Flipkart-owned PhonePe on Wednesday introduced the launch of a scientific funding plan (SIP) to put money into gold. Users can now put money into 24K gold, the metallic in its highest purity, for a certain quantity each month and accumulate their asset.
These investments will likely be insured in bank-grade lockers maintained by PhonePe’s companions MMTC-PAMP and SafeGold. Investors could have full management of their gold and may promote it at any time to get a direct credit score to their financial institution accounts. Should they select to redeem this funding within the type of cash and bars, it will likely be delivered to their doorsteps, the corporate mentioned in an announcement.
The benefit of beginning a gold SIP on PhonePe is the comfort of unified funds interface (UPI). Setting up a gold SIP is a one-time, hassle-free course of and all subsequent investments are fully automated.
“PhonePe’s vision is to build products and offerings that cater to the varied investment needs of its 380 million users. As Indians look at finding smart ways to buy gold, we are happy to provide our users the option of setting up a gold SIP through UPI. PhonePe’s gold SIP will help users build their long-term gold investments in a hassle-free way by allowing them to buy the purest 24K gold through small and regular monthly investments,” mentioned Terence Lucien, head of investments at PhonePe.
Users can begin investing with as little as Rs 100 monthly. Currently, Groww and Mobikwik are just a few different platforms that present the choice of investing in gold by way of SIPs.
Source: www.financialexpress.com”