Personal Finance

A Quick Guide to Buying Digital Gold This Akshaya Tritiya

Akshaya Tritiya will be celebrated with enthusiasm this year on the third of May. On the auspicious occasion of the festival, people across the country buy gold. It is believed that buying Gold on Akshaya Tritiya brings wealth and prosperity throughout the year. Traditionally, people visit jewellery stores to buy gold. However, with the advent of digital services in India, people can now buy gold online from the comfort of their homes.

Before you learn about the different ways to buy digital gold, it is essential to understand it. Digital Gold is a virtual way of investing in gold online. You can buy and sell digital gold as per your wish at the real-time market price of the precious metal.

How to buy digital Gold through Google Pay?

Step 1: Open the Google Pay application on your smartphone and click on the ‘New’ option.

Step 2: Next, search for ‘Gold Locker’ on the search bar.

Step 3:  Tap on ‘Gold Locker’ and click on the ‘Buy’ option. The price of gold will remain the same for five minutes after you initiate the purchase process.

Step 4: Next, enter the purchase amount. You can buy a maximum of Rs 50,000 worth of digital gold daily. There’s no limit to the amount of gold you can buy from the online application.

Step 5: The last step requires you to complete the payment. Once a purchase is processed, you cannot reverse it. However, you can sell back the gold you have bought at the same price.

How to buy digital Gold through Paytm?

Step 1: Open the Paytm application on your smartphone and click on the ‘All Services’ option.

Step 2: Next, search for ‘Gold’ on the search bar.

Step 3: Select how you want to purchase the gold from ‘Options’ by entering the amount or the quantity in grams.

Step 4: The last step requires you to complete the payment.

How to buy digital Gold through PhonePe?

Step 1: Open the PhonePe application on your smartphone and click on the ‘My Money’ option.

Step 2: Next, click on the Gold icon under the ‘Investment’ option.

Step 3: Select your preferred gold provider, either SAFEGOLD or MMTC-PAMP.

Step 4: Select how you want to purchase the gold by entering the amount or the quantity in grams.

Step 5: The last step requires you to complete the payment.

Although the price of gold is higher on the occasion of Akshaya Tritiya due to the increase in demand, the bullion market ultimately dictates the price and the variations in its value. The availability of apps that allow you to buy Digital Gold online has made the process much more convenient. The Digital Gold you buy is securely stored in a vault. So, if you’re looking to buy Gold this Akshay Tritiya, doing so from GPay, PhonePe, or Paytm might be the option.

For any clarifications/feedback on the topic, please contact the writer at cleyon.dsouza@cleartax.in

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

9 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

9 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

9 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

9 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

9 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

9 months ago