Akshaya Tritiya 2022: How to buy digital gold

Representative Image

Representative Image

Akshaya Tritiya is considered a highly auspicious Hindu festival. It is also known as Akha Teej. It falls during Shukla Paksha Tritiya in the month of Vaishakha, according to the Hindu Panchang.

Both words – Akshaya Tritiya – come from Sanskrit – where Akshaya stands for eternal, never-diminishing sense of happiness, success and joy, and Tritiya means third.

This year, Akshaya Tritiya falls on May 3. The mahurat will begin at 5.39 am on May 3 and end at 5.38 am on May 4. It is believed that buying gold on Akshaya Tritiya brings prosperity and more wealth in the future. Many people purchase gold as coins, bars and jewellery while others buy it digitally.

What is digital gold?

Digital gold is gold that is bought online (digitally) and the equivalent value of physical gold is stored in a secured vault on the customer’s behalf.

Digital gold is easily available over an increasing number of online platforms and provides risk-averse millennial and young investors a means to park their money in a versatile and liquid investment.

Also Read: 5 Things to Remember before buying Digital Gold

Where is it available? 

While digital gold is available across a number of online platforms, it’s important to remember that some of them such as PhonePe, Paytm and Amazon are not actual sellers but mere conduits between sellers and buyers.

In India, digital gold is sold by SafeGold, MMTC-PAMP India, and Augmont, among others. Purchase and sale transactions are reflected in their digital gold accounts and the seller sends valid tax invoices by email to the buyer or makes it available for download in their digital gold account.

Jewellers including Tanishq, Kalyan Jewellers and PC Jeweller have started offering digital gold through similar tie-ups.

Track Live Gold Prices Here

How to buy digital gold?

Customers can open digital gold accounts directly with the refiner or through partner platforms.

To buy digital gold from Tanishq, follow these steps:

Login or register with Tanishq and complete your account setup with eKYC.
Enter the amount of gold to be bought in rupees or quantity (in grams).

Choose a payment method from options such as bank account, card or wallet.

How to buy digital gold on Google Pay

Open the Google Pay app.

In the search bar, enter Gold Locker.

Enter the amount of gold to be bought in rupees.

Once the payment is complete, the gold purchased will immediately be deposited in the customer’s locker.

Gold can also be gifted to other Google Pay users by tapping on the ‘Gift’ option.

The gold can be sold at any time. Check the gold rates in the locker for the best time to sell.

An advantage of digital gold is that even an amount of Re 1 can be invested. Buying or selling of digital gold can be done from the comfort of home.

Point to remember: Goods and services tax of 3 percent is levied on the purchase of digital gold.

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