Systematic Investment Plans have been the most popular way to save in nano amounts among Indians. Now, the world has grown so much that SIPs are now available in our favorite precious metal – GOLD. A few years back, we only had an option to buy physical gold if we wanted to save money. Some preferred 24k physical gold, while others were still stuck with gold jewelry that never gave them full value in return. Today, the way to save money has evolved into a digital gold SIP plan.
It is designed to offer flexibility, liquidity, high purity, safety, & transparency. Let’s proceed to discuss what is gold SIP and how does it work, top benefits of investing in Gold SIP over traditional gold buying, and the best platform for digital gold SIPs in India.
What Is a Gold SIP and How Does It Work?
In simple words, a gold SIP means a systematic investment plan that directly allows you to save your money in 24k pure digital gold. The gold SIP plans usually involve saving on a fixed schedule like daily, weekly, or monthly. The best part is that you don’t have to have a big amount to start SIP; you can start with as low as ₹10.
Now, let’s see how it actually works…
After setting up your digital gold SIP (daily, weekly, or monthly), the amount will automatically be deducted, let’s say every week, and in return, the digital gold will be purchased at the live market price. This gold is securely stored in digital vaults, and there is no risk of theft. Over time, you will see a noticeable growth in your total balance. And that’s when you’ll realize – It is worth it.
Gold SIP Plan in India: Why Indians are Preferring it
Over the years, the gold prices have been rising significantly and that sparked an awareness among Indians that they can make money by investing in Gold. People want convenience, benefit, and security. The digital gold is giving it all. Since we all know that gold prices are too high, it is not easy for anyone to buy physical gold in one go. Therefore, a systematic investment plan is the best solution as it spreads the cost over time, and you can easily buy as much as you want. In addition, the digital platforms offer an ease and convenience to start, pause, or stop a SIP anytime.
What Is The Tentative Gold SIP Price
Even though the world has gone digital, a large portion of the population is still a victim of myths and rumours. Here, we are talking specifically about gold. So, many people think that they should have a lot of money to save in gold. That’s completely false. Because many platforms like EG Payment are offering a minimum gold SIP price of just ₹10.
So, the prices are fixed, and the amount of gold you’ll receive totally depends upon live market rates. That clearly means that if you fix daily SIP, the gold will be purchased based on today’s gold price. In the long run, this helps balance price fluctuations instead of depending on a single buying day.
Top Benefits of Investing in Gold SIP over Traditional Gold Buying?
Until now, you must have already understood the benefits of saving on Gold SIP. Digital gold clearly offers amazing advantages as compared to traditional gold buying.
- Zero percent making charges
- Zero theft risk
- Require no locker charges
- 99.99% real gold
- Buy/Sell anytime, anywhere
Best Platform for Digital Gold SIPs in India
If you are hunting for the best platform for digital gold SIPs in India, keep in mind to check for transparency, any hidden charges other than GST, check the gold purity, price graph, redemption option, etc. You can find all these things in the EG Payment App. Download and check yourself.