In India, gold is held in high regard both for its auspiciousness and investment value. While there are many ways to purchase gold in India, digital gold is one of the most convenient and cost-effective ways of buying yellow metal.
In light of this, Groww has introduced digital gold to make this process simpler and convenient for you. Covered ahead are the detailed steps you can follow to invest in gold on Groww successfully. Read on!
In this article
How Does Groww Facilitate Investing In Gold?
Groww facilitates this process keeping in mind the safety and ease at very transparent prices. Groww has partnered with Augmont which is an integrated precious metals management company.
The company has a leading product that goes by the name of Bullion India, which allows customers to trade in gold in variable denominations. Augmont is where Groww gets its 24-Karat gold of 99.9% purity from. The gold you buy will be stored safely in your digital account.
How to Start Investing in Gold On Groww?
You can start purchasing gold in grams equivalent to a price as less as Rs 10 on the platform. However, as of March 2021, you cannot use your Groww balance anymore to buy gold.
Going forward, you can only buy digital gold via UPI, net banking, NEFT, IMPS, or RTGS. However, net banking will be available for transactions valued more than Rs 100 only.
While selling gold, there is no change. The amount will be credited to your primary bank account.
You can access Gold on Groww both on the web as well as on the app. Please update your app to the latest version to view Gold on Groww.
Let’s look at the steps to buy gold on Groww.
Step 1: Open the Groww app and select the ‘Gold’ tab.
Step 2: On the ‘Explore’ tab for gold, you will find all details about the digital gold facility on Groww. Click on ‘Augmont Digital Gold’.
Step 3: On the next screen tap on ‘Invest’.
Step 4: You can either enter the value of how much gold you want to purchase in rupees or the quantity in grams. In any case, you need to buy gold for at least Rs 10 on our platform.
In case you are entering the gold you want to purchase in terms of grams, the value of the quantity should be equivalent to Rs 10 depending on the live price.
You can toggle between entering in grams or rupees by selecting the following option:
The amount you enter to buy gold in grams is inclusive of GST so plan accordingly.
Please Note: You can purchase gold at the live market rate displayed on Groww. Once you enter the screen in step 4, the live price at that moment is valid only for five minutes.
Step 5: In the next step, pick any of the three options to pay for your gold investment: netbanking, Google Pay or UPI ID. You may not be able to see the netbanking option if the value of gold is less than Rs 100.
Step 6: Click on ‘Pay‘ if you are satisfied with your order or edit it again according to your requirements.
Step 7: Depending on the repayment option chosen by you, you will be redirected to the payment gateway.
Step 8: After successful payment, you will see the screen below. You can select ‘Order Details’ to see a summary of the particular order or go to your gold investment dashboard to see all your previous orders.
And that’s it! After you have made a successful purchase, your gold balance will be updated in your gold locker held by Augmont and accessible anytime on Groww’s dashboard.
You will be able to view your holdings in both grams and rupees. You can view all your previous transaction history on the Groww gold dashboard.
When can I sell my holdings?
Please note, you will be able to sell any amount of gold at the live market price. The sell price will always be transparently published at any point of time.
You will be able to sell gold only after 24 hours from purchase. Once you complete your purchase, you will also receive a confirmation receipt on your registered email id from Augmont, complete with the order details.
All rates showed on Groww, while purchasing or selling are inclusive of GST, customs duty, and other taxes. Tax on income from the sale of gold is applicable.
Why Choose Digital Gold?
Digital gold solves many of the problems that accompany buying gold in physical form. Some of these include damage, risk of storage, increased possibilities of theft, and loss as a result, etc.
Here’s where digital gold works as an excellent alternative, especially if you want to buy gold for its investment value. All you require is access to the internet and you can be the legal owner of the bullion you buy online.
With digital gold, you can buy any quantity you want of the highest purity and execute buy and sell decisions at market-linked prices with just a few clicks. The gold bought online will be insured and kept safely with the reputed custodian/trustee on a consolidated basis.
For any help, you can drop a mail to [email protected] and we would be glad to assist you.