Dhanteras 2021: Can’t afford gold jewellery? Here’s how and where to buy digital gold at just Re 1

Dhanteras is here and so is the time considered auspicious to buy gold. While gold remains one of the most popular investments in India, young investors and many others still reeling under the impact of the COVID-19 pandemic may not have enough sum set aside to buy gold jewellery, coins or bars. But, there is surely something they can do—digital gold to the rescue.

With digital gold, one not only enjoys the ease of not having to go down to the jewellery store to purchase physical gold and loosen the purse strings, but people can start investing with just Re 1.

Digital gold, as the name suggests, is digital in nature and so is the process to buy and sell it. This means people can have a certain amount of gold linked to their digital account and they can sell it or get it delivered to their homes as and when they want.

Customers need to pay 3 percent goods and services tax (GST) too over the cost of gold they purchase. In case one plans to convert digital gold into physical and get it delivered, the person will have to pay additional making charges, which depend on the quantity. Shipping charges may also be applicable.

While people can purchase digital gold via specific vendors and refiners, they can skip that hassle too and choose to invest through popular e-payment platforms like Paytm, Google Pay and Amazon Pay, which act as middlemen between the customer and trading companies.

Investing in digital gold is as simple as shopping for groceries or fashion on any e-commerce site. Most platforms have a similar process.

Step 1: Open the Paytm app, scroll down to ‘Buy Gold’ and click on it

Step 2: You will see the options to buy, sell, gift and deliver gold

Step 3: Below it, you’ll see two sections amount and weight

Step 4: You can enter a value in either of the sections as per your requirement (this amount will be exclusive of 3 percent GST). The amount value can be as low as Re 1

Step 5: Click on proceed to pay

Step 6: Enter your name and pin code following which the invoice will be generated

Step 7: Make the payment via your Paytm wallet, UPI, debit/credit card, or net banking

You can follow the same process to sell from the digital gold locker or gift the metal by choosing the ‘Sell’ or ‘Gift’ option. To get the gold delivered to your place, you can click on ‘Delivery’ and select from the coins available.

Multiple platforms allow people to buy digital gold. Here is a look at a few websites and apps from where people can make digital gold purchases:

Google Pay: MMTC-PAMP manages the digital gold service on Google Pay. Customers can avail the Gold locker section on the Google Pay app to buy and sell gold.

Paytm: Like Google, the Paytm Gold service is also managed by MMTC-PAMP. Users can either buy and sell gold through the app or their payment platform’s website https://paytm.com/digitalgold

BharatPe: Bharat Pe also offers digital gold services in partnership with Safe Gold. People can buy gold for as low as Rs 1 via the platform’s app.

Amazon Pay: People can avail the gold vault on Amazon Pay that allows them to buy and gold.

PhonePe: The digital payment app lets people invest in gold starting at just Rs 10 via its app. On PhonPe, customers get the option to choose from Safe Gold or MMTC-PAMP.

MMTC-PAMP: Apart from partnerships with several websites, MMTC-PAMP offers digital gold services through its own website as well.

Tanishq: Jewellery brand Tanishq also offers people the option to buy and sell gold online. It has an arrangement in place in partnership with Safe Gold. Buyers can purchase digital gold for as low as Rs 100 by visiting their website https://www.tanishq.co.in/digigold/buy

Airtel Payment Bank: Those who use the Airtel Payments Bank app can avail the DigiGold service available on it. Customers can invest in digital gold using the Airtel Thanks app as well, where they get the option to sell and gift digital gold.

Though the process to buy digital gold is extremely simple, users must read all the FAQs on the respective apps and websites before making the final call.