Smart Ways to buy Gold online from Authorized Dealers with Extra Savings!

This Diwali learn smart ways to buy gold online with Paytm, Amazon, Google Pay, PhonePe and MobiKwik.

by Akansha_B Updated: 20 Dec, 2020, 14:22 IST
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Gold has been deep-rooted in the history of Indian culture, and we love our Gold. The yellow metal holds a greater value than any metal in our country, and to buy gold is considered auspicious.

As Diwali is approaching in the coming month, everyone will want to buy Gold on Dhanteras as a gesture to bring good luck and prosperity. Dhanteras has come to be known as the most auspicious occasion for buying Gold, silver and other metals.

In India, parents buy Gold for their daughter's wedding, for gifting loved one and for future security. Gold has been long viewed as an important asset for a family's wealth. More Prominently is used as a means of investment.

If you want to invest in Gold, there are safe routes that a person can opt for like invest via gold exchange-traded funds (ETFs), gold mutual funds, physical Gold like coins and bars, Sovereign Gold Bonds (SGBs) and the latest being digital Gold.

Today in this article we are going to provide you with information on buying Gold online, how you can buy, these safety measures and the benefits of it.

What is Digital Gold?

Digital Gold is a cost-effective and convenient way to buy Gold. Digital Gold permits you to buy, sell and store pure Gold in fractions anytime and anywhere. Hence, even with a minuscule monetary investment of Re.1, one can buy a specific quantity of refined metal.

Due to the availability, it provides for the buyer; it is rapidly gaining friction amongst the investor community.

In India, there are three companies where you can invest for digital Gold in collaboration with Augmont Gold, MMTC-PAMP India Pvt. Ltd, a shared investment between state-run MMTC Ltd and Swiss firm MKS PAMP; and Digital Gold India Pvt. Ltd, with its Safe Gold brand.

The Gold bought is backed by an actual 24K physical gold, that can be easily sold back online at market-linked gold rate. Reasonably, you do not have to worry about the surplus of concerns discussed above, like paying for its storage or making charges. How can you buy Gold online?

Where can you buy Gold online with Extra Savings?

To buy gold online digital wallet providers and E-commerce websites have collaborated with the above-mentioned companies. Also, there are offers on Credit Card payment, Wallet payment and more so be sure to look out for the offers. 

Let us look at some of the well-known platforms that offer digital Gold.

Amazon

Amazon's wallet Amazon Pay, the financial services arm of e-commerce colossus, Amazon India enables users to buy digital Gold from them for a sum as small as ₹5.

The digital gold investment service on Amazon is called 'Gold Vault.' Amazon Pay has partnered with SafeGold so that you can buy, sell and take delivery of 24k physical Gold, at low ticket sizes, around the clock, the investors can purchase and sell the amount of Gold at any time with market pricing and without any trouble of renting a vault for safety. SafeGold offers 24 carat gold of 995 purity (99.5% pure).

You can buy digital Gold at Amazon app on the Amazon Pay Page. Go to the search bar and enter what you are looking to buy.

Click on the Gold Vault icon below the billing. You can see the buy price at that time. Confirm the rupee value or the gold weight in grams that you want to buy and finish the payment. It will also ask for a PAN verification, and the prices are valid for 5 mins as they are linked to the live gold rate, post which it will be refreshed.

The value of Gold bought will be credited to your Gold Vault; that can then be accessed anytime from your Amazon account.

Apart from that, you can Buy Gold products like bars, ornaments, directly from the shop by category menu.

Paytm

The Noida-based Paytm is a Money wallet that allows one to pay, transfer and shop on it. Paytm Gold is the Minimum amount to buy Gold on Paytm starts from Re 1 to a maximum of Rs 1.5 lakh. In grams, you can buy a minimum of 0.0005 grams and a maximum of 50 grams.

The Paytm wallet has partnered with MMTC-PAMP that allows an investor to buy digital Gold and store it for no charges. Physical Gold can be ordered in the form of mint coins to your doorstep, paying a minimum delivery charge. MMTC-PAMP offers 24 carat gold of 995 purity (99.5% pure).

Paytm Gold purchase and selling is a secure process where you can store your Gold and sell it without paying for any locker charges.

To buy Gold from Paytm, you can simply open the app, click on the gold icon and proceed with the amount you want and pay for it. You can check into your account whenever you want through the app.

PhonePe

Flipkart-owned PhonePe is a widely used wallet by the Indian population. PhonePe launched their Gold service 2 years back that allows buyers to buy and sell gold for as low as Re 1 at transparent prices.

PhonePe has partnered with SafeGold to provide the online gold service. SafeGold has selected IDBI Trusteeship Services to protect the interest of investors concerning their gold purchases.

The Gold bought on PhonePe app is stored in a Brink's vault that is maintained by both the providers, SafeGold. The purity of Gold they offer is 24 carat gold of 995 purity.

