Buy gold for price as low as Re 1 this Akshaya Tritiya: Here's how

What if you were told that you can buy gold for a rupee on Akshaya Tritiya 2017?

Akshaya Tritiya is considered one of the most auspicious days in India to buy gold. On this today, lakhs of people will want to invest in gold and hence, the demand for gold, particularly in the form bars, coins and jewellery rises during this period. However, no matter how treasurable, gold is an expensive commodity.

What if you were told that you can buy gold for a rupee? As incredible as it may sound, Paytm has made it possible. Alibaba-backed online marketplace company, in tie-up with MMTC’s Swiss venture PAMP SA, is making it possible in a first such initiative anywhere in the world.

Paytm on Thursday announced the launch of ‘Digital Gold’. Paytm CEO Vijay Shekhar Sharma refers to it as a wealth management product

Here are the highlights:

—‘Digital Gold’ is a vertical to allow its 200-million plus users to buy, store and sell gold instantly

— Customers are buy and sell international quality gold at market-linked prices instantly for as low as Rs 1 using their Paytm wallets

— If a user wants to sell the gold, MMTC-PAMP will buy the gold back and the money will be transferred to his bank account

— ‘Digital Gold’ will be a part of Paytm's proposed payments bank

— Purchased gold can be stored in MMTC-PAMP’s secure vaults free of charge

— Customers can also request for home delivery of minted coins or sell it back online

How to buy digital gold on Paytm

You need to be a registered Paytm user with a valid login ID

You can make an offer to buy gold at the rate displayed on the platform in either rupees or gram

In case a single transaction value crosses Rs 20,000, you will be required to submit your KYC details; in case your

cumulative transaction value exceeds Rs 50,000, you will be required to furnish your PAN card

The gold can be kept in the vaults of MMTC-PAMP

The gold purchased can also be delivered at your doorstep as coins or bars