What is Gold Accumulation Plan (GAP)?
What is live gold price?
• The GAP allows you to purchase gold using your Partner Platform account. The minimum transaction value across different platform varies from INR1 to INR1000.
• You can buy and sell (during open sale back window) in fractions for example. INR 1000/- or 0.003 gram.
• You may purchase gold 24 hours a day, 7 days a week, 365 days a year, including public and bank holidays.
• You will be able to see the live price of Gold, real time on Partner Platform platforms including website, mobile application etc. in order to make your decision.
• You can redeem accumulated gold in the form of gold coins/minted products from available options.
• You can also sell back your gold holdings to MMTC-PAMP through Partner Platform during open sale back window at the rate displayed on the Partner Platform. This money will get credited into your Partner Platform Account.
• This product does not assure any interest or return.
What is open sale back window?
• Live gold price means the gold rate in Indian Rupees (INR) per gram of (999.9) fine gold as posted from time to time, exclusive of product manufacturing/making charges and delivery charges.
• The rate is based on international price of gold, the USD-INR exchange rate and applicable customs duty.
Is the partner platform legally allowed to sell gold on their platform?
• Open sale back window is the period during the customer can place request for sale of their digital gold. MMTC-PAMP reserves the right to close the open sale back window at its discretion. Customers would still be able to place requests to redeem their digital gold in the form of gold coins.
Who is the custodian of my gold till redemption?
• The seller is MMTC-PAMP India, India’s largest gold refinery. Partner Platform is only providing a platform for the customer to access the Gold Accumulation Plan of MMTC-PAMP, India.
Is there any frequency at which I need to make transactions to keep my account active? Alternatively, what makes my account inactive?
• At no point does the ownership of your accumulated Gold transfers to either Partner Platform or MMTC-PAMP.
• MMTC-PAMP is the custodian of your accumulated Gold, right from the point you buy Gold in GAP on the partner platform.
• We secure your gold in physical form until you redeem the gold or sell back the gold to us.
• The vault is fully insured for all eventualities.
• MMTC-PAMP has also appointed Universal Trusteeship Services Ltd.(UTSL) as security trustee for the gold bought by the customers.
How can I get my holding statement?
• No. The customer does not have to do transactions at a particular frequency to keep your account active. However free custody period is limited to 5 years and beyond that any extension will be subject to the applicable charges.
Can I have a joint account for this plan?
• You can get your gold holding statement by logging in to the partner platform. Please reach out to your partner platform in case of difficulty in obtaining your holding statement.
Can minors buy digital gold online?
• Joint account is not permitted for the GAP plan.
Are my gold account details shared with any tax authorities?
• Minors are not eligible to buy or sell digital gold online.
In case I relocate to outside India, can I continue accumulating Gold?
• No. Only, in case of any enquires by government authorities, we will have to provide the requested information.
What tax implications do I have, if I accumulate gold on partner platform?
• You can choose to accumulate digital gold after relocating to outside India at your own risk.
• MMMTC-PAMP does not deliver gold coins outside India. You can however choose to sell digital gold in the open sale back window.
• Please also ensure that the account registered on partner platform is an Indian bank account.
Can I visit the vault to inspect my Gold physically?
• At the time of purchasing and redeeming Gold, all applicable taxes are included in your invoice.
• The taxes are over above the price of the gold.
How do I open my account for GAP?
• No. The vault contains the gold holdings of all customers of MMTC-PAMP. Individuals cannot be allowed to visit the vault for security reasons.
Do I require to complete my KYC to open my GAP account?
• Customer needs to register themselves on Partner Platform by providing name, PIN code and mobile number. Partner platforms may have their own specific requirements to open GAP account.
What are the registration fees for GAP?
• MMTC-PAMP does not require the customer to complete KYC to open GAP account or buy digital gold. However, partner platforms can have their own KYC requirements to enable GAP on their platform.
Buy Digital Gold
How do I buy gold?
• There is no registration fee to open a GAP account. Any valid Partner Platform account holder can open a GAP account.
How often does the live price change?
• You can make an offer to buy Gold at the rate displayed on the Partner Platform in either rupees or grams. For example, you can buy gold worth INR1 and above or 0.1 gram and above.
How long is the live price valid for completing a transaction?
