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How to Buy and Sell 24K Gold Instantly in India?

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One of the newest ways to invest in gold is to buy digital gold. Gold is popular among Indians because it is not only one of the most prominent investment options, but it also provides good returns. As of now, there are many avenues where we can invest in gold in different forms. However, one has to check the redemption and taxation before making a decision.

Physical gold, Gold ETF, Gold Bonds, Gold coins/bars, and Gold funds are some of the popular ways to invest in Gold. The latest one to join the race is Digital Gold.

What is Digital Gold?
 

What is Digital Gold?

Digital gold means digital or online investment in physical gold. Digital Gold can be purchased online and is kept in secure vaults on behalf of the customer by the service provider. This 24 karats investment-grade gold can be purchased using a range of payment platforms, allowing for transactions to be completed from any location.

We can buy and sell gold instantly using apps. If you want to buy gold so that you can sell it quickly, digital gold is the better choice. Physical gold trading is time-consuming and exhausting, particularly when purchasing gold jewelry, where we are often spoiled for options. However, digital gold allows you to freely exchange in terms of your purchased digital gold at any time and from any place.

How to buy/sell gold instantly?

How to buy/sell gold instantly?

To begin, go to any of the digital gold investment platforms, download the respective app. Once you Login, you perform the following steps:

Step 1: Type in a quantity in Rupees or Grams.

Note: Gold may be purchased for a set price or by weight at the prevailing market rate.

Step 2: Select your payment method

Note: After you've completed the KYC process, you'll be able to choose from a variety of payment options

Step 3: Your gold in a secured locker

Note: Your account is updated instantly with the amount and grams. It can be accessed anytime.

How to Buy Gold using Amazon Pay?
 

How to Buy Gold using Amazon Pay?

Step 1: Open Amazon App

Step 2: Go to Amazon Pay from the drop-down menu

Step 3: Scroll Down to Click to open 'Gold Vault'

Step 4: Under the 'Buy Gold' tab, Enter the amount

Note: Once you enter the amount, it shows the equal amount of grams. Change in amount changes the grams. You can also see today's 24K gold rate on the page.

The minimum amount to be entered is Rs 5.

Step 5: Click to agree on terms and conditions

Step 6: Click 'Proceed to Buy'

Note: There is no Amazon Pay option available

Step 7: Select the payment option - Debit card, Credit card, Net Banking, and UPI options are available

Step 8: If UPI- Enter UPI Pin and Submit

You will receive a confirmation of the amount and gold in grams. Click on Check you Vault.

How to Sell Gold using Amazon Pay?

How to Sell Gold using Amazon Pay?

When you sell your gold, remember that GST will be deducted.

Step 1: Click on 'Sell Gold'

Step 2: Enter the grams

It will show your amount deducting the GST

Step 3: Click Continue

Step 4: Choose the payment option.

Step 5: Confirm the payment

You will receive your money instantly in your account.

Things to know before investing in Digital Gold

  • You must pay a 3% goods and services tax (GST) when purchasing digital gold.
  • One of the benefits of digital gold is that it allows you to take physical gold delivery. As a result, you will have to pay delivery fees.
  • These digital gold products typically have a maximum retention period during which the investor must either take delivery of the gold or sell it back.
  • The lack of a regulatory framework is the main source of concern when it comes to digital gold.
  • If you're converting your digital gold investment into physical gold, you may have to pay some conversion fees.

Conclusion

The process remains the same for almost all apps. But has to do their due diligence before choosing. Apps such as Amazon Pay, Paytm, Groww, Paytm, HDFC Securities, G-Pay, or Motilal Oswal allow you to buy and sell gold instantly.

Read more about: gold digital gold
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