India is the largest importer of Gold in the world. Gold is not only a material of great value that is closely knitted with the Indian culture and tradition but has also been a time-tested investment option, which is very common among Indian households. With the emergence of the internet and the digitalization of the days, gold and the investment in gold in India also took the digital route.
Yes, it is digital gold now in place of the physical gold that is growing in popularity. Besides, a lot of gold investment companies and applications to purchase gold online are fuelling the growing demand for digital gold and making the investment in gold fast, secure and easy.
The Digital Gold can be bought online and will be stored in safe vaults until sold. Currently, there are 3 entities in India that provide Digital Gold. You can use certain platforms to digital gold purchase online but these 3 companies would have to be associated with those platforms.
The 3 companies in India are Augmont Goldtech Pvt. Ltd., MMTC-PAMP India Pvt. Ltd. and Digital Gold India Pvt. Ltd., which is sold under the brand Safe Gold. These companies purchase the gold and store them safely in vaults on behalf of the platforms.
Advantages of E-Gold
- Gold rates on NSE are based on Indian market rates.
- Investors can buy and sell gold in small denominations. For e.g.- 1gm, 2gm of gold.
- Transparency in pricing and seamless trading is one of the major advantages of this product.
- This product is high in liquidity. One can sell it at any point of time. No impurity risks.
Here is the list of platforms that bring in fantastic gold investment options, which one can opt for to invest in E-gold in India.
How to Invest in E-Gold?
List of Digital Gold Investment Platforms
- Paytm
- Phonepe
- Google Pay
- Groww
- Jar
- Airtel Payments Bank
- Amazon Pay
- HDFC Securities
- Motilal Oswal
- FinPlay
How to Invest in E-Gold?
Open a Demat Account
For purchasing commodities in NSE, it is necessary to have a Demat account. One can keep a separate Demat account for equities and commodities or keep the same one. To open an account, one can submit all the required documentation to NSE.
Trading
Once your account is opened, you can log in and buy e-gold. You can trade from 10 am to 11:30 pm on weekdays. Your gold units would get credited to your Demat account in T+2 days (date plus one day).
Physical Delivery
If you want, you can take physical delivery of gold at any time by redeeming e-gold units to your Demat account.
List of Digital Gold Investment Platforms
Paytm
Minimum Investment: INR 1
Paytm is an e-commerce payment system and a fintech company in India. It was founded in the year 2010 and has its headquarters located in Uttar Pradesh, India. Paytm provides an opportunity for Indians to invest or purchase 99.99% pure Gold for as low as INR 1.
The user can purchase gold through the Paytm app by choosing the stocks and wealth icon and then selecting the Paytm Gold icon which would let you invest Gold in terms of rupees or in quantity.
Phonepe
Minimum Investment: INR 1
PhonePe is an Indian financial service and a digital payment platform. It was founded in the year 2015 and has its headquarters in Bangalore, India. The company is a subsidiary company of Flipkart. Even PhonePe allows its users to invest or purchase 99.99% pure Gold for as low as INR 1.
PhonePe platform provides the promise of transparent pricing and assured quality and is one of the best ways to buy gold online. In PhonePe the users will have to login into their account and choose the Gold option which would be available in the My Money section. With PhonePe, the users to invest in Gold in terms of rupees or in quantity.
Google Pay
Minimum Investment: INR 1
Google Pay is also a digital payment platform, which is powered by Google. It was launched in the year 2015. Google Pay also lets users invest or purchase 99.99% pure Gold for as low as INR 1.
The users can purchase the gold by using the Google Pay platform, and works similar to the digital gold purchased through Phone Pe and Paytm.
Groww
Minimum Investment: INR 10
Groww is an Indian based online investment platform. It provides services to customers to invest in mutual funds and stocks. The company was founded in the year 2016 and is headquartered in Bangalore, India.
Through Groww the users will be able to purchase Gold in terms of grams from a starting price of INR 10. The purchase cannot be made through the Groww funds and the users will have to purchase them through UPI, NEFT, net banking, IMPS or RTGS. If it is net banking then they will have to purchase for more than INR 100.
Jar
Minimum Investment: Based on Digital Transaction Value
The Jar App is a daily savings platform that rounds off spare change of your digital transaction and invests it in digital Gold, all of this with zero manual involvement. For example: If you spend Rs. 23, Jar smartly rounds it off to the nearest 10 and automatically invests Rs. 7 in digital gold on your behalf.
