Dhanteras falls on the 2nd of November this year. Tradition dictates that people in India invest in gold and coins.
This Diwali season, in view of the COVID-19 pandemic and restrictions imposed by the government, it can be difficult for one to physically visit a jewelry store to buy gold.
Considering the current circumstances, one can always invest in digital gold at a low price. Now, people have the provision to buy gold online at prices up to Re 1. This digital gold can be bought through a platform connecting you with sellers and refiners.
Companies offering digital gold purchases are Augmont Gold, MMTC-PAMP India Pvt Ltd, and Digital Gold India Pvt. Ltd. Apart from this, you also have the option to buy digital gold through digital wallets and UPI apps like Paytm, Amazon Pay, Google Pay, and PhonePe.
Here’s what you need to know about buying gold online
. Digital gold prices are often much lower than the price of physical gold. One can buy gold online for a nominal amount of Re 1. But it is always advisable to check the purity before making a purchase.
Storing digital gold may sound confusing but in reality, it is similar to buying real physical gold. Gold is bought online and stored in vaults insured by the seller on behalf of the customer. Anyone can check their gold in their digital vault balance.
Like buying physical gold, you will be charged 3% GST while buying digital gold. You will also be asked to pay a making charge to convert your gold into coins.
How to Buy Digital Gold on Google Pay
Open your Google Pay app and log in to your account.
On the homepage, scroll down and click on the Gold Coin option.
Select your desired amount of Digital Gold and make the payment.
Your digital gold will be kept safe in the Gold Locker of your mobile wallet.
You can also sell the gold you have bought and give it as a gift.
Customers should note that 3 percent GST will be levied when you buy digital gold. You also need to buy at least half a gram of gold to deliver it physically.