How to Buy and Sell Digital Gold Online: Step-by-Step Guide
Buying gold has always been a tradition in Indian families, whether during weddings or festive occasions like Diwali and Dhanteras. But today, you no longer need to visit a jewellery store to purchase 24K gold. Digital gold lets you invest from your phone with as little as ₹50.
In this blog, we will explain how it works and how to buy and sell digital gold online using the jUMPP app.
What Is Digital Gold?
Digital gold allows you to purchase 24K gold online in small quantities. Your holdings are recorded digitally, while the equivalent physical gold is stored in secure vaults arranged by providers such as MMTC-PAMP, SafeGold and Augmont in India.
How Does Digital Gold Work?
The digital gold buying process involves three main stages:
- Buy: Choose an amount and complete the payment through the app.
- Track: The purchased quantity appears in your digital gold balance, where you can check its value.
- Sell: Enter the amount or quantity you want to sell, confirm the transaction and receive the proceeds according to the platform’s settlement process.
Why Should You Buy Digital Gold?
Digital gold offers a convenient way to purchase gold online.
Here are a few benefits of buying digital gold-
- Start Small: Buy digital gold with as little as ₹50, without purchasing an entire gold coin.
- 24K Gold: Purchase gold with 99.9% purity or higher, depending on the provider.
- No Storage Hassles: The corresponding physical gold is stored in vaults arranged by the provider.
- Easy to Buy and Sell: Purchase, track and sell your holdings online. Physical redemption may also be available, subject to the provider’s terms and charges.
- Is Digital Gold a Good Investment?
Convenience is one thing, but what about returns, risks and taxes? Before investing, it’s worth understanding how digital gold compares with other gold investment options.
Read our detailed guide: Is Digital Gold a Good Investment?
How to Buy Digital Gold Online with jUMPP?
With jUMPP, you can purchase digital gold starting from just ₹50.
Follow these eight steps:
Step 1: Download and Log In
Install jUMPP from the Google Play Store or App Store. Log in and open the Digital Gold section.
Step 2: Enter Your PIN Code
Provide your PIN code to access the latest gold prices.
Step 3: Choose a Quick Buy Amount
Select ₹50, ₹100, ₹200, ₹300, or ₹500 from the available options.
Step 4: Set a Custom Amount (Optional)
Alternatively, enter your preferred investment value.
Step 5: Review the Price
Check the displayed gold rate and total purchase cost.
Step 6: Select Buy Gold
View the equivalent quantity in grams or rupees and tap Buy Gold.
Step 7: Make the Payment
Complete the transaction using an available payment method.
Step 8: View Your Holdings
After successful payment, the purchased quantity appears in your Digital Gold balance.
How to Sell Digital Gold Online with jUMPP?
You can convert your digital gold holdings into money directly through jUMPP.
Here is the step-by-step digital gold selling process-
To sell Digital Gold on jUMPP, follow these steps:
Step 1: Go to Invest and select Digital Gold.
Step 2: Tap ‘Sell’.
Step 3: Enter the amount or quantity in grams and confirm the transaction.
Step 4: The sale amount will be credited instantly to your source bank account, which is the same account from which the money was debited when you purchased Digital Gold.
How to Redeem Digital Gold for Physical Gold?
With jUMPP, you can convert your digital gold holdings into physical gold and have it delivered to your doorstep.
This allows you to buy and manage gold online while retaining the option to receive it in physical form.
What Costs Should You Know Before Buying or Selling Digital Gold?
The amount you pay or receive may be affected by the following:
| Cost | What to Know |
| GST | A 3% GST applies to purchases. |
| Buy-Sell Spread | The provider quotes different rates for buying and selling. |
| Capital Gains Tax | Profits may be taxable under applicable income tax rules. |
| Redemption Charges | Minting and delivery fees may apply if you request physical gold. |
Please note: There are no extra charges for buying or selling Digital Gold on jUMPP. However, a flat 3% GST applies to every Digital Gold purchase.
Conclusion
You can buy digital gold on jUMPP from ₹50 and sell eligible holdings through the same app. Follow the steps above, check the transaction details and review applicable charges before proceeding.
Ready to buy digital gold? Start with just ₹50 using jUMPP, a digital gold investment app that lets you buy, track and sell your holdings online.
Frequently Asked Questions
You can sell digital gold through the platform where you purchased it. On jUMPP, go to Invest → Digital Gold → Sell, enter the amount or quantity in grams and confirm the transaction. The proceeds are credited to your source bank account after a successful sale.
The best platform depends on its gold provider, pricing, transaction charges, storage arrangements and selling process. Compare these details before choosing a digital gold investment app.
Digital gold can generate profits if gold prices rise enough to cover GST and the buying-selling price difference. However, returns are not guaranteed, and falling gold prices can lead to losses.
No. Digital gold is not an RBI-approved investment product. It also falls outside SEBI’s regulatory framework for securities products. Users should review the provider’s terms and associated risks before purchasing.
You can purchase digital gold through platforms that offer the service, including the jUMPP app. Before buying, check the gold price, applicable charges, provider details and selling options.
