myDigiGold is a Digital platform for Gold transactions. Senco Gold and Diamonds is a brand owned by Senco Gold Limited (‘the Company’) having a legacy of over five decades. The company was originally incorporated as Senco Gold Private Limited on August 22, 1994, at Kolkata, West Bengal, under the provisions of the Companies Act, 1956.
Later, in order to expand its activities in the field of manufacturing & retailing of Gems & jewellery business, the company was converted to a public limited company in Aug 2007 with the name Senco Gold Limited. In 2020, Senco Gold & Diamonds was ranked as India’s 2nd Most Trusted Jewellery Brand by TRA Brand Trust Report (India Study).
Any Indian resident with a valid PAN Card, Aadhar Card and a Bank Account in their name can enroll for myDigiGold.
It is mandatory to upload your PAN and Aadhar card in your myDigiGold account to complete your KYC verification process before making any transaction.
The minimum quantity/value of myDigiGold purchase is 0.050g or the equivalent amount of 0.050g and maximum amount of purchase is Rs. 10 Lacs per transaction. There is a limit of Rs. 100 Lacs per day which can be purchased as long as KYC requirements are complied with.
myDigiGold offers 24 Karat Gold of 995 purity (99.5% pure).
An online statement will be always available which you can view by clicking on ‘Portfolio Statement’ in your myDigiGold account. A quarterly balance statement will also be sent to customers through email.
myDigiGold displays daily buy-sell rates for customers based on prevailing market rates, payment gateway charges and a nominal commission for the service provided.
You can sell your digital gold online by following the easy steps mentioned on our homepage.
You may visit any of the Senco Gold and Diamonds 150+ showrooms or sencogoldanddiamonds.com and purchase jewellery/gold coins/diamond, platinum or polki jewellery against which you may redeem your accumulated gold quantity/value.
myDigiGold buys international grade bullion from Bullion suppliers and sells this to consumers. When customers sell gold back to us, we sell it back to bullion dealers in the wholesale bullion market, where the buyback rate is different than the selling rate – buy-sell rate.
In addition to the buy-sell rate in the commercial bullion market, GST is added to the buy price, but it is not levied on any sell transactions. Further, there are charges incurred on the payment gateway, insurance and custodian fees which also contribute to the difference in buy and sell price.
Yes, the digital gold purchased by you is kept in safe custody in your myDigiGold account with a bonafide custodian as mentioned in the T&C. We use only well established and reputed firms such as Sequel Logistics as a custodian.
myDigiGold has partnered with the global market leader in secure logistics and vault services to store gold. As part of their duty, the secure storage provider takes out a comprehensive insurance policy, which includes the cover on your gold. Over and above that, myDigiGold has insurance cover for the period when the gold is in transit, and when the gold leaves the vault. We review our risk and insurance policies regularly, to ensure that we are covered for additional or specific risks.
myDigiGold will provide customer support. The company will be available to solve any issues/ questions that may get escalated. You may write to us at: email@example.com or call our Customer Service team at 18001030017 (Toll Free).
myDigiGold is neither a Collective Investment Scheme nor a Deposit. Therefore, we do not fall under the purview of SEBI or RBI. However, to ensure on that – customer interest is always prioritized and a Grievance Cell has been formed by myDigiGold. For any grievances, a customer can approach at: firstname.lastname@example.org or call our Grievance Team at 18001030017 (Toll Free).
The minimum quantity/value of myDigiGold in case of redemption against gold coins or jewellery is 0.050g OR the equivalent amount of 0.050g and for selling back your Digital Gold the minimum value is Rs. 250.
For security reasons, you can sell your digital gold only after 2 working days from the date of purchase.
There is no benchmark for comparing the price of myDigiGold. MCX cannot be considered as a benchmark, since there are many differences between myDigiGold and MCX. MCX gives the price of future contracts which doesn’t give the landed price by factoring in cost of logistics, insurance, safekeeping, etc. MCX also does not include pan India delivery, and based on the contract it gives delivery at only a few locations like Mumbai, Ahmedabad, Delhi, etc. myDigiGold gives delivery across the country, and includes the cost of storage, insurance, trustee fees and gives you the landed, complete price of Gold. Also, the gold price quoted in newspapers and on various websites is the wholesale price in multiples of 1kg of gold. myDigiGold price is valid for fractional grams and therefore is not directly comparable and the rates are also exclusive of GST.
Yes, one can sell or redeem digital gold on your behalf by mailing the proof of identity to email@example.com.
The legal nominee/heir of the customer can claim the customer’s myDigiGold account by mailing the proof of identity to firstname.lastname@example.org. Thereafter, one can access the customer’s myDigiGold account, including selling the digital Gold balance or requesting for delivery of the Gold.
If you would like to change your registered mobile number, you have to answer a few security questions in your myDigiGold account.
If the payment has been debited from your debit/credit card but the gold has not been credited in your myDigiGold account, you can contact our customer care team at 18001030017 (Toll Free) OR email us at: email@example.com and we shall resolve your issue.
No, you cannot have a joint account for this plan.
No, nomination is not mandatory for myDigiGold.
As the Gold purchased by you is safely transferred to the custodian, the rightful ownership of the Gold purchased by you is solely yours. Furthermore, the Gold is well insured by a third-party reputed Insurance Company. Hence, in any unlikely event of the company going into liquidation, the rightful ownership claim can be made by you for transferring the custody of the gold/value in your account. myDigiGold shall have the right whatsoever on in this context to pledge the Gold.