In this digital age, where everything is becoming increasingly digitized, you can now buy gold online through digital gold investment apps. The concept of digital gold is gaining popularity as it offers a convenient and secure way to invest in this precious metal. In this article, we will explore the benefits of digital gold and highlight the top five digital gold investment apps in India.
Spare8:
Spare8, the first micro-investment app created entirely by Indians for Indians, aims to instill the habit of saving and investing in young Indians. Users at Spare8 have the option of investing their spare change in digital gold, which is stored in digital vaults guarded by independent trustees who must abide by SEBI regulations. With Spare8, you don’t have to wait until the end of the month to use your paycheck as emergency savings; you can start adding daily amounts to your reserve fund.
MMTC-PAMP Digital Gold:
A joint venture between MMTC Ltd, a Government of India Undertaking, and PAMP SA, a well-known bullion brand with headquarters in Switzerland, is known as MMTC-PAMP. Users of the MMTC-PAMP Digital Gold app can purchase 24K 99.9% pure gold. Following a purchase, the investor’s equivalent weight of physical gold is kept safely in a vault. Investors can also convert their digital gold into physical gold with available delivery options by regularly saving.
Google Pay:
In order to provide digital gold investment services on its platform, Google Pay has partnered with MMTC-PAMP. Users can easily buy, sell, and exchange digital gold while investing in 24K 99.9% pure gold. The app’s Gold Locker serves as a secure location to keep the purchased gold. Users can also earn rewards by giving gold to their friends. UPI PIN codes are used to secure every transaction, guaranteeing risk-free investing.
Paytm:
Users of the popular payment app Paytm in India can use its platform to invest in digital gold. Paytm offers 24K 99.9% pure digital gold in association with MMTC-PAMP. Users can check the value of their gold portfolio at any time and sell, give, or request delivery of their gold. Additionally, Paytm gives users the option to create a gold savings plan, which makes recurring investments easier.
PhonePe:
Through its collaborations with MMTC-PAMP and SafeGold, the well-known payment app PhonePe provides options for investing in digital gold. Using their smartphones, users can invest in 24K 99.9% pure gold and easily buy, sell, and convert their digital gold. The app charges reasonable delivery fees for actual gold coins and bars and offers secure lockers to store the purchased gold for Gold Buyers Adelaide.
Key Considerations When Investing in Digital Gold:
When investing in digital gold, it is essential to keep the following factors in mind:
- Across platforms, the minimum and maximum investment amounts range from Rs 1 to Rs 2 lakhs.
- Some platforms may charge locker fees, so it is advisable to check for any additional charges, even though apps like Spare8 are entirely free and have no hidden fees.
- Digital gold can typically only be held for five years before having to be sold or converted into physical gold.
- Choose a platform wisely because not all apps provide the option to convert digital gold into physical gold.
- Investments in digital gold are subject to 3% GST, which is subtracted from the principal. GST should be taken into account when buying and selling digital gold.
- Minimum and maximum investment amounts vary across platforms, ranging from as low as Rs 1 to Rs 2 lakhs.
Apps like Spare8 are completely free and without any hidden charges but there are some platforms may charge locker fees, so it is advisable to check for any additional charges,
- The maximum holding period for digital gold is typically five years, after which it must be sold or converted into physical gold.
- Not all apps offer the option to convert digital gold into physical gold, so choose a platform accordingly.
- GST of 3% is applicable to digital gold investments and is deducted from the principal amount. It is important to factor in GST while investing and selling digital gold.
- Capital gains on gold are taxable at the investor’s income tax slab rate, regardless of the
Conclusion:
Investing in digital gold through reliable and user-friendly apps provides a convenient and secure way to diversify your investment portfolio and protect against inflation. The featured digital gold investment apps
