#FinancialBytes: 7 apps you can use to invest in gold
Indians just love gold and share a special bond with it. Apart from buying gold, it's common for Indians to invest in the yellow metal. It's not only one of the most preferred investment options but also ideal as it gives good returns. Times have changed and people can now invest in gold through smartphone apps. Here are 7 apps for gold investments.
India's digital payments giant Paytm allows users to buy/sell digital gold instantly at market prices or accumulate in an online account, a 100% secure facility. They can buy gold starting at Re. 1 and offer to sell 0.1gm and above. Users can also get their gold delivered (24 hours after buying it) after paying nominal making charges in the form of coins/minted products.
Flipkart's PhonePe app also launched "Gold" investment option last December. Users can buy and sell certified 24K gold for as low as Re. 1. They only need to create a PhonePe Gold account before starting investing in gold. The gold is insured and stored securely; PhonePe partnered with SafeGold for this service. Users can also get the accumulated gold in the form of coins.
Augmont is an app by Bullion India for online gold investment. It is available for Android and iOS. Again, users can buy and sell gold for as low as Re. 1; SIP (systematic investment plan) option is available. They can purchase the yellow metal and save in free, secure, and insured vaults. They can request delivery of accumulated gold in the form of coins.
Motilal Oswal Investment Services' MO Investor is another mobile app that allows users to invest in digital gold. The app's Me-Gold feature lets users buy gold with zero paperwork for a minimum amount of Rs. 1,000. They can buy/sell gold 24x7, including holidays. The accumulated gold is insured by MMTC-PAMP and can be delivered as coins/minted products upon request with no making charges.
MetalPay app lets users buy gold and store it digitally in secure virtual lockers. Users only have to create an account to start investing in gold online. They can buy the precious metal for as low as Re. 1. It also provides free vaulting and insurance for the gold. MetalPay lets users buy, sell, or request gold for delivery (making charges extra) anytime.
Another option is Upwardly, a web app, that lets users invest in digital gold for as low as Rs. 500; SIP option is also available. When a user buys gold, a mutual fund company buys gold and stores it. Also, when a user wants to sell it, the gold is sold at the market price after which the users receive their money back.
Stock Holding Corporation of India Limited's GoldRush website offers digital gold investments. Users can buy and accumulate gold, starting Rs. 1,000. They can choose to withdraw gold at their convenience and get it delivered to their doorstep or collect from GoldRush branches.