Have you ever thought that one day you will send money to your family and friends without visiting a bank? Or have you thought of selling your car online? Digitalisation has made all this possible. With everything going digital, did you know you can buy gold online as well? It is called digital gold, and it is very much real.
Gold has been one of the first investment options for generations now. It is the first thing that comes to a person’s mind when they have excess cash. This is mainly because it is not just a wealth creator but also considered auspicious.
With gold available on digital platforms, you might be confused about where to buy it and which platform to trust. Worry not, we have curated a list of the best platform to buy digital gold.
What Is Digital Gold?
Digital gold investment is a financial asset which is similar to physical gold. It has similar properties to physical gold but is in digital form. Unlike physical gold, digital gold is stored in an online vault. However, it is backed by the purest form of gold.
So, every time you buy digital gold, the seller stores an equivalent weight of physical gold in the secured vault. The minimum amount of investment in digital gold is Rs 1 and can be purchased only from MMTC-PAMP, SafeGold, and Augmont Gold or their agents and brokers.
All the digital platforms that sell digital gold have tied up with one of these companies. They allow you to buy, sell, or exchange digital gold with physical gold. To invest in digital gold through these platforms, you must complete your KYC (know your customer). Once the platform verifies your identity, you can start investing in digital gold.
Best Platform to Buy Digital Gold In India
The Top 12 Best Platforms to buy Digital Gold in India 2024 are:
Jupiter Money
Jupiter Money is a personalised money management app that helps you take control of your finances. Apart from tracking your expenses and helping you save in pots, it offers a host of investment alternatives. One of them is digital gold which it offers by partnering with MMTC-PAMP.
Through Jupiter Money, you can invest in digital gold with 24K 99.9% purity. You can buy and sell your gold anytime and anywhere with just a swipe. The gold you buy is stored in secured vaults which are free for a lifetime.
The best feature of Jupiter Money is that you can set up an investing habit. You can auto-save a certain amount in gold every day, week, or month. The app also allows you to track your investment in gold and tell you the profit you have accumulated over time.
MMTC-PAMP Digital Gold
MMTC-PAMP is a joint venture between Switzerland-based bullion brand PAMP SA and MMTC Ltd, a Government of India Undertaking. The app allows you to invest in 24K 99.9% pure gold. You can invest in grams of gold or by the value of gold. Once you invest, an automated invoice is created and sent to you.
Moreover, the value of digital gold is reflected in your account. Simultaneously, the company stores the gold of equivalent weight in its highly secured vault, which will be in your name. The app also allows you to save daily, weekly, and monthly to increase your corpus in gold. You can buy, sell, and redeem your investment any time of the day. To redeem or convert your digital gold into physical gold, you must pay delivery charges, and the gold will be delivered to your doorstep.
Google Pay
Google Pay has partnered with MMTC-PAMP to sell digital gold on its platform. You can buy, sell, and exchange digital gold on Google Pay. The app allows you to invest in digital gold of 24K 99.9% purity. Once you buy digital gold, it will be deposited in your Gold Locker on Google Pay.
To convert digital gold to physical gold, you must pay delivery charges, and the gold coins will be delivered to your doorstep. The best part is that the app also allows you to gift gold to your friends and earn gold as a reward. Investing in digital gold with Google Pay is very secure, as all transactions will be done using your UPI PIN codes.
Paytm
Paytm is a leading payment app trusted by over 30 crore Indians. It offers a host of services, including money transfers, bill payments, and check credit scores. The app also allows you to invest in mutual funds, the National Pension Scheme (NPS), and digital gold of 24K 99.9% purity.
The app has partnered with MMTC-PAMP to sell digital gold through its platform. So, when you buy digital gold, it is stored in secured vaults of MMTC-PAMP. You can check your gold portfolio value on Paytm anytime. You can also sell, gift, or get delivery anytime you want. Moreover, you can also create a gold savings plan to save in gold at regular intervals.
PhonePe
PhonePe is another payment app. You can transfer, make bill payments, and buy insurance on it. You can also invest in mutual funds and digital gold. The company has partnered with MMTC-PAMP and SafeGold to offer gold of 24K 99.9% purity to its customers.
You can buy, sell, and convert your digital gold within minutes through your mobile phone. The app also offers bank-grade secure lockers to store your gold. You can get money instantly upon selling your digital gold. The app charges a minimal delivery fee to deliver your gold to you in the form of coins and bars.5Paisa
5Paisa is a user-friendly stock market trading app suitable for traders and beginners. The app also allows you to invest in digital gold with no hidden charges. They offer secure payments through debit cards, credit cards, and inbuilt wallets.
The minimum investment in digital gold is Rs 50, and once you buy digital gold, it is reflected in your portfolio. You can also sell the gold to get money instantly without any hassle.Groww
Groww is a direct mutual fund and stock investing app. It allows you to invest in financial assets with zero paperwork within a few minutes. To provide gold to its customers, Groww has partnered with Augmont Gold. All transactions that you do for buying and selling digital gold will be directly done with Augmont Gold.
To buy digital gold, you must create an account with Groww. The platform doesn’t charge any account opening fees and allows you to buy gold in small denominations making investing in gold easily, convenient, and affordable.
