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How do I convert my digital gold to physical gold?

By Finserv MARKETS - Aug 27,2019
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How do I convert my digital gold to physical gold

As increase in gold prices makes headlines worldwide, it’s the perfect opportunity for the small investor to invest in gold and protect their future with digital gold investment. With increasing smartphone penetration in India, people can now invest in gold with a simple swipe and with as low as Rs. 100 from digital gold platforms such as Finserv MARKETS.

However, gold also holds a sentimental value to humans and there is a desire to hoard or accumulate gold as it is seen as a symbol of wealth, prosperity and security. That’s why digital gold investment also works as a gold accumulation plan.

As your digital gold investment grows, sooner or later, you may have the desire or the need to redeem the digital gold into physical gold. So, how do you convert your digital gold to physical gold when the time comes? We explain that in detail below.

What is digital gold?

Digital gold is an electronic form of gold backed by real physical 24 karat gold that is kept in a secure vault until you opt to redeem it or sell it. The price of digital gold is directly influenced by 24 karat gold prices in the market.

You can consider digital gold as something similar to having money in the bank. You may receive money in your bank account but you don’t get physical possession of the currency. All you see is digits. However, if you want physical possession of the money you can go to the ATM or withdraw it from the bank counter.

Steps to convert your digital gold to physical gold

Firstly, you should know that you can only redeem your digital gold into physical gold in grams. It means that you must have minimum 1gm of gold in your digital gold account to convert it into physical gold.

Here is a step-by-step online process to redeem or convert your digital gold into physical gold at Finserv MARKETS:

  1. Log in to your digital gold account from your smartphone, laptop or PC.
  2. Choose the option to convert your digital gold into physical gold. You can convert them into gold coins and bars.
  3. Approve the amount of gold you want to convert in grams.
  4. Verify the charges for minting the gold into coins.
  5. Confirm your delivery address.
  6. Pay the minting and delivery charges.

Following this, the amount of gold that you have chosen to convert into physical gold will be deducted from your gold accumulation plan or digital gold account. After this, the gold is delivered to your registered address. The digital gold that is out for delivery is insured by Finserv MARKETS until it is delivered to the customer. Therefore, you don’t have to worry about theft or damage to the physical gold during transit.

Why invest in digital gold

Quality assurance: Many people in India buy jewellery from a local store or their family jeweller. There is no guarantee that you are buying pure or certified gold. On the other hand, when you purchase digital gold from Finserv MARKETS you are assured 24 karat, 99.5 purity gold that is assay-certified.

Resale value: When you sell physical gold back to a jewellery shop, they will first melt the gold, get rid of impurities that is there in 22 karat gold used for jewellery and deduct other charges as they may deem fit to bring down the value significantly. And again to sell physical gold, you also need to keep the bills and other documents in safe custody.

With digital gold you don’t have to worry about all these hassles of selling gold. You can just log into your account, select the amount of gold (in grams) that you want to sell, provide your bank details and you are done. Your account is credited immediately with the money paid according to current gold prices in the market.

Easy to invest: Gold is a safe and lucrative investment option today. In the past 1 year, gold prices have increased by 29%* [1]. Unlike physical gold, you don’t have to spend a fortune to take advantage of this price surge. You can invest in small instalments and take advantage of the gold accumulation plan through digital gold investment.

Whether you want to invest in digital gold to book a profit or want to take possession of physical gold with a gold accumulation plan, digital gold investment presents a never before opportunity for small investors to invest in gold. The right time to open a digital gold account is now!

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522