Digital Gold is a new type of investment option that allows us to invest in 24K Gold. We can invest in Digital Gold in many online applications such as PhonePe, Upstox, Amazon, Zerodha etc. Today I will show you the PhonePe Gold Trick, where you will get to know how to buy and sell PhonePe Gold, offers, cashback and everything related to PhonePe Gold.
PhonePe has introduced PhonePe Gold a long time ago. This is one of the oldest investment options in PhonePe. Many youngsters use this PhonePe Gold Trick to transfer their PhonePe wallet balance into their bank account easily.
There are three types of Gold buying options available in the PhonePe App. Such as MMTC-PAMP Locker, SAFEGOLD Locker and Gold Coin. The best part about PhonePe Gold is we can buy it from as low as Rs 1.
About PhonePe App
PhonePe is India’s largest online payment app. In this app, we can do a lot of things. We can recharge our prepaid or postpaid mobile numbers, pay electric bills, water, gas, landline, cable etc on this app.
Not only this but also we can transfer money from one bank to another bank using PhonePe UPI. Also, we can check our bank balance, pay loans online, book a cylinder, credit card bills and shop through various PhonePe partnered apps like Flipkart, Myntra, WOW Skin Science etc.
What is PhonePe Gold
PhonePe Gold is one type of investment option that allows us to invest in digital gold. There are three types of Gold options available in the PhonePe App. Such as MMTC-PAMP LOCKER, SAFEGOLD LOCKER and Gold Coin.
We can buy and sell PhonePe Gold from as low as Rs 1. Both of these two types of PhonePe Digital Gold come with 99% purity and stored securely in an insured locker. We can also buy Gold Coin or Bar from the PhonePe App which will be delivered to our address within 7 to 10 working days from the date of purchase.
There are 14 types of fixed Gold coins and Bars available from 0.5 gm Lotus Coin to 10gm Banyan Tree Bar. It starts from Rs 2506.85 to Rs 50,137.1 as of now.
How To Buy Gold in PhonePe
We can buy digital Gold from MMTC-PAMP or SAFEGOLD providers. If you want to buy a Gold coin or bar then you will get it within 7-10 working days at your address.
- Open the PhonePe App.
- Scroll down and tap on 24KT Gold option which is located on the Investments tab.
- Choose any option between MY MMTC-PAMP LOCKER or MY SAFEGOLD LOCKER.
- Now tap on Buy Gold.
- Here you can buy gold either entering rupees or grams. If you want to buy gold of Rs 100 then enter 100 and tick on Buy in rupees.
- Now tap on BUY button.
- Simply make payment from PhonePe Wallet, UPI, Debit Card or Credit Card.
- Wait for a few seconds and you will receive success message on your screen.
PhonePe Gold Offer
Once upon a time, we used to get cashback on each transaction from PhonePe. But gone are those days. Now it’s very tough to get cashback in such popular apps like the PhonePe App. But luckily nowadays PhonePe providing some offers on Gold Purchase, Rummytime, RummyCulture, WOW Skin Science, EyeMyEye etc sites on successful money transfers through the PhonePe App.
Get Flat ₹20 Cashback
Frankly speaking, when I got this offer on my app, I became very happy. But after checking the offer details I got very disappointed. Because it is not a money-making offer. Although if you want to buy Gold store it for a long time then it’s completely fine.
- You will get flat ₹20 cashback on your next Gold purchase.
- The minimum transaction amount to avail in the offer shall be ₹1000.
- You have to made payment for gold purchasing through PhonePe App via UPI, Debit or Credit Card. Also you can make payment from PhonePe Wallet.
- The cashback of amount ₹20 will be credited on your account instantly after successful gold purchase of amount ₹1000.
How To Sell Gold On PhonePe
You can not sell gold instantly after purchasing it. To sell gold of any amount you have to wait for at least 24 hours. Before that time you can not sell the amount of gold available in your secured locker.
Also note that, if you have the gold of ₹100 in your locker then you will receive only ₹93 or ₹94 amount in your bank after selling gold on PhonePe App. You have to pay 6-7% as a transaction charge.