Amazon Pay
Amazon, one of the most used shopping platforms, also allows you to buy digital gold through Amazon Pay. It has partnered with SafeGold to sell gold on its app. You can go to your Amazon app and type ‘Digital Gold’ or go to the Amazon Pay page to buy digital gold.
The gold you purchase is stored safely in highly secured vaults. You can check the value of your gold on the app whenever you want. The minimum amount of investment is Rs 5, whereas the maximum is 30 grams of gold. You can sell the gold any time after 24 hours of purchase. Once you sell the gold, you will get the money instantly.
Airtel Payment Bank
The Airtel payments back also allow you to buy digital gold of the highest purity (24K 99.9%) on its platform. However, to purchase digital gold, you must have an Airtel payments bank savings account. The minimum amount of investment is Rs 1. You can also buy in grams of gold.
You can sell the gold anytime or even get it delivered to your home. However, you can only get gold of either one gram or more. Anything below one gram cannot be delivered to your home. The app also allows you to gift gold to your loved ones.DigiGold
DigiGold is one of the most trusted apps for buying digital gold and silver. It sells gold and silver of 24K and 99.9% purity. You can buy gold and silver with a minimum amount of Rs 1 at live market prices. You can check the value of the gold you carry anytime in your wallet.
You can also start a no lock-in period SIP in gold with Rs 500. This means you can benefit from compounding through systematic investments. You can sell the gold anytime or even convert it to physical gold. The best part is that the app doesn’t charge any delivery fee and delivers the gold in 3-5 days.The app also offers physical lockers for you to save your gold in a secure place. You can open the locker from the comfort of your home using their app with a single click.
Jar
The Jar is a daily savings app that lets you save money. It aims at making investing a habit. The app invests spare change from transactions in digital gold automatically. The minimum investment is Rs 1, which can be redeemed whenever you want into your e-wallet.
It also asks investors to play a game of spin the wheel for every transaction, invests the cashback you receive in digital gold, and gives live updates of the portfolio’s value. So, with every spend, you save some money and invest it in gold which will create wealth for you.
You can buy and sell the gold anytime you want. Additionally, you exchange it for physical gold coins or bars when you have accumulated enough.Tanishq
A Tata product and one of the biggest jewellers also offers digital gold. Tanishq has partnered with SafeGold to offer digital gold on its app and website. You can purchase digital gold of 24K purity for an amount as low as Rs 100.
You can sell the gold anytime or exchange it at any of its 350+ stores in India. The app doesn’t charge any additional fees for locker or transaction processing. Being a Tata Group company, it is one of the most trusted platforms for buying gold in physical and digital forms.
Things to keep in mind when investing in digital gold
- Minimum investment: The minimum investment varies across platforms. Some apps allow you to invest with just Rs 1, while others have a minimum limit of Rs 100.
- Maximum investment: The maximum amount you can invest in digital gold is Rs 2 lakhs.
Locker charges: Most apps don’t charge locker charges, but some do. So, it’s better to check locker charges before investing, as it gets deducted from the principal. - Maximum holding period: The maximum holding period for digital gold is five years. After that, you must either sell it or convert it into physical gold.
- Convertibility to physical gold: Not all apps have the facility to convert digital gold to physical gold. If you wish to convert your digital gold to physical gold, choose a platform with this option.
- GST: Digital gold has a GST (goods and services tax) of 3% which is deducted from the principal amount. Hence make sure you factor in GST when investing and selling digital gold.
- Taxes on capital gains: When you sell your gold, it is important to factor in taxation. The capital gains on gold are taxable at your income tax slab rate, irrespective of the holding period.
Conclusion
Digital gold is an excellent investment alternative to fight inflation and diversify your investment portfolio. However, when investing in digital gold, choosing an app that offers all features is best. For example, check if the app has a user-friendly interface and paperless KYC, allowing you to invest and sell within minutes without hassle. When you are investing your money through an app, make sure you are comfortable using it.
Frequently Asked Questions
Which is the best platform to buy digital gold?
Jupiter Money is the best platform for online gold. It offers a user-friendly interface, seamless transactions, and competitive prices for buying and selling gold. Additionally, Jupiter Money provides secure storage options, transparent pricing, and excellent customer service. Overall, it offers a comprehensive and reliable solution for individuals looking to invest in gold online.
Is digital gold a good investment?
Yes, digital gold is a good investment. You do not have to worry about the physical storage of gold, nor worry about its safety or purity. Just like physical gold, it allows you to diversify your portfolio, fight inflation, and create wealth. You can also convert digital gold to physical gold when you want.
Is Tanishq digital gold safe?
Yes, Tanishq’s digital gold is safe as per their reports. They store the gold you purchase in Brinks, a leading safe keeper of precious metals around the world. Moreover, being a Tata group company, it is one of the most trusted jewellers in India.
Can we withdraw digital gold?
Most platforms allow you to sell your digital gold investment instantly. However, some also allow you to withdraw or exchange it for physical gold. If you want to invest in digital gold for consumption, choose a platform that offers the conversion of digital gold to physical gold.
