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Now invest in digital gold for as low as Rs 1 this festive season

The Financial Express logo The Financial Express 10/21/2021 FE Online
Simply put, digital gold is gold purchased through a partner transacting platform which is any digital interface of a partner that could be a UPI wallet such as PAYTM, Gpay, PhonePe, an online retail store, or a bank. © Provided by The Financial Express Simply put, digital gold is gold purchased through a partner transacting platform which is any digital interface of a partner that could be a UPI wallet such as PAYTM, Gpay, PhonePe, an online retail store, or a bank.

With the onset of the festive season with Dussehra, and Dhanteras and Diwali around the corner, purchasing gold and precious metals is considered austere and a sign of good fortune and wealth.

Adding cheer to the celebration for those planning to buy gold at an affordable price, MMTC-PAMP, a globally-accredited refiner and fabricator of authentic 999.9 pure gold bars and coins, is offering digital gold to its customers for as low as Rs 1 to start their investment journey.

"Investing in digital gold is extremely affordable as investors can pool in small amount daily/ weekly/ monthly to build their gold corpus for investment purposes or to redeem it as MMTC-PAMP's 24K, 999.9 purest gold coins and bars. This unique proposition has democratised investments in the yellow metal by offering it in bite-sized quantities. Investing in digital gold is fairly simple and transparent, and apart from the 3% GST levy at the time of purchase, there are no additional taxes or hidden charges while purchasing digital gold. As India's only LBMA accredited refinery for both gold and silver, the price of MMTC-PAMP digital gold is linked to global markets. As a result, regardless of local market conditions, investors obtain a fair price for their investment when they decide to sell," said Vikas Singh, Managing Director & CEO, MMTC-PAMP.

What is Digital Gold?

Simply put, digital gold is gold purchased through a partner transacting platform which is any digital interface of a partner that could be a UPI wallet such as PAYTM, Gpay, PhonePe, an online retail store, or a bank. Digital gold can be bought for as low as Rs 1 and is stored under the direct ownership of the customer held in fully insured and secured vaults of MMTC-PAMP, freeing customers from the hassle of storing gold physically with them. Furthermore, IDBI Trusteeship provides additional security as a custodian to ensure that investments made into the yellow-metal are protected.

Why invest in Digital Gold?

As opposed to buying physical gold, one of the biggest strengths of buying digital dold is that investors get the best value for their money with 24K, 999.9 certified purity gold without additional tax implications or transaction charges beyond a 3% GST levy at the time of purchase. Buying physical gold often poses the challenge of impurities, making charges, and storage. Digital gold on the other hand releases a customer from all such predicaments and offers the most transparent, convenient, and rewarding option to investing in the yellow-metal and consequently diversifying one's portfolio.

Investors can easily sell their digital gold/gold investments or redeem them for 24k, 999.9 purity certified gold ingots or coins from certified MMTC-PAMP centres against daily spot prices giving buyers and sellers more opportunity for exchange into another asset class or cash at any given point of time. Also, unlike other investment classes like FDs or mutual funds, there is no lock-in period and investors can sell their digital gold without early exit penalties.

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