Fintech platform MobiKwik launched the Daily Gold Savings Plan on Akshay Trithiya allowing users to save small amounts daily in the form of gold. The plan has the flexibility to opt for daily, monthly, or one-time SIP. MobiKwik announced that it will cover one SIP in every quarter for users who are investing above Rs 51 daily via SIP, as a 'goldback' plan. However, the offer is only applicable till the offer period runs.
To ensure the highest standard of safety and security of gold, MobiKwik has partnered with digital gold purchase platform SAFEGold, it said. Further investors can sell or gift their gold holdings anytime, with doorstep delivery at no extra charge.
Previously only accessible through offline retail stores in Tier I and II cities of India, the Gold Savings Plan has now expanded its coverage, MobiKwik said.
Bipin Preet Singh, Co-founder & CEO, of MobiKwik, said, “Gold has long been regarded as one of the safest mediums of savings, standing the test of time. Our Daily Gold Savings Plan aims to digitise and democratise this tradition, making it accessible to everyone. This represents a significant step towards encouraging disciplined saving and fostering cumulative wealth accumulation for users nationwide, enhancing their financial well-being.”
Users can invest in digital gold regularly such as monthly or quarterly, with a minimum daily investment of Rs 51. If investors make daily SIPs of Rs 51, they will hold gold worth Rs 1.2 lakh worth after 5 years, the company says.
The gold purchases of 24K gold of 99.5 per cent purity, are made at the live rates as of the instalment date.
However, Mobikwik on its website says that Sell prices are slightly lower than buy prices due to applicable GST. Though there are no brokerage charges, making charges, minting charges and delivery charges will be applicable when you opt for physical delivery of gold.
