Akshaya Tritiya 2023: Different Ways to Buy Digital Gold

The day of Akshaya Tritiya is considered one of the most significant days for new beginnings. People firmly believe buying gold, silver or other valuables brings endless good luck and prosperity. As the Sanskrit word Akshaya means “Endless”. 

Buying or investing in gold is an age-old tradition followed on Akshaya Tritiya.

But now instead of buying physical gold, you can buy Digital gold on this Akshaya Tritiya. 

Why invest in Digital gold? 

Low risk: Compared to physical gold, digital gold is a low-risk investment choice. It eliminates the possibility of theft and damage that come with physical gold.

Convenience: Investing in digital gold is easier and more convenient than buying and storing physical gold. You can buy gold online quickly and easily from the comfort of your home.

Affordable: Due to less expensive transactions and storage expenses, digital gold is more economical than physical gold.

Liquidity: Digital gold can be easily converted into cash in the time of emergency.

Purchase gold in small amounts: Digital gold allows buying gold in small amounts and smaller denominations.

Here are ways to invest in Digital Gold:

1. Digital Gold: Customers who invest in digital gold can purchase and sell gold through an online marketplace. These gold exchange-connected services enable users to buy gold at current prices and store it in a safe digital locker.

2. Online gold exchanges: Digital gold is available in a range of denominations on online gold exchanges including Augmont Gold For All, MMTC-PAMP and Tanishq. These sites allow you to buy digital gold using your debit or credit card, net banking, or UPI.

3. Digital Wallets: Well-known digital wallets such as Paytm, PhonePe, and Google Pay allow users to purchase digital gold on their systems. On these platforms, you can buy modest amounts of digital gold and keep them in your digital wallet.

4. Gold ETFs: Exchange Traded Funds (ETFs), a type of mutual fund, invest in gold. On stockbroking platforms like Zerodha and Groww, gold ETFs can be bought and sold.

5. Stockbroking platforms: Digital gold is an investment available on some stockbroking platforms, including Zerodha, Groww, and 5Paisa. On these sites, you can purchase and trade digital gold like you would equity investments.

6. Bank Digital Gold: Many banks, like ICICI, HDFC, and SBI, provide their clients with digital gold. You can use your bank account to buy digital gold on these services.

After reading this if you are interested in investing or buying digital gold, you have to follow this checklist.

• Choose a trustworthy platform: When you are purchasing valuable metal or investing in it, it's very important to select a trustworthy platform. When you buy digital gold the equivalent amount of gold is kept aside under the buyer's name.

• Payment of GST: Just like when purchasing actual gold, you must pay 3% GST when investing in digital gold. As a result, remember to account for the expected GST amount when estimating the budget for your investment. You'll be able to calculate the amount needed by adding GST to the real value.

• Storage: Digital gold is stored in secure vaults of the lender. But some lenders charge storage fees depending on the amount of gold that is stored. 

• Delivery and making charges- Some digital gold providers charge making charges and provide free delivery of your physical gold. Now you can get gold just by sitting at your home.

• Limitation on investment period: In real gold, you can decide to carry gold around with you for as long as you like. But it isn't the case with investments in digital gold. Investors are required to either accept delivery of their digital gold or sell it after a predetermined time period. You can carry out transactions with a minor investment every few months to keep your digital gold account operational. 

• Anytime accessible: The best benefit of digital gold is that it is available 24/7. Therefore, you can purchase or invest in digital gold as it suits you. 

• Stamp of trust: Augmont ensures that its investors fully rely on them when making a digital gold investment.  As a result, a trustee registered with SEBI independently audits and verifies the gold holdings monthly. With a monthly audit, the trustee offers assurance regarding the gold in the storage facility. 

How does the process work? 

You can buy Augmont digital gold from Augmont Gold For All website or app. The procedure of buying digital gold is hassle-free; there is no lengthy process involved. 

Following are the steps to follow to buy digital gold:

• The first step is to input the price you want to pay for digital gold, or you can specify how many grams of gold you want to purchase. 

• Choose from a variety of payment methods, including cash, credit/debit cards, wallets, UPI, and net banking. 

• Once the payment has been made, the gold in the vaults will be added to your account and will be available to clients around the clock. 

• If you want to sell digital gold, you can do so at the going rate in the market. 

• Alternatively, you can transform your digital gold into physical form, in which case Augmont will bring it safely to your door. 

The entities who sell it are in charge of keeping investors' physical gold safe, whether they do it directly or through a platform, making it a trustworthy choice to purchase digital gold. In order to monitor the operation and state of investor vaults, entities appoint a trustee. Investors do not have to be concerned about their priceless yellow metal as a result. The risk of having digital gold stolen or damaged is therefore lower than that of physical gold.

Article source: https://article-realm.com/article/Finance/Fundraising/43114-Akshaya-Tritiya-2023-Different-Ways-to-Buy-Digital-Gold.html