PhonePe announced that it will launch UPI SIP for investment in gold. Users will be able to invest in high purity 24 K gold of a specified amount every month. The gold can be accumulated in their insured bank-grade lockers, which are maintained by MMTC-PAMP and SafeGold.
Users can start a gold SIP with the help of the UPI. All the user has to do is select the gold provider, mention the monthly investment amount, and authenticate with the UPI PIN.
The setting up process is one-time, and subsequent investments will be completely automated.
Users can get a direct credit from their bank account when they sell gold. The gold can be redeemed in the form of gold coins and bars, which will be delivered to their doorstep.
Users can start investing in 24 K gold with just Rs 100 per month and invest small amounts regularly to build their gold savings. There is no need for investors to worry about the price movement of the yellow metal. The company stated that investing a fixed sum at specific intervals would reduce the average cost of investment in the long run.
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, said Terence Lucien, Head of Investments, PhonePe. 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 24 K Gold through small and regular monthly investments. How do I set up UPI SIP for gold?
Go to the Wealth tab on the bottom strip of the PhonePe app.
The amount you want to invest monthly along with the date of the investment is entered in the amount you want to invest.