All you need to do is download the app, make an account, and you can easily monitor the gold prices that are refreshed every 7 min as per the commercial gold market.There is 5% assured cashback back to PhonePe Wallet when you make a purchase for the gold from your wallet itself. 

You can monitor the prices and then buy Gold, so it befits your amount of investment.

Google Pay

Tech giant Google has partnered with gold refiner MMTC-PAMP India to allow Google Pay users to buy and sell Gold through their app.

The Gold, your purchase from them, is 99.99% pure 24 K gold from MMTC-PAMP. The Gold you buy is stored in a Gold Accumulation Plan (GAP) that MMTC-PAMP upholds for you by storing your Gold in the physical form as a guardian as long as you own the Gold. MMTC-PAMP gold purchase is 100% insured, ensuring your Gold's security.

To buy Gold from GPAY, you need to have a google pay account. Once you have an account, you can go to the app to select gold and enter the amount of grams you want to invest in and make the payment.

Once the payment is made, your Gold will be stored in the vault, and you can access it anytime and anywhere through the GPAY app.

MobiKwik

The Digital financial services platform MobiKwik launched digital gold service in 2018. The service allows all MobiKwik users to buy and sell Gold of 99.5 percent purity, 24-carat gold on the app, starting at as low as Re 1.

MobiKwik has tied up with SafeGold, a digital platform that allows customers to buy, sell and receive vaulted Gold. You can also order physical Gold from the app by paying a minimal delivery charge.

You can Buy Gold by creating an account on MobiKwik app and go to the gold option. Enter the amount in rupees or grams and make the payment. There is an exclusive offer on buying Gold worth Rs. 500 on Mobikwik and getting a Goldback worth up to Rs. 50, which is quite a good offer. 

You can check your Gold directly from the app and also you can Exchange MobiKwik Gold with physical Gold at nearby CaratLane stores.

Is it safe to buy Gold online?

Envision being able to buy physical gold for a small investment at Re 1 from the convenience of your home, without worrying about its purity, security and storage. This is the perks of buying digital Gold.

It is a mode of investment for physical Gold, and it sure has a great amount of advantages for the users. While buying Gold at a minimum amount of Gold with just a click, there are some factors to consider while buying.

The most important is for you to get profits on your investment. If you want to sell your Gold on an urgent basis, the current market price is applicable. As an investor, you do have the option to withdraw physical Gold and exchange it away with coins or bars, but this takes time, and you could miss out on a good price point to sell.

Another issue is that if you do not make a payment for 6 months, your account would be considered as inactive. The regulation check of the account is also a risk to consider.

MMTC-PAMP and Digital Gold India seem to tick all the right boxes. Investing in digital Gold seems a great option, keeping in mind the minor setbacks that can be dealt through regular checking your account.

Hope the above article will educate about digital gold and how you can buy gold. 

7 Comments  |  
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Deal Cadet Deal Cadet

Sovereign gold bond is best you can apply from your net banking and its available 1st week of every month.

Minimum buy 1 gram

No extra GST

No extra charges from 3rd party and 4th party i.e amazon phonepe n paytm

If you want more flexibility open a demat account and you can buy n sell instantly.

Last but not least yearly intrest credit of 2.5% p.a equivalent to savings account intrest rate

Deal Newbie Deal Newbie
ravi7click wrote:

Sovereign gold bond is best you can apply from your net banking and its available 1st week of every month.

Minimum buy 1 gram

No extra GST

No extra charges from 3rd party and 4th party i.e amazon phonepe n paytm

If you want more flexibility open a demat account and you can buy n sell instantly.

Last but not least yearly intrest credit of 2.5% p.a equivalent to savings account intrest rate

Hi I subscribed for SGB via net banking in Axis Bank, but monthly it was not debiting after contacting them they told as I need to have Axis Direct account to get the money debited.

Does anyone know is this is the only way or any other way is there?

Deal Subedar Deal Subedar
ravi7click wrote:

Sovereign gold bond is best you can apply from your net banking and its available 1st week of every month.

Minimum buy 1 gram

No extra GST

No extra charges from 3rd party and 4th party i.e amazon phonepe n paytm

If you want more flexibility open a demat account and you can buy n sell instantly.

Last but not least yearly intrest credit of 2.5% p.a equivalent to savings account intrest rate

INR 50 per unit discount on buying online and transparent pricing, guarantee of Govt… SGB are best mode to invest in gold…

Deal Cadet Deal Cadet
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arorasid wrote:

INR 50 per unit discount on buying online and transparent pricing, guarantee of Govt… SGB are best mode to invest in gold…

N what about the lock in period sir ?

Deal Cadet Deal Cadet

Great thread. Thanks for sharing this info.

Deal Newbie Deal Newbie

Mobikwik is worst .In the updated app, mobikwik allows the digital gold to be sold only in " MOBIKWIK WALLET"

replyuser