paytm has the option to set up a systematic investment plan (SIP), allowing you to automatically add digital gold to your portfolio.
Buy digital gold like this from PhonePe
/financial-express-hindi/media/media_files/2024/10/29/dEU70BROjOIdCBBHg8jv.jpg)
Buying digital gold on PhonePe is very easy. First of all, open the PhonePe app and go to the “Wealth” section. Then click on “Gold” option. From here, you can buy digital gold as per your need.
Through these options, you can buy gold anywhere and anytime, which makes it very convenient. Another interesting app that allows people to save money in the form of digital gold. The name of that app is Jar. Jar app allows users to save just Rs 10 daily in digital gold. This app automatically invests the money left from your online transactions in digital gold. This makes it easier for you to save and you can also convert your gold into cash or physical gold.
Also read: Dhanteras 2024: You can buy gold and silver from these platforms sitting at home on Dhanteras, step-by-step process to order online.
Know this also
There are two important factors for buying physical gold compared to digital gold. First, this gold will remain with you forever, and it can also be used as jewellery. However, you may face losses on selling physical gold, which include wastage, manufacturing expenses and other things.
MMTC-PAMP India Private Limited is the most popular seller of digital gold in India, and you can also buy digital gold from the official website of this company. You can check the details about the methods of purchasing gold and silver from the joint venture of India’s MMTC and Singapore’s PAMP with the help of these links.
