In India, gold is regarded as "God's Money," given to sacred institutions on almost every significant event. The festival of Dhanteras marks the celebration of Goddess Lakshmi and people buy gold and silver to offer to the Goddess.
As a result, India is now the world's largest gold importer.
Even though the overall economic growth is a bit slower than usual, Indians have discovered a new way to invest in gold: Digital Gold.
Did you know you can buy gold from as low was Rs 10 on the Wizely app?
The most general approach to investing in gold in the past has been to purchase actual, physical gold in the form of:
- Bullion and
Aside from that, there are sovereign gold bonds, gold mutual funds, and gold exchange-traded funds to consider.
Also read: 5 Reasons to Invest in Digital Gold
What is the Process of Creating Digital Gold?
Several mobile apps, such as Wizely, Paytm, Google Pay, and PhonePe, allow you to invest in digital gold. Digital gold investing is also available through HDFC Securities and Motilal Oswal.
In India, there are currently three companies that sell digital gold:
1. Augmont Gold Ltd.
2. MMTC-PAMP India Pvt. Ltd. is a joint venture between state-run MMTC Ltd. and Swiss firm MKS PAMP.
3. Digital Gold India Pvt/ Ltd with its SafeGold brand.
Metal trading businesses SafeGold and MMTC PAMP use apps and websites like Wizely, Paytm, G-Pay, and others to create a platform. These trading organisations buy an equivalent amount of physical gold in your name and store it in secure vaults after investing in digital gold.
Start saving in digital gold with as low as Rs 10 and earn up to Rs 25 lakhs on the Wizely app.
The Most Efficient Method of Selling Digital Gold
To begin, go to any of the digital gold investing platforms, such as Wizely, Groww, Paytm, HDFC Securities, G-Pay, Motilal Oswal, and so on.
When you're on any of these platforms, you'll need to do the following:
- Enter an amount in INR or grammes – You can buy gold for a specific amount or by weight at the current market rate.
- Select a payment method – After completing the KYC process, you will be presented with several payment options, including an account, a card, or a wallet.
- Keep your gold in a safe place – Your account is instantaneously updated and accessible 24 hours a day, seven days a week.
- Sell whenever you want – You have the option of selling your gold digitally to the platform at any time.
- Get physical delivery of your gold – If you don't want to sell your gold, you can have coins or bullion delivered to your home. Please keep in mind that there are delivery costs to consider.
So invest in digital gold this Dhanteras with Wizely and stand a chance to win mega rewards! Happy gold shopping!
(Check out 'Learn & Grow with Wizely' to read and learn more all about investment instruments.)