PhonePe is a leading mobile payments app in India. It allows you to send and receive money, recharge mobile, DTH, and make utility payments. But do you know that you can also buy gold on PhonePe? In this post, I will tell you the process of buying and selling gold on PhonePe.
Table of Contents
PhonePe Gold Purchase
PhonePe now facilitates you to buy 24 Karat gold without leaving your home. It has partnered with MMTC-PAMP for 99.99% purity and SafeGold for 99.5% purity of gold.
You can buy 24 Karat gold safely on PhonePe at competitive and transparent prices. PhonePe gold price is updated every five minutes by SafeGold and MMTC-PAMP India Pvt. Ltd.
MMTC-PAMP
It is a joint venture between MMTC Ltd, a Government of India undertaking, and PAMP SA, Switzerland, a global leader in precious metals.
SafeGold
SafeGold is a digital gold India private ltd company that sells 24 karat gold that is 99.5% pure.
Phonepe Gold Investment
It takes only a few seconds to purchase gold on the PhonePe app. Gold that you buy is stored in an insured locker facility maintained by the providers. It can also be home delivered if you like.
Features of PhonePe Gold Purchase
1. You can now buy 24 karat gold for an amount as low as Re 1.
2. The gold rate on PhonePe app includes 3% GST.
3. The live buy price valid for 5 minutes and sell price for 4 minutes.
4. You can buy gold for up to Rs.2 lakh at any point. However, there is no limit if you have completed your KYC.
5. You can buy from both the providers (SafeGold and MMTC-PAMP).
6. Gold that you buy is stored in an insured locker facility separately maintained by the providers.
7. You can request for home delivery of it only if you have purchased at least 1 gram of gold.
8. You can sell it at a live price starting with a minimum of Rs.5.
9. The maximum holding period for gold bought on the app is 5 years.
10. Your purchased gold balance will be displayed in grams up to 4 decimal places.
Eligibility Criteria
Any Indian resident who is 18 years old can buy gold through this app.
Here’s all the information you need to know about how to buy gold in PhonePe.
How to buy Gold on PhonePe?
Follow the below mentioned easy steps to buy gold on the PhonePe app:
1. First of all, open the PhonePe app. If you are new to the app then you need to download the app first.
2. Click on the “My Money” tab.
3. Next, click on the “Gold” icon under the “Investment” option. Alternatively you can also click on the “Buy 24K Gold” icon under the “Quick Link” option.
4. Select the provider – MMTC-PAMP or SafeGold. You can buy from MMTC-PAMP for 99.99% purity and SafeGold for 99.5% purity of gold.
5. Enter the amount of gold you want to buy. Gold purchase on PhonePe either in rupees or in grams. Gold price PhonePe are linked to real-time rates in the commercial bullion market. They are updated every 5 minutes by MMTC-PAMP and SafeGold. PhonePe gold buy and sell rates displayed include 3% GST and there are no additional charges for you.
6. Next, click on the “Proceed to Payment” tab at the bottom of the screen. You can pay using your preferred payment method – BHIM UPI, Debit Card, Credit Card, or Wallet to complete your transaction.
7. Congratulations! That’s all! Buying gold on PhonePe is easy and safe.
PhonePe Gold Sell
Here’s all the information you need to know about how to sell gold on PhonePe.
How to sell Gold in PhonePe?
Follow easy and simple steps given below to sell gold in the PhonePe app:
1. First of all, open the app.
2. Click on the “My Money” tab.
3. Click on the “Gold” icon under the “Investment” option.
4. Next, click on the provider (MMTC-PAMP or SafeGold) from whom you have purchased it.
5. Enter the amount or weight of gold you want to sell. You can sell it either in rupees or in grams. Note that the prices are updated every 5 minutes by MMTC-PAMP and SafeGold.
6. The amount will be credited to your account.
7. Congratulations! That is how to sell PhonePe gold.
How to check the Gold balance?
1. Open the app.
2. Click on the “My Money” button.
3. Click on the “Gold” icon under the “Investment” option.
4. Now you will see the weight and selling value on the screen.
How to get Gold delivered at home?
1. Open the app.
2. Click on the “My Money” button.
3. Click on the “Gold” icon under the “Investment” option.
4. Select your locker and click on more options.
5. Click on get delivery and select the product.
6. Provide the delivery address and pay the necessary making & delivery charges.
7. Congratulation! You have successfully placed an order for home delivery.
8. Relax, you will receive your gold at your doorstep.
Final Thoughts
I hope now you know how to buy gold on the PhonePe app. You can track the live gold rate on PhonePe app. Buying gold on PhonePe is a convenient way to invest in gold.
Also Read: Sovereign Gold Bonds: How to buy Sovereign Gold Bonds (SGB)?
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if purchased gold from phonepe and my registerd mobile number with phonepe is not working or i go to abroad permanent so my register mobile number with phonepe is not working in this situation how can i sell my gold. is their any other option for sell my gold other than mobile app.