5 Best Ways to Buy Digital Gold in India
When it comes to buying yellow metal, we always look for the most reliable and trusted brand to avoid loopholes. Gold is bought for weddings, festivals, and as a sign of good luck. But the purpose of investment tops the list. Traditionally, the best way to invest in gold was by buying physical gold in the form of jewellery, coins, and bullion.
With time and evolution, forms like Gold ETFs (Exchange-Traded Funds) and Gold Mutual Funds have emerged and started ruling the market. So what is digital gold? This is a modernised way to invest in pure gold digitally, where the seller keeps an equivalent quantity of physical gold safely in secured vaults. You receive an invoice upon payment, and the quantity purchased reflects as an under-vault balance in your account.
Want to know how to invest in gold in India? Here are the 5 best options to buy digital gold in India:
Groww
If you want to know how to invest in gold online, Groww is a go-to platform. A popular Indian investment app, it has become a household name for millennials. On Groww, users can purchase gold in grams starting from INR 10, but if using net banking, the purchase must exceed INR 100.
Note: Digital gold cannot be bought using Groww funds; you need to use UPI, Net Banking, NEFT, IMPS, or RTGS.
Paytm
Who doesn’t know Paytm? This ecommerce payment system allows Indians to buy 99.99% pure gold starting as low as INR 1! Just have the Paytm app, select the Paytm Gold icon, and start investing.
Spare8
If you don’t know about Spare8, then you’re missing out! Spare8 is a daily savings platform that lets you invest your spare change. With every digital spend, Spare8 rounds off your spend to the nearest INR 10 and invests the spare change into a fund of your choice. And the best part? It does this automatically on your behalf with zero manual effort!
Spare8 helps you create an unintentional saving habit by auto-investing your spare change in digital gold. No lengthy KYC, no lock-in period — you can even withdraw your money the next day! Save while you spend only on the Spare8 app.
Amazon.in
Amazon, the US-based e-commerce giant, lets you invest in digital gold seamlessly. Open the Amazon Pay page, click on the gold vault icon to check the current buy price. You can start investing in digital gold on Amazon from as low as INR 5 and buy up to 30 grams of gold without any KYC!
PhonePe
PhonePe, a favorite digital payment platform, allows you to buy 99.99% pure digital gold starting at just INR 1! Its USP lies in transparent pricing and guaranteed quality.
How to Invest in Gold in India
To purchase or invest in digital gold, follow these steps:
Demat Account
It is essential to have a Demat account to purchase digital gold on the NSE. Submit all required documents to open your account.
Trading
Once your Demat account is activated, you can log in and start buying digital gold. Your gold units will be credited to your Demat account within T+2 days.
Physical Delivery
You have the option to redeem digital gold units into physical gold anytime, directly from your Demat account.
Merits of Investing in Gold Online
Investing in gold online comes with several advantages:
Small denominations: You can buy and sell gold in small amounts, making it accessible and affordable.
Transparent pricing: Easily track the value of your investment with real-time prices.
Seamless experience: No worries about storage or impurities; easily buy or sell online.
High liquidity: Quickly convert digital gold into cash when needed.
Mainstream adoption: Even traditional jewellers like Senco, Tanishq, and Kalyan Jewellers are offering digital gold, proving its growing popularity.
So what are you waiting for? Learn how to invest in gold online with Spare8 and watch your money grow. Use the Spare8 app — secured with 256-bit encryption — and make the most of your investments today.