- Open the PhonePe App.
- Scroll down and find Buy 24K Gold option which is located on the Investment tab.
- Now tap on More Options and the choose Sell Gold.
- Choose the amount or weight of gold you want to sell.
- Select your bank account, if multiple account has linked.
- The amount will be credited on your account instantly or within 24 hours.
PhonePe Gold Charges
A lot of people have the same question in their mind whenever they try to purchase gold on PhonePe for the first time. Well, there is no difference between the gold sell and buy price that you see on PhonePe. The only difference is when you buy gold it will include 3% GST and service charges on the total payable amount.
The live gold sell and buy price vary based on the market value. And it will valid only for 5 minutes and 4 minutes respectively from the time you initiate it on the PhonePe App.
For example, if you will buy gold of ₹100 then when you try to sell it after 24 hours you will receive ₹93.75 on your UPI linked bank account. Similarly, if you will buy Gold of ₹1000 then you have to pay near around ₹70 as a service charge. That’s why I have mentioned the above offer is not a good deal.
How To Buy Gold Coin or Bar on PhonePe
We can now buy 24 karat certified physical gold coins or bars that are 99.99% pure on PhonePe. The process of buying a Gold Coin or Bar on the PhonePe App is as same as digital gold. The gold coins or bars ordered through PhonePe App will be delivered to our address within 7 to 10 days from the purchase date.
You can only buy gold coins or bars with a minimum weight of 1 gram and a maximum weight of 20 grams.
- Open the PhonePe App then tap on My Money.
- Now select the Gold option under the Investments section.
- Scroll down and tap on Gold Coin or Bar.
- Choose any option between the available 14 gold coins or bars options.
- Then tap on Buy.
- Enter your delhivery address by tapping on Add New Address.
- Select your preferred payment mode from UPI, Debit or Credit Card.
- Please note that the Gold price will be valid for only 5 minutes on the PhonePe App.
PhonePe Refer and Earn
If you have a few friends or family members who are not on PhonePe then you have a great chance to make some extra money. You can use this extra money to shop, pay bills, recharge, book a cylinder or ticket, buy gold etc. Yes, I am talking about PhonePe Refer and Earn Offer. You will get ₹125 cashback on your wallet who will sign-up on the PhonePe App through your referral link.
- Download PhonePe App.
- Install and Open it.
- Tap on Refer and Earn ₹125.
- Now tap on any social media option where you want to share your link.
- Once your referred friend joins through your link and make their first UPI payment you will receive ₹125 cashback on your PhonePe wallet.
Transfer Wallet Balance To Bank Account
There are a couple of methods available that can be used to transfer the PhonePe wallet balance to the bank account. Gold Trick is the oldest, safest and easiest one. It will take up to 24 hours to settle money in your bank account.
Here you have to pay a 6-7% transaction charge. If you have no problem then follow the below method to transfer wallet balance to a bank account.
- Open PhonePe App.
- Tap on My Money.
- Now select the Buy 24K Gold option under the Investments tab.
- Tap on Buy Gold and enter amount of gram.
- Make payment through Wallet.
- Wait for 24 hours and follow the 1-3 steps.
- Then tap on More Options and the choose Sell.
- Enter amount or grams.
- Select your bank account.
- Once your Gold sell becomes successful, the selling price will be credited to your bank account.
FAQ: PhonePe Gold Coins or Bars
You can easily get an invoice for your gold purchase through the PhonePe App. To get this simply open the PhonePe App and then find the Gold option on the My Money tab. Here you can download your invoice by tapping on the More options and view orders.
No, you can not buy a gold coin or bar on the PhonePe app. The minimum you can buy 1 gram and maximum you can buy 20 gram gold coin or bar.
Any Indian resident above the age of 18 can buys gold coins or bars on the PhonePe App. But as of now, only a few city users can order this. Soon PhonePe will start delivering it all over India.
As of now, you don’t have an option to cancel or make changes to the gold delivery request. Also, you can not return a gold coin or bar that has been delivered to you.