google: Everything you should know before buying and selling gold in Google Pay – Rashtra News : Tech News

Buying and selling gold has now become even easier with the introduction of digital gold transactions. People who are looking to invest in gold don’t need to go to a physical store anymore as they can simply log on to apps like Google Pay, Paytm and others that offer digital gold and purchase it.
Digital gold is easy to store and it is more secure, as you do not have to keep the physical gold with yourself. You can also sell the gold online on the same platform where you store them. Let’s discuss the details of these transactions before you buy and sell gold on Google Pay.
Google Pay lets you digitally buy and store gold from MMTC-PAMP India Pvt. Ltd. within your existing payment application. The Google App comes with a Gold Locker where you can store all the gold you purchase through the app. You can digitally sell the gold you own in your Gold Locker back to MMTC-PAMP. Just follow the simple steps to buy and sell gold on Google Pay.
Buying gold on Google Pay
These are the steps that you should follow to buy gold on Google Pay:
Step 1: Open the Google Pay app.
Step 2: Tap on New Payment at the bottom of the screen.
Step 3: In the search bar, look for “Gold Locker” and hit enter
Step 4: Tap on the Gold Locker.
Step 5: Tap Buy and the current market buying price of gold (including tax) will appear.
Step 6: The price stays locked for only for 5 minutes after you begin the purchase.
Step 7: Now enter the amount of gold you want to buy, in INR ₹ (Rs).
Step 8: Tap on the tick mark to complete the sale.
Step 9: After your sale is confirmed, the amount should appear in your bank account within a few minutes.
There’s no overall limit on the amount of gold you can purchase and store, however, there is a daily limit of ₹50,000 worth of gold. The minimum purchase amount is ₹1 of gold. Although, accounts that total over ₹49,999 must follow Know Your Customer (KYC) norms before making any additional purchases.
To sell gold digitally you must have purchased gold in the Gold Locker. The money made from the sale will be credited to your primary bank account associated with the Google Pay account. You can also arrange for a legal heir to inherit the gold in your Gold Locker. Follow the steps below to sell gold.
Selling gold on Google pay
These are the steps you must follow to sell gold digitally that is already there in the Google Pay gold locker:
Step 1: Open the Google Pay app.
Step 2: Tap on New Payment at the bottom of the screen.
Step 3: In the search bar, look for “Gold Locker” and press enter.
Step 4: Tap on the Gold Locker.
Step 5: Tap Sell. The current market selling price of gold appears.
Step 6: The price stays locked for 8 minutes after you begin the transaction as the price fluctuates throughout the day.
Step 7: Enter the amount of gold you want to sell in mg. The market value is displayed in INR ₹ under the amount of gold selected.
Step 8: Tap on the tick mark to complete the sale.
Step 9: After your sale is confirmed, the amount should appear in your bank account within a few minutes.
In the event of the death of the account holder, the legal heir can inherit the gold from the Gold Locker. The legal heir must contact Google Pay/MMTC-PAMP and inform them of their status as legal heir. After confirming the heir’s identity, MMTC-PAMP closes the gold account and physically delivers the gold to them.