On the auspicious day of Akshaya Tritiya, Paytm, in collaboration with the MMTC-PAMP, has launched a gold accumulation plan (GAP) that allows one to buy, sell and store gold digitally. Under the scheme, one can buy gold for as little as Re 1. Paytm is a facilitator of this scheme while MMTC-PAMP is selling the gold. MMTC-PAMP is a joint venture between MMTC Ltd, a Government of India undertaking, and PAMP SA, Switzerland, a global leader in refining bullion and a global referee for precious metals. MMTC-PAMP is a gold and silver refinery accredited by the London Bullion Market Association's (LBMA) Good Delivery standards.
Commenting on the launch of the digital gold initiative, Paytm's Founder and Chief Executive Vijay Shekhar Sharma said, "Gold is the preferred form of investment for Indians, and we are making it easier for our users to invest in gold digitally. The goal is to offer complete flexibility in deciding the amount they want to invest, and enable consumers to develop the habit of saving regularly in digital gold for long-term wealth creation. We are confident that this solution will help millions of Indians buy and sell 24K 999.9 pure gold with utmost confidence and security."
All you need to know to buy/sell gold via Paytm
- In order to buy gold, you must one needs to be a registered Paytm user with a valid login ID and password. Gold can be purchased 24x7, irrespective of public and bank holidays. You can also see the live price of gold on all Paytm platforms (website, mobile app and so on), which will help you make a decision.
- Under the gold option, enter your name and the delivery pin code. If Paytm services that area, you will be able to proceed with the purchase.
- Gold can be bought and sold in INR or in grams of gold. The gold that you buy will be stored in the MMTC vaults and there will be no storage charges.
- One can sell the accumulated gold on Paytm and can choose to get the payment either in INR or in grams of gold as per the coin options available. You need to share your bank account details with Paytm for selling gold.
- In case a single transaction value crosses Rs 2 lakh, one will be required to submit their PAN Card details. There is no registration fee; registration for GAP is free of cost.
- While redeeming the accumulated gold in the form of gold coins/minted products, you can select the quantity and value of the gold you wish to withdraw from the coin options.
- Each coin has different making charges, based on its weight and design, which needs to be paid over and above the price of the coin, along with delivery charges.
- The gold will be delivered to the notified address, and confirmation and tracking details will be sent to the registered mobile number.
- An additional convenience fee needs to be paid to sell the gold. After the transaction is completed, the amount will be immediately credited in the bank account provided while the gold balance in the gold account will be debited.
- At the time of purchasing, selling and redeeming gold, all applicable taxes are included in the invoice, which are over and above the displayed price of the gold.
- One can store the gold for a period of five years from the date of purchase from Paytm.
Paytm also offers a cashback of Rs 11 on the purchase of gold worth Rs 11 and a maximum cashback of Rs 101 on the purchase of gold worth more than Rs 10,000.