PhonePe Akshay Tritya offer: Get Rs 2,000 discount on gold!

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Citizens can get up to Rs 2,000 discount on 24k digital gold on May 10, 2024 under the PhonePe Akshay Tritya offer. Customers can buy digital gold at the discounted price only on the payment app on the specified date. PhonePe has offered discount on the eve of Akshay Tritya.  According to the terms and conditions of the scheme, customers will have to buy digital gold worth at least Rs 1,000 to avail of the offer.  Plus, they will get the discount only if they purchase 24k gold on the app.

What is digital gold?

You can buy digital gold on platforms of various fintechs like PayTM, PhonePe, etc. When you invest in digital gold, a gold account is created against your name on platform of that fintech. There are assigned digital gold providers on platforms of various fintechs. When you invest in digital gold, you will actually buy electronic gold from the digital gold provider on the fintech’s platform.  That provider will then buy physical gold equivalent to value of digital gold you have bought. That physical version of the yellow metal will be safely kept in bank grade vaults of accredited vault providers. This physical storage of gold is insured. You can always sell your digital gold whenever you want. It is highly liquid. You can sell the digital gold units for as low as Re 1.

The agencies in India that are involved in digital gold service are MMTC-PAMP India, Augmont Gold Ltd and Digital Gold India.

Will PhonePe levy any charges?

The government of India levies three per cent GST on purchase of digital gold on any platform. Albeit, physical gold storage charges can also be levied apart from making charges.

Is digital gold safe?

The physical gold  kept in vaults are insured, but, till now, the government of India has not assigned any body to regulate trading. So, digital gold are not regulated in India. So, 100 per cent security cannot be guaranteed.

How can you sell digital gold?

You can sell it right from the platform where you have purchased it. There are two ways you can sell it:

I. One is that money would gets credited in your bank account.

II. Second option is that physical gold equivalent to digital gold value is delivered to your doorstep.

On Tuesday, price of 24k digital gold was Rs 7,379/gm.

PhonePe had previously also rolled out similar offer during Dhanteras.  According to news daily, ‘Times of India,’ more than one crore people have already bought the yellow metal on the payment app.  And there are more than 50 crore app downloads.