The way Indians buy gold is changing. What you need to know.
India happens to be one of the largest markets of gold in the world. Indians share a particularly special bond with the shiny, yellow metal, which is considered both auspicious and a sign of prosperity. Thus gold finds its way into Indian marriages and religious offerings widely across the country. It’s been an intricate part of Indian customs for eons. However, thanks to the digital boom, fluctuating market trends, and rise in popularity of alternative investments, all fanned further by the pandemic, winds of change have begun blowing in how Indians are saving money in gold.
As the name suggests, digital gold is an alternative to buying gold in its physical form. It all depends on the amount you invest and the equivalent of that amount is saved in a secure vault in the form of gold savings. Keep in mind that the gold you purchase is 24K and certified by the government itself. This eliminates our worries about its purity. There are more advantages to putting yourself on a gold savings scheme and this blog details them for your convenience.
Gone are the days of minimum limit on investment
One of the factors that have been contributing to the growing popularity of gold savings plans is that you do not have to first save a hefty amount. It all comes down to the amount you can set aside and wish to spend at a time in gold savings and you will gain possession of a quantity of gold equivalent to the money you spent.
Say goodbye to taking on storage concerns
Imagine how much stress you can escape if you did not have to worry about storing the gold you own, or losing it to theft. The company with which you have the gold savings account will store the gold in the most secure way inside their vaults. Not only does this help you save big on locker charges, but also the responsibility falls on them to safeguard gold savings and not you.
Get help in times of need
One of the most remarkable things about the gold saver plans is that they are flexible. You have the option to use digital gold as collateral at the time of applying for loans. However, this is subject to lenders who approve of digital gold as collateral owing to its 24K purity. When you have enough saved in your gold savings account, you can avoid the hassle that comes with lengthy paperwork and bring down the chances of loan rejection considerably.
Exchange it whenever you see fit
It is also noteworthy that gold-backed savings accounts give you the option to easily exchange your digital gold for physical gold in the form of coins or bullions. Most gold savings plans also have the physical gold you exchange delivered to your address. All this without any worry around the ingenuity and value of the metal.
As with any investment decision, it is absolutely crucial that your decisions be research-backed. While digital gold is a safe option in terms of storage, there is still a long way to go before it comes with adequate regulatory protection against traders dealing in this sphere. However, the flexibility, authenticity, and value for money that one can avail from saving money in gold makes everything better!
