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The smartest way to save, is to save gold every month.

milliGOLD protects your savings from financial market risks, eroding value of money and your own aspirational spending habits.

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The estimated accumulation is based on the assumption that gold price appreciates 12% per year. Actual grams accumulated might depend on actual gold prices.

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Why milliGOLD to save gold?

What is milliGOLD and how is it better than the other alternatives like Jewel Shop Chit Schemes, Gold ETF and Digital Gold?

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Digital Payments

Every payment you make through the banking channel, is digitally tracked and instantly processed with a GST Bill and is declared to the government through GST Portal. We accept recurring subscription payments through e-Mandates and ad-hoc payments through UPI.

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Physical Gold

All payments are converted to 999 physical gold on the same day using MCX Exchange quoted price plus a fixed trade margin.  The Gold bars and coins are stored at the MCX Exchange Warehouse in Ahmedabad with warehouse receipts and traceable serial numbers.

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Any time Redemption

You can redeem the gold balance in your account, fully or partially, any time, even before the end of the plan period. There are 4 ways to redeem your Gold. See the 4 redemption options here.

 

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It’s just a 3-step process to get started.

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Step 1

Select Amount and Duration

Select an amount that can be automatically debited from your bank account at the beginning of the month. (Min Rs 1000 PM). Whenever you have excess money to save, You can always make additional ad-hoc UPI payments – any amount, any time - over and above your monthly subscription. UPI Payments will be enabled if you have at-least one monthly subscription.

The duration you choose will determine the expiry date of your e-Mandate, after which, if you want to continue saving gold, you have to renew the e-Mandate once again. There is no link between e-Mandate duration and redemption. You can redeem your Gold any time, even when your e-Mandate period is not over.

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Step 2

Enter Contact Details

First validate your mobile no with an OTP. Then enter your Name and Email ID to proceed further.

Other profile details like Address, Pincode, Selfie Photo, Bank account details, Nominee details, Account Password etc. are not compulsory to start the plan. But to ensure the safety and security of your account, you need to complete these information at app.milligold.in within 1 month.

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Step 3

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Authorize e-Mandate online (ECS/SIP)

e-Mandate is an online process similar to ECS and SIP and is managed by NPCI in partnership with all major banks and payment gateways. e-Mandate authorizes your bank to debit your account automatically every month, for a given amount, on a preferred date (Example 5th, 10th etc). For a detailed explainer video on how to authorize e-Mandate, see here. You can cancel the e-Mandate  or change the monthly amount and duration any time.

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Our top 12 Features.

Our top 12 Features.

1.

Gst bill for each payment

2.

100% converted to 999 gold on same day

3.

Home delivery of Coins & Bars

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Jewel Chit

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Gold ETF

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Digital Gold

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milliGOLD

11.

Exchange Quoted Price & Fixed Trade Margin

12.

No discount at the time of selling

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Jewel Chit

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Gold ETF

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Digital Gold

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4.

No 11 month limit (3 months to 30 years)

5.

Sell any day. Settled within 2 days

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Jewel Chit

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Gold ETF

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Digital Gold

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6.

100% Auditable storage at MCX Exchange Warehouse

7.

Option to have a locker in your own name

8.

Warehouse receipts and Traceable Serial Nos

9.

Buy Jewellery in any shop of your choice

10.

Convert to RBI Gold Bond on next issue

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Jewel Chit

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Gold ETF

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Digital Gold

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Jewel Chit

Gold ETF

Digital Gold

milliGOLD

Secure

GST bill for each payment

100% converted to 999 gold on same day

No 11 month limit (3 months to 30 years)

100% Auditable storage at MCX Exchange Warehouse

Option to have a locker in your own name 

Warehouse receipts and Traceable Serial Numbers

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No

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No

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Transparent

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Redemption Options

Home delivery of Coins & Bars

Buy Jewellery in any shop of your choice

Sell any day. Settled within 2 days

Convert to RBI Gold Bond on next issue

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No

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Yes

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No discount at the time of selling

Exchange Quoted Price & Fixed Trade Margin

 

Simple, transparent Pricing & Charges.

