One of the India’s largest e-commerce and e-payments company paytm , is now offering Digital Gold to its users. In October 2017 on Dhanteras day, paytm claims that over one million buyers have purchased the Paytm Gold worth ₹120 crore.
“Through Paytm ‘Digital Gold’ feature one can now buy gold for as low as ₹1 online.
Consumers can purchase 24 Carat 999.9 purity gold online and can store it in vaults of
MMTC-PAMP for no other extra charge.
Paytm has sold over 175 kg gold on its platform since the launch of its service.”
How to buy Digital Gold through paytm app ?
1) Must have the latest version of your paytm app.
2) Open your app scroll a little bit and come in the recharge or pay column.
3) Scroll the column towards your right untill you see the gold icon, click on it.
4) An interface will occur displaying the regarding information.
5) Click on the Buy 24K Pure Gold option. (paytm digital gold desktop page
6) Enter the desired amount for the gold and click on proceed.
As per the GAP(Gold Accumulation Plan) offered on the Paytm platform (app and website), a consumer can buy gold for as low as ₹1. The plan allows you to buy and sell in fractions of, say 0.1 gms or of ₹1 or ₹ 2.
7) The specified amount of gold in grams is now safely kept in your vault.
8) You can check your status in Your Gold Locker option .
Consumers can buy as much gold as they want but Paytm has made it mandatory for users to provide KYC for transactions of Rs 20,000 and above and PAN card for over Rs 50,000 worth of Gold.
By this feature one can check the daily rate value of gold and can buy it at the lowest
How to sell my Digital Gold ?
One can also sell the gold that has been kept in their vault. It leads to the profit if the
transaction of gold is done in grams at the higher rate.
- The consumer will be required to share his/her Bank account number and IFSC code to be able to sell.
- After paying the convenience fee, you will immediately see the amount credited in your bank account while the Gold balance in your Gold account will be debited.
- IMPS Transfer Fee of Rs. 10 is applicable for selling of Gold.
would highly recommend to use this on mobile through paytm app as its easy to monitor on the app.
What will happen if account is inactive ?
If you don’t do any buy or sell transactions for more than 6 months, then in such cases account is considered to be inactive.
In this situation Paytm will notify you to make a transaction on your registered mobile number and email.
Paytm can even close such inactive accounts. In such cases the gold left in your account will be converted at the “sales price” derived by MMTC-PAMP on the day of conversion and the complete amount from these proceedings will be kept separately in a “dedicated GAP account” maintained by MMTC-PAMP.
You can claim the amount by reaching out to MMTC-PAMP and providing relevant ID proofs and account details.
All applicable taxes are included in your invoice. (taxes applied would be equal to the taxes applied on real gold)
If account holder dies, then the legal heirs have to inform about such gold holding to Paytm. The account will be closed and the gold holdings will be transferred to legal heirs.