• The live rate changes based on market conditions and is updated frequently.
After purchasing gold, when can I see gold grams credit into my gold account?
• The live price, at which you choose to buy Gold, will be valid for 5-7 minutes from the time you click on the option to buy. In case you fail to complete the transaction during this time-frame, you will be redirected to the new live price, at which point you can restart the transaction to make a fresh offer to buy.
What if my money gets debited but I don’t receive gold into my gold account?
• After making the payment, when MMTC-PAMP accepts your offer to buy, you will receive an invoice and the said quantity will be reflected in your Partner Platform Gold account under vault balance.
Is there a restriction on the amount of gold that can be purchased in a day?
• In the rare event of technical failure, MMTC-PAMP may reject your offer to buy. The amount paid by you will be refunded in your partner platform account within the time frame prescribed by your partner platform account. You can initiate the transaction to buy digital gold again on the partner platform.
Can I cancel my gold purchase?
• The maximum limit to buy gold in a single day is INR 2 lakhs. The value of a single transaction or cumulative value of transactions in a day should not exceed INR2 lakhs.
What modes of payments are accepted?
• Once MMTC-PAMP has accepted your offer to buy, cancellations or refunds are not allowed.
Physical storage of Digital Gold
What is the maximum period for which MMTC-PAMP will store my gold?
• Customers can make the payment through different payment modes like net banking, UPI, debit/credit cards as accepted on the partner platform.
Sell Digital Gold
How do I sell the gold I have accumulated?
• You can buy and store your gold for a period of 5 years from the date of purchase with us.
• This will be kept in safe custody.
• You can sell (during open sale back window)/redeem your gold anytime within these five years.
• When you want to redeem/take delivery of your gold, you have to select in which denomination you want to redeem it. You will have a range of minted products to choose from. The minimum quantity of gold that can be redeemed is 1g.
• Once this duration is complete, it is mandatory to sell or take delivery of the respective quantity or if you wish to seek the extension of custody then you will have to pay the charges as decided by MMTC-PAMP.
• In case of multiple purchases on different dates, you can keep your gold with us for 5 years from the date of purchase for each specific transaction.
• At any point of time, if you redeem your gold, additional charges, as applicable at that time will be levied.
Why is the ‘sell price’ lower than ‘buy price’?
• When the sale back window (open sale back window) is active, you can offer to sell your Gold accumulated on Partner Platform in either Rupees or Gram. For example, you can offer to sell either 0.1 gram or INR 1 and above.
• Your Gold account holdings should be equal to or higher than the quantity you offer to sell.
• In case of any technical failure, MMTC-PAMP may reject your offer to sell.
• The money against the quantity offered by you to sell will be credited to your bank account as per the details shared by you.
Redeem Digital Gold
How do I redeem my gold?
• Gold like any other commodity, which is tradable has a buy-sell spread. The spread for Digital Gold buy and sell transactions is due to 3% GST and other handling and processing charges.
• This is not a trading platform. In trading platforms, actual physical gold does not exist and the banking charges are accounted separately outside of the trade. The best comparison for buying and selling digital Gold is buying and selling gold coins. Difference between buy and sell price for gold coins is typically 8-10%. For jewelry, given making charges, the difference is even higher. Also, when you buy digital Gold you save on the Locker charges which you pay for safekeeping.
What are making and delivery charges?
• You can select the quantity and denomination of the gold you wish to redeem from the available options of coins on the Partner Platform. You can request for all or part of your gold holding between 1 gram and multiples thereof.
• Gold holding of customer shall be equal to or higher than the quantity you offer to redeem.
• Each coin will have different making charges, based on the weight and design of the coin.
• The PIN code mentioned in the delivery address should be in serviceable location of logistic partner, if it is not then the order shall be rejected and in that case you can sell back your holdings provided open sale back window is open.
• You must confirm the transaction by paying the additional making and delivery charges.
• Your gold product will be delivered at your notified address by a logistics provider.
• The making and delivery charges shall be paid through acceptable payment modes only.
Can I put in a different address from the one I used at the time for registering for the plan?
• Making charges are the costs of manufacturing/minting Gold into a coin.
• This includes the cost of packaging the coin in tamper proof Certicards.
• Delivery charges are the logistics cost to deliver high value gold safely to your location.
