What Is Digital Gold In ICICI Bank: A Step-by-Step Guide
Digital Gold eliminates the need for you to worry about purity, making charges, storage, or safe-keeping. You can redeem your purchase anytime you like and convert your paper format gold into physical gold like gold bars and coins or gold jewelry and get it delivered to you.
Why ICICI Bank introduced digital gold?
# Digital gold will be a faster, convenient, and safe way for people to purchase gold. This will remove delays and costs associated with physical gold purchases. # Digital gold will also offer you the option to choose from a range of investment products with the option of varying pricing to suit your needs and financial goals.
# ICICI Bank's digital gold comes with innovative features such as instant and free bullion delivery and the use of payment modes such as credit or debit card, net banking, cheque, and prepaid card to make payment. # The bank believes this digital gold launch will encourage customers to invest in physical gold.
How does digital gold work?
Digital Gold works on your phone, so you'll get notified if you need to track your balance. You'll get alerted to outflows to your ICICI Bank Account or if there's a transaction on the same wallet. You can also connect your ICICI Bank account to the Bitcoin exchange, and do all the transactions and storing for you.
You can set an alert to know when you have accumulated more than a certain amount of Bitcoins and their value, make payment in this currency to customer service or any other channel that accepts Bitcoin. It was made available as an internet wallet to buy gold and also convert the same into physical gold.
You can hold your Bitcoins with your ICICI Bank Wallet or transfer the same to external storage like an online wallet, bank account, debit/credit card, or digital wallet.
What is the exchange rate and what does it mean to you?
You can sell your gold in the ICICI Bank Platinum Exchange or through the Akshaya e-Gather service that can be accessed via any mobile phone. And when you need to convert your physical gold into digital gold, Akshaya e-Gather will help you convert your physical gold into your desired digital gold.
What is the importance of gold and how can you buy and sell it online? For us, our gold is our wealth and we cherish it dearly. Over centuries, physical gold has gained tremendous respect and esteem worldwide. It is a trusted store of wealth and a great form of investment in times of uncertainty. Gold is one of the safest and most reliable investments in the world.
Gold is also considered one of the most acceptable investments.
List of benefits of digital gold
Cost – The main advantage of getting gold by purchasing digital gold is the cost. Since there are no transactions fees and such, there is no added cost. A pure-gold gold coin is sold for about $15, while an ounce of gold is sold for about $1200.
A 1-gram digital gold coin is worth approximately Rs 50 or less than a gram of pure gold. Security – Digital gold is secured by having a random code with each coin, which can be taken out of the device and used to identify the coin and ensure that it isn’t misplaced.
Anonymity – Just like real gold, which is supposed to be the world’s most secure investment option, digital gold transactions are anonymous. You can buy digital gold online coins or packs of them and send them to your address, which is not your bank account.
Conclusion
ICICI Bank’s Digital Gold platform can be a gold mine for the customers who will be able to put their gold savings into a guaranteed interest-free savings account. The bank is offering a number of free gold coin and bullion purchase options to customers with a maturity period of five years, that too backed by a state of art gold vault.
It is fair to say that this kind of online gold service will make it easier for people to safely store their precious metals. The process of making the purchase of Digital Gold through ICICI Bank’s app and Oropocket Mobile App is very simple and it is very secure.
The purchase of Digital Gold will be completely free of any service charges. You May Like To Read: Will Bitcoin Take Over The World?