Greetings people,
Like you all I am investing in digital gold but all my gold holdings were in MMTC-PAMP which only allows me to get cash for my digital gold holdings. I went to their website and created my account, updated profile, added PAN etc and added all my details like mobile number, email address etc. But it doesn’t display any of my digital gold holdings. Also no option to buy coins or jewelleries using digital gold (tho they have options to buy gold coins in their website).
Upset with these facts I decided to sell all my gold holdings and transfer it to SafeGold. I recently redeemed the jewels which I earned by using CSB Edge + Credit Card the total amount of ₹1,560 used for digital gold. This time it accidentally went to SafeGold and when I created account in SafeGold website, it was showing my digital gold holdings. So if I am unable to use my Jupiter account or Application, I’m still able to see and use my digital gold holdings via SafeGold website which is not possible in the case of MMTC-PAMP.
What do you people prefer to keep gold in ? MMTC-PAMP or SafeGold?
Edited:
I just found something out about Digital Gold and yes it’s not about “It’s not regulated by SEBI”.
When you buy Digital Gold, you pay 3% GST on it. But when you convert or order that physical Gold, you again pay 3% GST on your whole Gold (along with making charges and fees and 5% GST on those charges). So what happens is my digital gold is converted to money and that money is used to buy physical gold (hence 3% again) and sent it to customer.
Thus you don’t actually order those gold, but make a purchase again using the money you brought digital gold for. Now I need to rethink about investment in Gold again. Looking for more Halal options to invest in Gold.