New Delhi: MMTC-PAMP on Thursday announced the launch of Digital Silver. This product will be made available to the customers just like digital gold.
Customers will have the opportunity to buy 999.9+, pure silver on the company's website and its partners such as Paytm and PhonePe. MMTC-PAMP has said that physical silver equal to the amount of silver purchased digitally will be stored in a certified bank-grade vault, which is audited every day by a third-party trustee.
Amul Saha, Chief Digital Officer, MMTC-PAMP India, said, "The trusteeship has to ensure that the digital gold or silver quantity earned within a day from the point of view of net sales is added back to the bucket by the key partners." Interact with Mint.
Users cannot visit the storage facility to check their silver holdings. "This is not allowed due to security reasons. But users can check holdings online and redeem real time." Saha said.
Like Digital Gold, customers can also buy Digital Silver for as low as Re 1.
In a statement, MMTC-PAMP said, "This digital asset offers all the benefits of silver, with the added benefits of transparency, 24/7 access, assured purity and low entry points for silver investments, with no fees involved." "
Users can redeem their digital silver for physical form at any time by selecting from the products offered by the Company, which include coins, bars, figurines, among others.
Note that, you can only convert your digital holdings into physical silver products that are available on the platform and cannot get it custom made.
At the time of converting digital silver into physical product, the user will also have to pay making charges and delivery charges for delivery of the product.
“We have started selling digital silver on our platform from January 30 and we are already seeing a large number of user interest. The volume of digital silver is currently higher than that of digital gold,” said Saha.
Saha said that currently the company is giving users the facility to keep their digital silver in the company's vault free of cost.
As far as the charges are concerned, there is no processing or transaction fee involved, the customer has to pay 3% GST while buying digital silver.
Digital silver, like digital gold, is not yet regulated in India.
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