I loved to invest in digital gold offers by various digital partners like PhonePe and Paytm. It’s a great way for investing your saving in one click while sitting at your home. But there are some situations where you need to sell your gold and recover your invested money. In this guide, I will tell you how to sell PhonePe gold and get your money instantly in your bank account.
Pro Tip: You can also read our new guide on How To Set PhonePe Lock- Step By Step Guide and What Is PhonePe VPA | Send & Receive Money Using VPA.
Sell your gold from PhonePe which will deduct from your gold balance and then send that money to our bank account.
How To Sell PhonePe Gold
Before selling your gold from PhonePe, you need to know one thing which is very important as you cannot sell your gold within 24 hours of purchasing the gold from PhonePe. This means you need to wait for at least 24 hours to sell the gold which you have purchased. As of now, there are no charges to sell gold but there is some price difference for buying and selling.
Step By Step Guide For Selling PhonePe Gold
Flipkart owned digital payments platform PhonePe has partnered with MMTC-PAMP and Safegold to launch digital gold on their platforms. So that users can buy and sell gold from PhonePe. This will not take more than a minute. Here is our step by step guide to selling gold from PhonePe.
Step 2: Now you have to tap on my money at the bottom of your screen.
Step 3: At this step, you need to click on Gold under the investment and insurance sections.
Step 4: Select your digital lockers in which you have invested your money while buying gold from PhonePe.
Step 5: Once you have selected your digital gold partner from PhonePe, you can see the option to sell your gold.
Step 6: Enter the amount whether in Grams or in INR that you want to sell and tap on Sell.
Step 7: 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 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 others are 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.
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|
|Minimum Gold Sell||Rs 5||Rs 1 Or 0.0005|
|Redeem Option||Directly to the bank account||Directly to the bank account|
|Minimum Buying Gold||Rs 1||Rs 1|
|Where the 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)
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.
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.
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.