First of its kind, with Jar App, you can save while you spend. The entire process takes 45 seconds and you can start right after. Take the initiative to convert all of your spare change into digital gold effortlessly. You can now grow your wealth in 24K pure gold.
Jar App enables you to save consistently with minimum hassle so that you are all prepared for the future.
Airtel Payments Bank
Minimum Investment: INR 1
Airtel Payments Bank is a financial service company that is a subsidiary of Bharti Airtel. It is the first company to receive a payments bank license from the RBI. Headquartered in New Delhi, India, Airtel payments Bank was founded in the year 2017.
Airtel has launched a new platform DigiGold. This platform will allow the users to invest in digital gold. This feature can be used only by the saving account customers of Airtel payments bank.
Amazon Pay
Minimum Investment: INR 5
Amazon.in is one of the largest e-commerce platforms in India. It is a US-based company, which was founded in the year 1994. If you are looking for how to buy gold online with Amazon, then that is easy too.
The users can buy Digital Gold through the Amazon App on the Amazon Pay page or the users can search for it directly on the search bar. Once the users can log in, they can click on the gold vault icon and see the buy price at that time. The digital gold can be bought from the starting price of INR 5. The users can buy up to 30g of Gold without KYC.
HDFC Securities
Minimum Investment: 1 gram of Gold
HDFC is a financial securities company that is a subsidiary company of HDFC bank. HDFC securities was founded in the year 2000 and its headquarters are located in Mumbai, India. HDFC securities also allow its users to invest in digital gold.
Using HDFC securities, users can buy 24K Gold in terms of rupees as well as quantity. You will be able to buy the top-quality Gold and store it safely in the digital locker, which can be accessible anytime and anywhere.
Motilal Oswal
Minimum Investment: 1 gram of Gold
Motilal Oswal is an India-based diversified financial service company, which also provides gold investment opportunities. The company was founded in the year 1987 and has its headquarters in Mumbai, India. Motilal Oswal allows users to purchase digital Gold at a starting price of INR 1,000. You can purchase 24k pure gold at the best price and keep it safe online.
FinPlay
Minimum Investment: INR 1
FinPlay is a game-based investment platform that is designed to bring two exciting themes of fintech and gaming, together. Founded by two IITians, FinPlay allows the users to play games and earn FinCash awards, which they can redeem to get financial products at discounted rates on the platform along with other rewards like Amazon coupons and more.
Founded in September 2021, FinPlay is currently led by Ganesh Kumar Anegondi (Co-founder and CEO) and is built with the aim of simplifying long-term investing and is, therefore, great for first-time investors. The platform currently lists digital gold as the only asset but is planning to launch mutual funds and stock baskets in the months upcoming. "Democratise finance and wealth management for millennials in India" is currently the mission of FinPlay. The startup further aims to emerge as the go-to wealth platform for millennials who are just starting with their wealth creation journey.
FinPlay currently helps the users with the opportunity of buying digital gold. FinPlay extends easy ways to invest in 24K, 99.99% Pure Gold, which is 100% safe and secure and promises transparent pricing. The company also enables its customers and other investors to buy and invest in digital gold starting from Re 1 and is gearing up to become a major company that would let the users to invest in gold.
FAQs
Can people buy E-Gold in India?
Yes, you can buy digital gold in India through various digital gold investment platforms.
Is digital gold better than physical gold?
Digital gold is considered as a better option than physical gold as it ensures the safety and has no additional storage costs.
What is E-gold in India?
E-gold is held electronically in the demat form and can be freely converted into physical gold.
Which is the best country to buy gold?
If you are wondering about the best country to buy gold, then it is obviously Dubai, UAE.
What is digital gold?
Digital gold or e gold is a virtual form of gold investment that one can make. The users can easily buy e-gold via the best gold investment apps that are available online and have it stored in secured vaults.
Which are the best Digital Gold Investment platforms in India?
Some of the best Digital Gold Investment platforms in India are:
- Paytm
- Phonepe
- Google Pay
- Groww
- Jar
- Airtel Payments Bank
- Amazon.in
- HDFC Securities
- Motilal Oswal
- FinPlay
