PhonePe launches SIP for gold investments

By siliconindia  |  Wednesday, 25 May 2022, 02:16:26 PM IST

PhonePe launches SIP for gold investments
PhonePe on Wednesday announced the launch of gold Systematic Investment Plan (SIP) on its platform to allow users to invest in the highest purity 24K gold of a specified amount every month. The gold will accumulate in insured bank-grade lockers maintained by PhonePe’s partners MMTC-PAMP and SafeGold.
PhonePe said the advantage of starting a Gold SIP on the platform is the convenience of UPI. “The user has to just select the gold provider, mention the monthly investment amount, authenticate with the UPI PIN and it’s done! Setting up a Gold SIP is a one-time, hassle-free process and all subsequent investments are completely automated," it said in its statement.
Users can sell their gold holdings at any time and get direct credit in their bank account and they can also redeem it in the form of gold coins and bars and get it delivered on their doorstep.
“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," said Terence Lucien, head of investments, PhonePe.
Through this feature users can invest as low as Rs 100 per month. “Since Gold SIP is a periodic investment, users don’t need to continuously track Gold prices in order to make an investment decision. Investing a fixed sum of money towards Gold at specific intervals could reduce the user’s average cost of investment in the long run," the company said in its statement.

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