Diwali 2024: Today is Dhanteras. During Dhanteras, the first day of the Diwali festival, it is customary to acquire or allocate funds for precious metals such as gold and silver, as they are considered to bring good luck. The advent of technology has revolutionised the way people invest in gold. The emergence of digital gold has become increasingly popular, enabling individuals to easily purchase, store, and trade gold through mobile applications.
Digital gold is a convenient way to purchase and invest in gold without the need to physically possess the metal. Transactions can be made online with a minimum value of Re 1. This form of investing has gained popularity as it provides easy accessibility and flexibility through online platforms, eliminating the necessity of a demat account.
Jio Financial Services (JFSL) has introduced SmartGold on the JioFinance app, offering customers a convenient way to digitally invest in gold. Users can purchase pure, 24-karat gold starting from just Rs 10. Additionally, for those who prefer physical gold, there are options for doorstep delivery in various denominations ranging from 0.5g to 10g.
Investors have the flexibility to redeem their SmartGold units for cash or physical gold at any time. The gold equivalent of each investment is securely stored in insured vaultsSurat Investment. With real-time market prices displayed on the JioFinance app, customers can make well-informed investment decisions and track the value of their gold holdings.
Other apps that offer similar plans
1. BharatPe: BharatPe has introduced a new investment platform called Invest BharatPe, with digital gold as its inaugural product. In collaboration with Safegold, customers can now conveniently purchase and sell gold digitally through the Delhi-based fintech’s application.
2. PhonePe: PhonePe has streamlined the process of purchasing digital gold through their app, allowing users to buy gold for as low as Rs 1. The gold bought on PhonePe is securely stored with a trusted partner, and users can easily sell their gold for instant liquidity.
3. Google Pay: Google Pay partners with MMTC-PAMP to enable users to buy, sell, and exchange 24k gold of 99.9% purity digitally. The purchased gold is held securely in digital form and can be sold at any time based on the current market value of the precious metal.
4Indore Investment. Airtel Payments Bank: Airtel Payments Bank, in collaboration with SafeGold, offers Digi Gold, allowing customers to invest in 24K gold quickly through the Airtel Thanks app. The gold purchased is securely stored by SafeGold at no extra cost.
5. Amazon Pay: Amazon Pay is now offering digital gold purchases, allowing users to buy gold using their accounts. Prime customers can earn a flat 3% back on select dates, while non-prime customers can earn a flat 1% back on digital gold purchases using Amazon Pay UPI.
6. Paytm: On Dhanteras, customers can purchase gold in various denominations through Paytm, which offers digital gold of 24K and 99.9% purity in collaboration with MMTC-PAMP. Users can manage their gold holdings, buy or sell, gift, or receive physical delivery after making a purchase.
Steps to note before buying digital gold
Select a platform: Always choose for a trustworthy platform to purchase digital gold. Financial apps, banks, and digital wallets offer the option to buy in small quantities with minimal paperwork.
Determine the investment amount: Digital gold can be bought for as low as Rs 1.
Finalise the purchase: Once you have chosen the amount, verify your transaction, and your digital gold will be safely kept in a vault. You will promptly receive confirmation of your investment.
Things to note if you sell digital gold early
Selling digital gold soon after purchasing it may lead to potential losses due to various factors:
> Market Fluctuations: Short-term fluctuations in the market can result in selling at a lower price than the initial purchase price.
> Platform Exit Fees: Certain platforms impose fees for early exits, which can decrease your overall returns.
> Missed Long-Term Gains: Gold generally tends to increase in value over timeBangalore Wealth Management. Selling prematurely could mean missing out on the long-term compounded growth that gold provides.
Jaipur Investment