When you invest in gold, you can choose gold mutual funds, gold exchange-traded funds (ETFs), or physical gold (gold coins and bars). You can also choose digital gold and Sovereign Gold Bonds (SGBs). Digital Gold has been introduced recently where you can buy real gold online. You can use your mobile wallets like PhonePe, Paytm and also the Gold Rush Plan of Stock Holding Corporation of India to buy gold. Let us look into these in detail:
PhonePe:
Paytm:
GoldRush from Stock Holding Corporation:
MMTC-PAMP and SafeGold both will offer gold of 24KT. When it comes to the fineness, MMTC-PAMP will offer gold of 99.9% purity and SafeGold offers you 99.5% purity. Fineness is the weight of metal in proportion to total weight (including alloy and other impurities).
If you purchase gold from the MMTC-PAMP platform, there is no storage charge. You can keep the gold for five years. After that, you should convert it into gold coins or you can sell it.
If you buy gold from SafeGold, you will have to pay storage charges. There is no charge for the first two years. If the amount of gold you have purchased is less than 2 grams by the end of two years, a fee of 0.05% every month will be charged.
Check - Today Gold Rate
MMTC-PAMP and SafeGold both will offer gold of 24KT.
The minimum value to purchase gold begins from Re.1 and goes up to Rs.1.5 lakh. In terms of grams, you can purchase a minimum of 0.0005 grams and a maximum of 50 grams.
The rate of gold quoted on PhonePe comes with taxes and custom duties.
The gold coin/bar will be delivered in tamper proof packaging.
In order to purchase gold from Stock Holding, you will need to open an account and also complete the KYC process.
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