Is it possible after choosing a product, I get intimation saying the product is out of stock? In such as case, what do I do?
• Yes. You can enter a different address. However, if this pin code does not fall in our serviceable area, you will be prompted to enter a different address.
• If your address is not serviceable at the time of redemption, then you can sell back your gold holdings during open sale back window.
When will I receive the delivery?
• The charges paid by you at the time of redemption will be refunded to your account
• You can then select another product from the available list on the Partner Platform.
Is it possible to store my redeemed gold coins and bars in safe custody and have them delivered later?
• You will be intimated about the expected delivery time, at the time of placing the order.
• The product will be delivered to you within 14 working days from the time of placing the order on the Partner Platform, subject to delays due to unforeseen circumstances.
• You will receive a notification with shipment status to your registered mobile number and the e-mail address.
What happens in case I receive a different product or damaged goods?
• Once you place a redemption request, you have to accept the delivery made to you. It cannot be made at a later date.
Who is responsible in case my Gold is not delivered to my address?
• MMTC-PAMP explicitly urges to all its customers to inspect the package for any damage or tamper before receiving or signing for receipt.
• If you find any tampering, do not accept the parcel and return the same.
• MMTC-PAMP will not be liable for any loss or damage caused if the customer accepts the parcel in spite of it being damaged or tampered.
• The duty to verify the parcel for any damages or tampering is of the customer and if the customer accepts the parcel and later comes to know of any damage or tampering, MMTC-PAMP shall not be liable for any loss or damage to customer.
What if my gold balance gets debited but I don’t receive money into my partner platform account?
• MMTC-PAMP will be responsible. Customers need to contact the customer service of Partner Platform for any support.
What happens in case of a failed attempt of delivery?
• The partner platform or MMTC-PAMP will retry payment to account shared with your partner platform. In the event, if the payment is not credited after 3-4 working days, the customer should reach out to its partner platform. After verifying the customer details, money will be credited manually to the customer’s account.
How do I close my account?
• Delivery to your address will be attempted three times. If you are not available at your mentioned address to accept the delivery, after the third time package shall be returned to MMTC-PAMP.
• Customer needs to place the fresh order for the redemption by paying making and delivery charges again.
• For details, contact Partner Platform customer care service center.
Transfer Digital Gold
Can I transfer my gold balance?
• Customer needs to place the request for delivery/ redemption or sell back, if sale back window is active for liquidating the gold holding, if any.
• If you do not have any gold balance in your gold account, no action is required from the customer’s end.
Are there any charges associated with transfer?
• You can transfer your gold balance online if the partner platform provides features. The gold balance can be transferred only to the accounts within the same platform. For example, customer having gold balance in Paytm cannot transfer the gold balance to a customer having GAP account in Google Pay.
What should I do, in case of fraud on my digital gold account?
• There are no charges associated with transferring gold balance.
How can I be assured that gold coins delivered to me are genuine and trustworthy?
• You are responsible for keeping your Partner Platform account details in a secure manner corresponding to existing Partner Platform terms and conditions.
• In case of a fraud, you must first and foremost register an FIR with cyber-crime cell.
• You must share the copy of FIR with the partner platform where you had the digital gold account.
• MMTC-PAMP will act solely on instructions received on the Partner Platform, and will not be liable for any losses/ liabilities due to a breach/misuse of your Partner Platform account.
How can I trust that the delivery will be made to the correct person?
• The gold coins are directly dispatched from MMTC-PAMP manufacturing unit.
• All the coins are delivered in sealed packaging.
• All the dispatches are camera recorded at the time of dispatch.
• In any case if you receive a tampered packet, please do not accept the same and report to your respective platform.
Who will you deliver to, in case I did not respond?
• Before the delivery is attempted, customer will be sent an OTP on the registered mobile number by the logistic partner and same needs to be provided to the delivery person.
• Once the OTP has been verified by the delivery person, then only the package will be handed over to the customer.
In case of any natural disaster, if the gold in MMTC-PAMP vault is destroyed or in case of theft, will I lose all the money used in buying my accumulated gold?
• We can only deliver to the designated person as mentioned at the time of placing the delivery request.
• No. You will not lose your money. The vault is fully insured for such eventualities.