How to buy Digital Gold in India?

Short Answer

Digital gold is a new concept in India, which is getting popular nowadays. There are various online platforms such as Paytm, Mobikwik, PhonePe, GooglePay from where anyone can buy digital gold from as low as 1 INR.

Detailed Answer

There is no doubt that Indian's love buying gold. Whether it is for our own use or investment, Indians do love buying them for various reasons. Gold was always been a means of investment. If one is looking to invest in gold, Digital Gold may sound like something new to them.

Digital Gold is getting popular nowadays and as a result, various mobile wallets such as Paytm, Mobikwik, PhonePe, GooglePay many others are adding options to their platform, where users can purchase gold directly. Many of these mobile wallets collaborate with MMTC-PAMP, SafeGold, and others to offer the option to purchase gold to their users.

If you are an investor and looking to invest in gold, then you may have some questions in your mind. How to buy digital gold? Who is offering digital gold in India? Is digital gold safe? And so on. Here we are going to cover some of these points in detail.

How to Buy Digital Gold in India Online?

One can purchase digital gold online through various mobile wallets such as Paytm, Mobikwik, PhonePe, GooglePay, and so on. All of these platforms offer gold buying options in association with MMTC-PAMP, SafeGold, and many others.

Both MMTC-PAMP and SafeGold, allow users to buy gold of 24KT online through one of these online mobile wallets or platforms. If purity is your main concern then it should be noted that MMTC-PAMP allows you to buy gold of 99.9 percent purity whereas SafeGold offers 99.5 percent purity.

As a result of this, MMTC-PAMP is widely offered by various platforms, and it is a joint enterprise between government-owned MMTC and Switzerland-based PAMP SA. On these platforms, users can buy gold from as low as 1 INR. One can also receive gold from others and sell their own purchased gold whenever they want.

Is Digital Gold Safe?

Now coming to the next concern is that is digital gold safe? Then the answer is yes. It is even safer than offline gold purchases. When someone purchases any gold through Paytm, Mobikwik, PhonePe, GooglePay, and so on, the gold purchased is stored in a vault, which is completely safe.

Apart from that, there is no charge for the storage of gold in these vaults. So, digital gold are not only safe but also cost-effective and more investment-friendly than offline ones.

However, you should remember that, when you purchase gold offered by MMTC-PAMP, the vault charge is free, but you can store your gold for five years. After 5 years you can either sell your gold or convert them into gold coins.

Conclusion

So this is how you can buy digital gold in India. Digital gold is a useful and safe way if you are looking to invest in gold. However, while choosing which provider to opt for your digital gold purchase, you must compare their features and costs of the product.

Moreover, there are several investment plans available on these platforms, so as an investor you need to evaluate your needs and financial goals before investing in any plan.

Tagged With: digital goldgold investmentbuy goldgold
Categories: Investment
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Discussion (1)

    Buying digital gold can be executed through several payment applications such as Paytm, PhonePe, and so on. Moreover, you can even invest in digital gold through Groww as well. There might be a small fee that might be deducting while buying digital gold.

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