Sell PhonePe GoldIn this post, we can see how we can sell PhonePe gold online from our Gold Balance and then send that money to our bank account. It is an easy process to sell our gold to online. Just follow the below steps to learn how we can sell our gold online. Download PhonePe from here PhonePe.
You can make some profit by Paytm & PhonePe gold by purchasing at a low price and when the price will be a hike you can sell that.
How To Sell PhonePe Gold
Step 1: First of all launch the PhonePe App on your phone. Ensure that you have logged into your Paytm Wallet.
Step 2: After that find the option of Gold and tap on it.
Step 3: Select any methods from the given below. It is all about the purity of Gold.
Step 4: After that, you can see your total gold amount in INR as well as in Grams.
Step 5: Enter the amount whether in Grams or in INR that you want to sell and tap on Sell.
Step 6: After that, your Gold will be successfully sold and will be transferred that amount in your bank account.
Features Of Buying Gold From PhonePe
- The live rate of Gold for buying and selling is valid for up to 5 minutes.
- One can buy gold of worth Rs1.
- One can buy a gold maximum of 59.625gm.
- PhonePe provides two gold providers. One is MMTC-PAMP having 99.99% of purity while other is Safegold having 99.5% of purity.
- PhonePe provides 24 Karat Gold.
- You cannot sell the Gold within the purchase of 24 hours.
- You can sell your gold from PhonePe and get the amount in your Bank Account.
- You can also deliver that gold to your address by providing some charges.
Go through this link for more information or services related to PhonePe Gold.
Gold Legal or Not?
Buying Gold is absolutely legal in India. Whether it is from online or offline. But Gold is not a legal tender in India. Only the Rupee Notes and Coins are legal tender in India.
Various Forms Of Gold
There are several forms of gold.
From Where We Can Buy Gold Online
There are many websites and applications from where we can buy Gold online. Some of them are listed below.
PhonePe Gold Vs Paytm Gold
You all are aware of the above two wallets which are used everywhere in this digital era. Both of them have very great features but now they are competing for each other in these digital eras for the #1 position in digital wallets.
|Phonepe Gold||Paytm Gold|
|Gold Provider/ Partner||Safegold & MMTC-PAMP||MMTC-MAMP|
|Minimum Gold Delivery||1 Gram||0.5 Gram|
|Minium Gold Sell||Rs 5||Rs 1 Or 0.0005|
|Redeem Option||Directly to bank account||Directly to bank account|
|Minimum Buying Gold||Rs 1||Rs 1|
|Where Gold Store||Store in Locker||Store in Locker|
The selling price of Gold is always less than the Buying rate for both PhonePe and Paytm. As of now, you can see the reason behind the selling price low only from Paytm. PhonePe has not clarified this on their application.
According to Paytm, Buy and Sell Gold prices are given in real-time by MMTC-PAMP/ Augmont. As per Gold sellers, this is standard Bullion Industry and Trade practice.
FAQ (Frequently Asked Questions)
Can I transfer PhonePe cashback to bank account?
No, you cannot transfer PhonePe cashback to your bank account directly. But there is an alternate way from which we can do this. Firstly you need to buy gold from your cashback or wallet balance. Secondly, you need to sell that gold by the above-described methods. After selling the gold your cashback will be credited to your bank account.
Note: There will be some loss of your money. This is due to the buying rate of gold is higher than the selling rate. Approximate you will lose Rs 4 for selling the gold amount of Rs 100.
Does PhonePe need KYC?
PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the KYC of wallet. Completing the KYC will not harm us in any manner although it will give us some additional benefits fo being a PhonePe KYC verified user.
Note: You don’t need to visit anywhere to complete your KYC just like we need to visit the KYC Center Near Me to complete the Paytm KYC. There is no such PhonePe KYC near me or PhonePe KYC center near me.
How can I pay my electricity bill by PhonePe?
PhonePe is a mobile wallet, we can use it for availing the available services. Some of the services are, Send Money, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. Just follow the instruction to know how to pay the Electricity Bill from PhonePe.
Download PhonePe From Here (PhonePe)