Digital Gold is a mode of buying and selling gold digitally, without having to store it physically. This ensures that while you enjoy benefits of buying gold, such as price appreciation, you don’t have to worry about the hassles related with it, such as storing it safely. Axis Bank enables you to buy digital gold online through the official website or through the mobile/internet banking application.
When you buy digital gold, not only is the transaction securely carried out online, but you can also purchase it for as low as ₹10 instead of having to spend a minimum amount required to buy physical gold by its weight.
If you want to sell or redeem digital gold, you can sell it instantly and get the funds credited to your account instantly. You can also opt for delivery of the gold coins against the gold balance in your account. The physical gold can either be delivered to you or you can exchange it for physical gold at designated offline and online jewellery outlets.
Things to keep in mind when purchasing Digital Gold
Buying digital gold online comes with a range of benefits, as described above. However, here are some points to remember before you buy and sell digital gold:
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- Trusted Asset:
Your investment portfolio should comprise different assets and that also includes gold. Buying gold has been one of the oldest investments because largely, daily market fluctuations do not greatly impact gold prices when compared to other assets. - Hedge against Inflation:
When the market faces a downward trend and there is a rise in the inflation rate, the value of gold either remains steady or may also increase. This is why, adding gold to your investments not only diversifies your portfolio but also acts as a hedge against many market risks. - Long-term Asset:
Gold is a financially sound investment for the long term, and since it’s possible to buy digital gold in small quantities over time, you never have to time the market again. Even though digital gold has made it easier to sell your gold at any time, it is far better to keep gold in your portfolio over the long term instead of trading in it in the short term. Buying small quantities of gold over the years can, thus, benefit your investments.
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Why should you buy Digital Gold?
Digital gold is not only safe and secure but buying and selling it is easier as compared to physical gold. Here are a couple of other reasons for buying digital gold:
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- Investors should ideally hold some portion of their portfolio in gold since it offers risk diversification. Traditionally gold prices have served as a hedge against high levels of inflation and uncertain economic conditions. While buying and selling physical gold requires you to make provision to store it safely, buying and selling digital gold is simple and easy. It offers the same benefits of investing in gold without the hassles associated with handling physical gold.
- One can opt for either receiving delivery of physical gold or carrying out a sell back if the opportunity is available. Furthermore, anyone with a bank account and a valid PAN card or Form 60 can buy digital gold, which will be safely stored until one wants to redeem it.
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Who can buy Digital Gold?
The eligibility criteria to buy digital gold are simple:
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- The individual should be a resident of India
- The individual should have an active savings bank account or a current account
As an Axis Bank customer with a valid savings bank account, you can easily buy and sell digital gold in a safe and secure manner!
However, you cannot be eligible to buy digital gold if you are:
- A minor account holder (below 18 years of age)
- An NRI customer without an NRO account
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How do I buy Digital Gold?
With an active Axis Bank savings/current account, you can buy digital gold as per your needs. Here is how you can buy digital gold:
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- Go to the official Axis Bank website and go to the “Explore Products” section
- Under this tab, select “Digital Gold” under “Investments”
- You can also log into the Axis mobile/internet banking application and select “Digital Gold” under “Investments”
- You can buy digital gold online for as low as ₹10 as per the market rates.
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How do I sell Digital Gold?
You can sell digital gold from your account. Ensure that you provide your correct Axis Bank savings/current account details while making this transaction. Here is how you can sell digital gold:
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- Log into your Axis Bank mobile app or internet banking account
- Go to Digital Gold option and select the ‘sell’ option
- You can see the prevailing gold price per gm
- Select whether you want to sell by price or in quantity i.e. per gm
- Check if the amount of gold holdings in your account is more than the quantity you want to sell
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How to get gold delivered at home?
The minimum weight for redeeming or getting delivery of gold coins is 0.5 gm of gold, and the maximum is 20 gm. Here’s how you can get physical delivery of Digital Gold:
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- Log into your Axis Bank mobile app or internet banking account
- To redeem digital gold as per the corresponding options of gold coin (for physical delivery), choose the quantity of the units you want.
- Check if the digital gold holding in your account is higher than the quantity you want to redeem.
- There will be separate making charges for the gold coins selected on the basis of their weight.
- The app will instantly show if the gold can be delivered to your address (using PIN code) or not. In case your PIN code is not serviceable, the order will be rejected, and you can opt for a sell-back of your holdings if possible.
- Make the payment for the making and delivery charges of the gold coins through a valid payment mode. This indicates the confirmation of delivery.
- Following this, the gold will be delivered to the address you have provided.
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How Axis Bank aids buying and selling of Digital Gold
When you buy digital gold, the purchase or sale will be carried out through Axis Bank, which is the payment facilitator. You can use the Axis bank mobile or internet banking application for an easy and hassle-free transaction.
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The digital gold is offered by SafeGold, a digital platform that allows you to check the live buy and sell prices of digital gold before you make your purchase. It is necessary to note that these rates can be affected by different factors such as the exchange rates, global gold prices and so on.
When making the purchase, there is a timeframe of 5 minutes during which you should complete your transaction. This is done because gold pricing can be dynamic and may fluctuate every so often.
After confirming the order, verify the OTP on your phone to complete the transaction and have the digital gold credited to your account. You can buy digital gold for as low as ₹10 and need not save a lump sum amount.
To sell digital gold, simply select the quantity you want to sell, check and confirm the market rate and initiate the transaction. After the order is confirmed, the gold will be sold from your account, and the amount will be credited to your bank account within a day.
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