PAYTM DIGITAL GOLD LOCKER - INVESTMENT PLAN

[chota hulk]

Is Paytm's digital gold scheme really beneficial?

Buying gold through paytm is very easy. Just select the amount you want to invest, pay for it and bang! you get gold in your account. You may even get cashback if you apply the right promocode.

BUT BUT BUT, it is has some CONS -

1. The selling price is less than buying price. When the buying price was around 3000Rs/gm, the selling price was around 2832Rs/gm. Thats a lot of difference isn’t? So, it is not a good place to invest as you are likely to incur loss at the end.

2. You will not get to know this difference in price before you buy gold i.e. paytm shares the info that there will be a difference in the prices but the extent of the difference is not mentioned.

3. In addition to this difference, paytm also charges a fixed fees of Rs10 on selling the gold.

4. The amount that you get after selling gold gets into your Bank A/c and not in your paytm account. (not really a con)

5. Paytm mentions that they have a dedicated consumer helpline but I couldn’t find one even after calling their different phone numbers.

6. You get this message after selling your gold
Dear Customer,

the process to sell your Paytm Digital Gold (order #XXXXXXXX) has been initiated. The amount will be credited to your Bank Account within 48 working hours.


My View -

Cant say yet, Just started using it.
Paytm - Gold Scheme is actually good for spenders like me. I can never save money and get Gold at once. My sole purpose to accumulate this Gold is not to sell it but to get it made into biscuits.

Today is start investing in it 1st time, my goal 1st invest till 5month let c what will happen.

Everyday i buy 100rs = Digital Gold in my Locker till 5 month ( 100rs * 20 trading day * 5month = 10,000rs) going to invest in this way.

Whenever you buy gold, like i buy today at 100rs in morning, 3% GST deducted = net remain 97rs, and now you see its 97.89 currently i am 0.89 paisa profit running.


I am new in this no experience, if anybody invest in this please share your experience, because in this discussion nothing profit loss, only discussion and doubts.

 

[gregferns]

Is Paytm's digital gold scheme really beneficial?

Buying gold through paytm is very easy. Just select the amount you want to invest, pay for it and bang! you get gold in your account. You may even get cashback if you apply the right promocode.

BUT BUT BUT, it is has some CONS -

1. The selling price is less than buying price. When the buying price was around 3000Rs/gm, the selling price was around 2832Rs/gm. Thats a lot of difference isn’t? So, it is not a good place to invest as you are likely to incur loss at the end.

2. You will not get to know this difference in price before you buy gold i.e. paytm shares the info that there will be a difference in the prices but the extent of the difference is not mentioned.

3. In addition to this difference, paytm also charges a fixed fees of Rs10 on selling the gold.

4. The amount that you get after selling gold gets into your Bank A/c and not in your paytm account. (not really a con)

5. Paytm mentions that they have a dedicated consumer helpline but I couldn’t find one even after calling their different phone numbers.

6. You get this message after selling your gold
Dear Customer,

the process to sell your Paytm Digital Gold (order #XXXXXXXX) has been initiated. The amount will be credited to your Bank Account within 48 working hours.


My View -

Cant say yet, Just started using it.
Paytm - Gold Scheme is actually good for spenders like me. I can never save money and get Gold at once. My sole purpose to accumulate this Gold is not to sell it but to get it made into biscuits.

Today is start investing in it 1st time, my goal 1st invest till 5month let c what will happen.

Everyday i buy 100rs = Digital Gold in my Locker till 5 month ( 100rs * 20 trading day * 5month = 10,000rs) going to invest in this way.

Whenever you buy gold, like i buy today at 100rs in morning, 3% GST deducted = net remain 97rs, and now you see its 97.89 currently i am 0.89 paisa profit running.


I am new in this no experience, if anybody invest in this please share your experience, because in this discussion nothing profit loss, only discussion and doubts.

I have never been able to go in for all these schemes...

I can say something but, if ok with you..... you mentioned ""GOOD SPENDER LIKE ME""
I always do one thing.. Whenever i get salary or funds in my hand which i don't need or i know i can just spend ,,, 1st THING I DO IS INVEST SMALL AMOUNT INTO MUTUAL FUNDS... I myself track which fund is good going by the rating etc (using valueresearchonline com) and let it remain there..... I have done it monthly as a sort of SIP.... So far over 10 to 12 years that small kitty (of around 10 funds) has grown QUITE BIG now....

Since in your earlier post you mentioned MUTUAL FUND investing, i thought i would write this....

Regards
Greg

 

[chota hulk]

I have never been able to go in for all these schemes...

I can say something but, if ok with you..... you mentioned ""GOOD SPENDER LIKE ME""
I always do one thing.. Whenever i get salary or funds in my hand which i don't need or i know i can just spend ,,, 1st THING I DO IS INVEST SMALL AMOUNT INTO MUTUAL FUNDS... I myself track which fund is good going by the rating etc (using www.valueresearchonline.com) and let it remain there..... I have done it monthly as a sort of SIP.... So far over 10 to 12 years that small kitty (of around 10 funds) has grown QUITE BIG now....

Since in your earlier post you mentioned MUTUAL FUND investing, i thought i would write this....

Regards
Greg

i also do mutual funds same from value research online dot com and money control, mostly i invest for 1year-1months then withdraw, and in sector wise invest, but i invest once in a year at one not monthly, i thought burden khatam hua , SIP is good i will keep this in mind next time. thanks for mutual fund advice

 

[chota hulk]

PAYTM DIGITAL GOLD LOCKER

What I understand after watch YouTube videos and search on google and read review in quora.

