Mr Verma was thinking of buying gold this Ganesh Chaturthi, to mark the auspicious occasion. When he broke the news to his friend, who was a financial analyst, he suggested Mr Verma instead go for digital gold. This was the first time Mr Verma had heard about it. How could gold be digital? Isn’t it something that we see, feel, weigh and then buy? Who will vouch for its purity and above all was it safe to invest in it? How much would i need to invest? These are some of the questions that arose in his mind.
Mr Verma might well be an exception, because if numbers are to be believed, more and more Indians are buying gold online today. More than 80 million customers have opened digital gold accounts, a number that is double the amount of demat account holders in the country, standing at 40 million. This when demat accounts were launched in 1997, while the former is five to six years old. The craze to buy gold is such, that an estimated seven to eight tonnes of gold is sold annually on digital gold platforms and close to three tonnes delivered to customers.
Perhaps the biggest draw of buying gold online is that unlike the purchase of physical gold, say as coins, bars or jewellery, you don’t have to shell out a huge amount. You can buy gold for as low as Rs 100, the minimum amount allowed on online platforms. This does not mean that there is a compromise on the quality of what is offered. Because whether you buy gold for Rs 100 or Rs 1 lac, you get guaranteed 24k pure gold, tested for its weight and purity. This is then delivered to your doorstep as coins or bars, whichever you prefer.
Buying physical gold can be a liability, since you would need to store it in a bank locker, which comes at a cost. However, when you buy gold online, it is immediately insured and kept in a vault or locker with your name by the storage partner of the online platform, from which you make the purchase. You need to accumulate your life savings in order to buy a gold necklace, whereas with a digital gold account such as the one available on Finserv MARKETS you can buy gold online in small values as per your convenience and still build your wealth, one purchase at a time. There is considerable flexibility here.
There is minimal documentation while buying gold online; actually it’s a two-click process. All you need to do is log in, if you are an existing customer, or sign up if you are a new customer on the portal. Start purchasing gold either by weight( in grams) or by value( in rupees)as per your requirements. Once you have zeroed upon the number, make the payment as per the market-linked rate of gold at the time of purchase and that’s it. While selling, you would need to share your bank details to facilitate payment. It is credited directly to your account.
There is no limit on the amount of gold you can sell or gift, although you can buy gold in small quantities starting in multiples of Rs 100. Unlike goldsmiths who have hidden charges, all the information here is upfront, to ensure total transparency to those who buy gold online on Finserv MARKETS. However, once your online gold purchase order is accepted, you cannot change your mind. Also, there is a price lock in of five minutes for buying or selling gold, after which the revised price is updated. With the price of digital gold the same across India, you can buy as well as sell gold at market-linked rate easily.
Take a break from tradition this festival season, and buy gold from a platform online like Finserv MARKETS that offers you the convenience of purchase at the click of a mouse, at the same time giving you guarantee of purity and safety. You don’t have to be a millionaire to invest in gold, because now you can begin the journey of your wealth creation with a 100 Rs note. Start small, dream big and stay invested to reap the benefits.
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!