Gold is considered as a 'store of value' as the yellow-metal is able to maintain its value instead of depreciating over the medium to long term. Further its quality that allows you to diversify your overall financial portfolio cannot be undermined. Now in the current unprecedented times that we are in, the prospects of gold gaining in price have brightened. So, with the bullish outlook on gold, if you too want to buy gold on the auspicious occasion of Akshaya Tritiya that is falling on May 14, 2021, here are listed out some quick ways to buy gold online:
Buying gold over Paytm
- Paytm offers gold buying via its Paytm Gold platform which is a simple, safe and transparent way to invest in 24K gold.
- Paytm's 99.99% 24K pure gold is being offered from MMTC-PAMP i.e. accredited by the London Bullion Market Association (LBMA)
- Gold on Paytm can be bought for as less as Rs. 1 and maximum for Rs. 1,99,000. In grams selling of gold starts from 0.0005 gm.
- As per the FAQs on gold buying over Paytm, the live price at which you choose to buy gold will be valid for 7 minutes from the time when you click on the option to buy.
- For the payment mode, the wallet company accepts the following modes which include Paytm wallet, debit card, net banking, ATM card or any other payment mode as Paytm may make available on their platform
- After your buy order is accepted by MMTC-PAMP, you will receive and invoice and the said quantity will show in your Paytm Gold account under Locker balance.
- Storage: Customers can buy and store gold over the Paytm platform for a 5-year period from the purchase date. Storage charges shall be 0.04% per annum of your gold holding. Note if you continue to hold your gold with the payments company even after the custody period of 5 years, additional charges, as applicable at that point in time will apply.
- Redemption of gold from paytm:
When you redeem your gold positions, you need to give your bank account details including IFSC code and money will be credited within 72 hours into your account.
- Selling price on any given day is less than the buying price which as per the FAQs is the standard bullion industry and trade practice. This is also because some of the costs are involved including taxes, bank charges etc.
- For the delivery of gold to your address you should be holding gold of at least the value of coin you want to get delivered. Gold coin in denomination of 1,2, 5 or 10 gm are being delivered against your gold holdings in Paytm.
- Also redemption of Paytm gold can be done as jewellery as the payments company has tied up with various jeweler entities such as PC Jewellers, among others.
Buying Gold on PhonePe:
How to buy gold on PhonePe?
-For buying gold on PhonePe, go to the ‘My Money' link on the menu bar below on the app.
- Now go to investment section, under which you will find ‘Gold'
-To start with your Gold Savings over PhonePe that is trusted by 60 lakh plus customers, you need to select one of the 2 providers i.e. MMTC-PAMP or Safegold. Both of them are offering 24Karat 99.99 percent pure gold.
-The real time price of gold being displayed for a gm for your gold purchase will remain valid for 5 minutes. And includes GST, custom duty etc. Also, the rates differ by the two providers owing to the difference in gold in terms of fineness.
- You can start your investment in gold at PhonePe for as less as Rs. 1 or 0.001 grams. For selling you need to have minimum gold of Rs.5. Also, you cannot buy and sell your gold holdings on the same day.
- For the payment mode, the wallets company is accepting BHIM UPI, debit card and credit card.
- Investor can invest in gold up to Rs. 2 lakh at any point. And beyond that you would need to fulfill KYC requirements.
- Digital PhonePe gold can be redeemed as coins or pendant starting from 1 gram. For the same, you will be charged both making and delivery charges.
How to buy Gold over G-Pay?
1. Open Google Pay
2. Under the Finance section, you will find the tab saying ‘Gold' click there.
3. Then tap on the buy option. Here the live buying price for your purchase shall remain valid for 5 minutes.
4. Enter the amount of gold you want to buy or specify the amount (INR) for which you wish to buy gold.
5. Next tap on the check mark
6. Choose your preferred payment mode
7. Tap proceed to pay. Note after the transaction is completed successfully, the gold purchase should reflect in your locker within a few minutes.
Importantly, your Gold locker is linked to your SIM and phone number. In case you happen to change your phone number, G-Pay would verify your identity to enable you to access your account.
Features of gold purchased on GPay
• On G-Pay you can digitally buy and sell gold via MMTC-PAMP.
• MMTC-PAMP offers 24K 99.99% pure gold that is stored in a Gold Accumulation Plan (GAP)
• Herein MMTC-PAMP acts as a custodian and maintains your gold in the physical form as long as you own it.
• Your gold purchases via MMTC-PAMP are fully insured that ensures the security of your gold.
• There is no overall limit on the total value of gold you can buy over GPay. Nonetheless, the daily gold purchase limit is capped at maximum Rs. 50,000.
• Minimum purchase amount is Rs. 1. But GAP accounts that hold gold over Rs. 49,999 need to comply with KYC norms for making additional purchase.
• Note the buying price on GPay flashes in per milligram and includes tax or GST as applicable