Investment

Minimum = 1rs
Maximum = 49,999rs (without PAN Card)

Hold

Maximum hold till 5years, but if you don’t invest within 6 month again it will dormant account here, then you have to talk to paytm send all proof then again activated. So if you want to invest long term then investment within 6 month once so account running without any problem.

Withdrawal

Within a second direct bank account, I try this yesterday with same 100rs invest.

Gold price

Here gold price is your local gold jewellery shop, but it will live moving up and down, as per mcx gold mega moving. This is only digital gold, which work in USA and other countries too, if you want you can purchase it also in physical form they delivered it.

Legal issue

SEBI approve this so don’t worry, this is 100% legal and now GOOGLE PAY also start GOOGLE GOLD VAULT few days back. Paytm doing this from 2017 end and google pay jump now.

NEWS

PAYTM coming soon stock brokering in India that’s why’s try to give all this, direct competition to Zerodha and all small broker in India. PAYTM launch PAYTM MONEY where you invest direct mutual fund as zerodha did in coin, no commission charge till in PAYTM. SEBI approved PAYTM for stock broker, they launch very soon.

 

[chota hulk]

Today again invest 100rs.

Day 1 : 100rs Buy - 3rs = 97rs
Day 2 : 100rs Buy - 3rs = 97rs
Total : 194rs ( currently balance 195.17rs --> 1.17rs profit running)

What i like in this gold digital , you can buy or sell (24 x 7 and 365 days).
today i try to buy it 4AM, just for try and it will work.

one more thing i notice, GOLD DIGITAL opening time 3:30am to closing time 2:30am ( 23hrs live working).

which means during Gold FOMC meeting time, when MCX always close at night, this is working, suppose you have any big position you earn big and all legal


in last 4 days this much i understand, when it will passes 2-3 week then i think some more clear picture will be appear. Soon share chart graph of profit/loss in percentage form, but weekly basis only, after 2-3 week then share it, so everybody gets an idea whether investment is safe or not.

 

[timepass]

Today again invest 100rs.

Day 1 : 100rs Buy - 3rs = 97rs
Day 2 : 100rs Buy - 3rs = 97rs
Total : 194rs ( currently balance 195.17rs --> 1.17rs profit running)

It's not in profit because you have to calculate the cost of trade. It is in LOSS at present. Consider profit only if it goes above 200Rs. If you are selling it, also consider the cost of trade there before counting your profit.

 

[chota hulk]

It's not in profit because you have to calculate the cost of trade. It is in LOSS at present. Consider profit only if it goes above 200Rs. If you are selling it, also consider the cost of trade there before counting your profit.

yes above 200rs is real profit count, i just try to see how it move, how profit loss are here, that why i said. I think 2-3week doing this then some picture will clear. And next time i will say profit when it will above 200rs or whatever investment amount above at that time.

 

[pannet1]

Is Paytm's digital gold scheme really beneficial?

Buying gold through paytm is very easy. Just select the amount you want to invest, pay for it and bang! you get gold in your account. You may even get cashback if you apply the right promocode.

BUT BUT BUT, it is has some CONS -

1. The selling price is less than buying price. When the buying price was around 3000Rs/gm, the selling price was around 2832Rs/gm. Thats a lot of difference isn’t? So, it is not a good place to invest as you are likely to incur loss at the end.

2. You will not get to know this difference in price before you buy gold i.e. paytm shares the info that there will be a difference in the prices but the extent of the difference is not mentioned.

3. In addition to this difference, paytm also charges a fixed fees of Rs10 on selling the gold.

4. The amount that you get after selling gold gets into your Bank A/c and not in your paytm account. (not really a con)

5. Paytm mentions that they have a dedicated consumer helpline but I couldn’t find one even after calling their different phone numbers.

6. You get this message after selling your gold
Dear Customer,

the process to sell your Paytm Digital Gold (order #XXXXXXXX) has been initiated. The amount will be credited to your Bank Account within 48 working hours.


My View -

Cant say yet, Just started using it.
Paytm - Gold Scheme is actually good for spenders like me. I can never save money and get Gold at once. My sole purpose to accumulate this Gold is not to sell it but to get it made into biscuits.

Today is start investing in it 1st time, my goal 1st invest till 5month let c what will happen.

Everyday i buy 100rs = Digital Gold in my Locker till 5 month ( 100rs * 20 trading day * 5month = 10,000rs) going to invest in this way.

Whenever you buy gold, like i buy today at 100rs in morning, 3% GST deducted = net remain 97rs, and now you see its 97.89 currently i am 0.89 paisa profit running.


I am new in this no experience, if anybody invest in this please share your experience, because in this discussion nothing profit loss, only discussion and doubts.

a very very wise man once told. always buy real gold. never trust anything in paper. the difference between buying and selling price is called spread. otherwise you buy low and sell high in matter of minutes and take profit.

you can use FDs/RDs for buying your smalllest quantity of real gold. Even banks Sell gold coins, i think. tie up with jewellery shop and join their chit. be careful not to overexpose yourself to too much risk.

 

[timepass]

a very very wise man once told. always buy real gold. never trust anything in paper. the difference between buying and selling price is called spread. otherwise you buy low and sell high in matter of minutes and take profit.

you can use FDs/RDs for buying your smalllest quantity of real gold. Even banks Sell gold coins, i think. tie up with jewellery shop and join their chit. be careful not to overexpose yourself to too much risk.

If you buy from the bank, what will be the total costs ?? I think those are prohibitive - the costs of buying and selling.

 

[siddhant4u]

You will never get Gold spot price you see online. Coins have mark up of 3-5%. Check with trusted local jewellers and banks. Banks do charge premium but at least you can buy blindly.

In my opinion, govt should remove GST on paper gold, make it lucrative to invest. Buying physical gold need forex and India is always in current account deficit due to major expense on Oil and Gold.