Gold isn’t just a valuable addition to your precious jewellery collection, but can also be a valuable friend in times of financial crises. Here’s how you can count on your gold during emergencies:
You can easily convert your gold into cash, up to Rs 10,000 per day. You get the most value for money if your gold is hallmarked. The mark ensures the authenticity, fineness, and purity of the gold. So, you get paid as per the purity of the hallmarked gold.
You need not always sell gold to get money. You can easily get a loan against gold holdings, which makes the yellow metal more liquid. By pledging your gold with the lender, you can borrow up to 75% of its value. The lender holds the gold and disburses money, in as less as five minutes . This can make gold a saviour during emergencies. Here is All you need to know about gold loans.
The Gold Monetisation Scheme (GMS) allows you to deposit your gold in any form- jewellery, bars, and coins- at a bank and earn interest. You can deposit as little as 30 grams of gold and earn tax-free interest at regular intervals. This gold will then earn interest based on its quantity and the current price of gold in the market. You can also save on bank locker charges which you may incur if you keep gold in your bank's savings account.
Your gold in the electronic form can also be helpful during a money crunch. This is possible through a Gold Exchange-traded Fund (ETF) or a Gold Fund. Gold ETFs are similar to Mutual Funds. They invest in and hold gold on your behalf. But like stocks, they are listed on the stock exchange. So, you can conveniently buy and sell gold ETFs at any time through a broker, thus spending minimal time and effort. This comes handy in times of need when you redeem your ETF and get the cash equivalent of your gold investment. You can also secure a loan against your gold ETF holdings instead of redeeming the investment.
You can now buy or sell gold online safely within minutes through digital wallets. There are many platforms available that allow you to buy, store, and sell gold digitally . Here are Things you should know before buying gold online.
Whether you prefer a physical exchange for cash or a digital process, there are myriad ways to get money using gold. More importantly, these processes barely take time—a factor that is key during emergencies.
Capital gains refer to the gains that the investors in gold have made from the sale of gold. Capital gains on gold are taxed in India. Therefore, one must make sure to ask for a proper bill while purchasing gold.
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