Benefits When Investing In Digital Gold

Digital gold is an innovative gold investment option, which can be bought online and stored in secure vaults provided by the service provider on the client's behalf. It is possible to purchase this 24 karat investment grade gold via various mobile and online banking platforms. It is easy to make a transaction from any location.

What is digital gold?

Every purchase made buy digital gold will be at the current gold price. The amount of your digital gold balance is added to that balance. You can purchase buy digital gold by weight in grams or an amount of rupees. The minimum amount is typically 1 gram or 1 rupee,. You can access digital gold via mobile ewallets like PhonePe, Paytm and SafeGold and also online banking applications and websites. These apps and websites provide a platform for leading refineries as well as metal trading companies like SafeGold, MMTC PAMP, etc. to sell and list gold online. Digital gold can be purchased and stored in a vault under your name. You are able to take delivery of the gold, or even exchange it. It's then removed from the vault and returned to you in the format you like. This is only possible in the event that you have a minimum amount of gold in your digital account. The amount you have available can differ between platforms. You can also use digital gold as collateral to obtain an online loan in a matter of minutes.

Digital gold investing has important advantages
Digital gold permits for a variety of investments. There are no restrictions on purchases. You can buy just Rupee 1 and as high as 1 gram on the majority of platforms.

Quality assurance: You are guaranteed of the pure 24 karat with quality starting from 99.5%, along with the legitimacy of legally purchased gold by the providers.

Real-time and transparent pricing. The price of digital gold is linked to the current market price. Apps that offer digital gold display the per-gram price for 24 karat gold. This includes duty but not GST.
Digital gold can be traded as cash, bars, or coins. The digital gold you purchase will be delivered in a tamper-proof container and then shipped to you in the form of bars or coins. You can also receive the cash equivalent of the market price of your digital gold. It will be credited to your account at a bank.

You can exchange digital gold for jewellery. The service provider will give you the list of jewelers who are partners.

Safe storage: The obligation of protecting your digital gold and keeping it safe rests with the seller, who will ensure that it is kept in a secure vault. This eliminates the risk of theft or loss.

Easy to track: Every transaction you make will be tracked in your account's history, allowing you to consult whenever you want to.

Transparency of transactions: All parties to digital gold transactions have to be registered corporations. They are tightly controlled.

Digital gold buying
Before you make any transaction Before you make any transaction, fill out the KYC forms. Enter proof of identity as well as proof of address and bank information into the app or web site.

The prevailing gold price and the names of the vendors are mentioned on every app/e-wallet and frequently updated. You can verify the correct price by checking the price page of MyGoldGuide or other major newspapers and websites..

Mobile wallets generally come with monthly or daily transaction limits. Before you complete a transaction, be sure to check the limit.
You'll require your PAN details in case your transaction is greater than Rs 2 Lakh.

Exchange of digital gold
You can exchange your gold for cash by selling the accumulated buy gold online amount) on the same platform at the current rate for gold. The funds will be sent to your account in the timeframe defined by the service provider.

The app requires you to keep at least a certain amount of gold on your account. This amount can vary from app to app.

Give a delivery location on which the delivery fee will be calculated. Beyond your registered address, delivery could also be offered at certain approved jewelers and distributor branches.

The jewelry pieces you purchase might not be available for exchange with digital gold. Prior to purchasing or exchanging your digital gold, be sure to verify the coverage of jewelers who partner with you.