Gold price in India is tracked closely by investors looking to invest in gold. If the 10gram gold price is keeping you away from investing in it, it’s time to shift to digital gold, where one can buy gold for as low as Re 1. Paytm, an e-commerce platform offers gold buying options on its platform wherein one can buy, store, redeem or get physical gold delivered to one’s address. At times, Paytm also comes up with offers such as ‘Paytm Goldback’ ( currently going on) offer or the ‘Spin the Wheel & Win Free Gold’ or other cashback offers. One may expect such offers around the occasion of Dhanteras and Akshaya Tritiya.
There are 3 ways to buy gold on the Paytm platform which can be either through the Paytm app or the Paytm website:
1. Buying gold by making a one-time lump sum payment,
2. Buying gold systemically every week or on a monthly basis under the Paytm Gold Savings Plan
3. Buying gold coins.
Before you initiate any of the gold buying processes on Paytm, it’s better to know about the entire process. Here are a few important things to consider before buying Paytm gold online:
Features: To buy gold on Paytm, you need to be KYC-compliant. You can even buy gold worth Rs 1 from the Paytm platform or gold equivalent of 1 gram as well. The gold that you will buy on Paytm is 24k gold. It’s the purest form of gold with 999.9 purity. Once you have purchased the gold on the Paytm platform, your gold will be insured and held in an MMTC-PAMP's vault.
The gold that you buy will reflect in the gold account wherein you can view the gold Locker Balance as to how much gold you have accumulated in grams. Once you have sufficient balance, you can even ask for a gold coin to be delivered at your residence.
Buy/Sell price: The Paytm buy or sell price of gold will be different, with the selling price lower than the buy price on a specific day. The Paytm platform will show live prices which will typically be valid for about 7 minutes, post that it will change. The live purchase price and sell price of gold may be different from the gold price in the open market or with any other gold outlet.
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Gold Savings Plan: Under the Gold Savings Plan, one can also give standing instructions to purchase gold at regular weekly or monthly intervals through credit card payments. One can specify the weight in grams or schedule the purchase for a specific amount. For those who wish to own paper-gold, this approach suits.
Gold coins: Gold coins available on the Paytm platform are of different denominations, ranging from 0.1 gram up to 50 gram. Also, gold coins are of different brands and different purities, i.e 22k and 24k. It is important to check the certification once the coin is received to ensure authentic gold is purchased.