Buy

+5.0 paisa / mg

MCX Prev. Trading Day Closing Price + milliGOLD Trade Margin

Redeem

-5.0 paisa / mg

MCX Prev. Trading Day Closing Price - milliGOLD Trade Margin

Bank Payment Processing & GST

2.0 paisa / mg

For e-Mandate and UPI

3% GST

As per Government Rules

Home Delivery of Coins/Bars

2% + Rs 100

Minting charge + Postage

Settlement while you are at Jewellery Shop

Rs 25 per gram

Our customer service team will coordinate with you over live chat.

Rented Locker in your own name

Rs 36.5 per gram per year

Only gold bought through milliGOLD / MCX can be stored.

 

How can you redeem the gold?

Gold accumulated in your account can be redeemed any time, irrespective of your e-Mandate duration. This means, you could continue your monthly savings without interruption even after redeeming your gold balance fully or partially.

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Jewellery

Buy Jewellery in any shop of your choice.

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Coin/Bars

Request for Home delivery of coins and bars

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RBI Gold Bond

Convert to RBI Gold bond during next issue

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Sell

Sell at market price and get settlement in your bank account within 2 working days.

 

Frequently Asked Questions.

1. Why Save Gold?


Gold outperforms all products, including PF, Mutual funds and Equity Index Funds. Gold as an asset, is free from market risks. Provides security. Protects our savings from eroding value of money. And you can sell it anytime giving instant liquidity. Gold also protects our savings from our own spending habits. Because we won't touch gold for ordinary expenses. The accumulated gold can be used to buy Jewellery, fund college education or invest in property, creating wealth for the next generation. The graph below shows the performance of Gold from 2000 to 2020 compared to PF and NIFTY50 Equity Index. Rs 10,000 invested in Gold in the year 2000, appreciated to Rs 120,000 in 2020. PF with compound interest appreciated only to Rs 60,000. That is 2X performance. NIFTY50 Equity Index grew from 1500 to 12000 between 2000 to 2020, whereas Gold grew from Rs 430 per gram to Rs 5200 per gram during the same period. A 50% better performance.




2. Gold ETF funds also invest in Gold right?


Yes but they invest only 50% of funds in Physical Gold and the balance in financial derivatives. They are quoted in mutual fund units (not Gold grams) with NAV. There is no legal right of possession for the Gold, as you don't own the gold, only the mutual fund units. So Gold ETFs are not as secure and safe as Physical Gold coins and bars stored in your own locker.




3. Can I use the accumulated Gold balance to buy Jewellery in any shop of my choice?


The short answer is Yes. There are 3 ways you can do this: Ensure that your address details are updated at app.milligold.in. Redeem your accumulated gold balance as 999 purity Coins / Bars delivered to your home address from time to time. (Example every 1 gram or every 10 grams). You can then give these coins/ bars to the Jewellery shop where you are buying and get the bill adjusted for the market value of Gold given. Ensure that your bank details are updated at app.milligold.in. When you redeem, choose "Bank settlement" option. The market price of the gold on the date of redemption, will be credited to your bank account. Now you can use your own debit card to buy Jewellery in any shop of your choice. You will of course be paying extra, for the making and wastage charges. If you are worried, that you will spend the money for some other purpose, choose "Direct Settlement at Jewellery Shop" option. This is same as Bank Settlement explained above, except that the transfer of money to your bank account will be timed to happen just a few minutes before you reach the billing counter of the Jewellery shop. (Our customer service officer will coordinate with you over live chat). * Please refer to the section on "Fees and Charges" to know the exact calculation formula used for buying price and settlement amount. * Please note that there will be a cooling off period of one month every time you update your address or bank account details, before you can redeem. This is to reduce the risk of someone misusing your phone / login to commit fraud.




4. How to authorize eMandate?







 
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RSR, CEO

30+ Years in Management & 15+ Years in Strategic Consulting, across a wide variety of domains and products.

Our Team.

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Deepak, CTO

18 Years in the IT industry with extensive experience in large scale systems like Insurance, e-governance & manufacturing.

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Rohini, Advisor

15 Years in the Banking industry, specializing in Anti-Money-Laundering, e-KYC, Compliance, Control and Risk.

Our Blog.

Get in touch.

Address

321A, 11th Street, Kuberan Nagar Extension, Madipakkam, 
Chennai - 600 091.

Email

Phone

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