India is the world’s largest consumer of gold. As per World Gold Council estimates, Indians presently hold more than 24,000 tons of gold worth $ 900 Billion. Digital Gold in partnership with MMTC and Switzerland’s PAMP, has triggered people’s interest. An individual can buy up to a maximum of 1.50 lakh per transaction whereas there’s no limit on the number of transactions
With Paytm launching its Payment Bank services on May 23, users were left curious what exactly has their digital wallet service changed into. Founder, Vijay Shekhar Sharma says that presently, it’s not simply a wallet or a Payments Bank, but also a gold retailer.
For this, Paytm has partnered with India’s only internationally-accredited plant MMTC PAMP to launch digital gold on its platform. The Digital Gold platform permits are MMTC PAMP’s most secure with 100% insured vaults at no extra charge. A customer using Paytm can see the live price of gold and might also request this gold to be delivered to their homes within the style of minted coins or sell it back online to MMTC PAMP.
“The elementary plan behind digital gold was to bring wealth management to the common man like a chai-wala or auto-rickshaw driver who loves gold, ” Vijay Sharma aforesaid in an interview with Bloomberg Quint.
What is Paytm Digital Gold?
If you’ve got a Paytm e-wallet, you can purchase and sell gold in digital and physical forms. though there’s a monthly transaction limit of Rs20,000 and a daily transaction limit of Rs5,000 for using the e-wallet, you can purchase gold of any amount using alternative payment modes on the same platform. you can use payment models like internet banking, MasterCard or debit card on the same platform and don’t need to load the wallet to buy gold.Paytm Gold permits its users to buy, store and sell gold on its platform. Transactions are carried out in either gram or in rupees. You can buy/sell Gold any day, Anytime without any public/bank holiday restrictions. it’s to be noted that Paytm Gold isn’t a collective/systematic investment scheme. Users won’t earn any interest on investment, and there’ll not be any monthly investment.
How much it costs?
There aren’t any charges while buying. However, if you’ve got to sell gold in digital form or redeem gold in physical form, you’ve got to pay a fee. If you redeem gold in physical form—bars or coins—you will need to pay making and delivery charges. According to Paytm’s website, charges for one gram of physical gold is Rs 351, for two gram it’s Rs 377 and Rs 629 for 10gram. Delivery of physical gold happens within 14 working days. you can also sell the gold. To sell in digital form, you need to provide your bank account number and IFSC code and pay a convenience fee. “The Rs10 convenience fee is to provide for the value of transferring cash to the bank,” said Hegde. Once you enter the details, the cash is transferred to your bank account instantly. However, you can’t get the money in your wallet. The convenience charge will be subtracted from your wallet. once you sell, remember there’ll be a price difference because sell is a buyback offer by MMTC PAMP. for example, on 20 May, the buy price was Rs 2,922 per gram whereas sell price was Rs2,789. “The buy and sell prices of gold vary as per the real-time global market-linked price.
Is buying gold legal on Paytm?
Paytm only acts as a platform for seller MMTC-PAMP India, which is India’s largest gold refinery.
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