Who is My Digi Gold?

My Digi Gold is a Digital Gold transaction platform of Senco Gold and Diamonds. Senco Gold and Diamonds is 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 names as 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).

What are the eligibility criteria for My Digi Gold?

Any Indian resident with a valid PAN Card/Form 61 and a Bank Account in their name can enroll for My Digi Gold.

Is PAN card/KYC mandatory?

It is not mandatory to upload your PAN card/KYC documents. However, you may be asked to do so, in case you wish to make a single purchase of Gold that is worth Rs. 2,00,000 or more.

What is the minimum & maximum amount needed to buy Gold?

The minimum amount/quantity of purchase is Rs. 250 or 0.05 g (50 mg) 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.

What is the purity of Gold offered under My Digi Gold?

My Digi Gold offers 24 Karat Gold of 995 purity (99.5% pure).

How can I get my portfolio statement?

An online statement will be available at all times which you can view online by clicking on portfolio statement link. A quarterly balance statement will also be sent to customers through email.

How is buy/sell rate determined?

My Digi Gold displays daily buy-sell rates for customers based on prevailing market rates, payment gateway charges and a nominal commission for the service provided.

How can I sell my My Digi Gold?

You can sell the gold online on the My Digi Gold portal/website as per the prevailing rate displayed on the site.

How can I redeem my My Digi Gold?

You may visit any of the Senco Gold and Diamonds 133+ showrooms and purchase jewellery or gold coins against which you may redeem your accumulated gold quantity/value.

Why is the Buy Price different from the Sell Price?

My Digi Gold 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.

Is the gold associated with my accumulations kept in safe custody?

Yes, the gold purchased by you is kept in safe custody in your account with a bonafide custodian in accordance with the terms of the offer mentioned in the T&C. Only well established and reputed firms such as Sequel Logistics will be used as a custodian.

Who will insure the physical vault?

My Digi Gold 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, My Digi Gold 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.

Who will manage consumer complaints?

My Digi Gold will provide customer support. The company will be available to solve any issues/ questions that may get escalated. You may write to us at: customerfeedback@sencogold.co.in or call our Customer Service team at 18001030017 (Toll Free).

Is there any regulator or grievance redressal mechanism?

My Digi Gold 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 My Digi Gold. For any grievances, a customer can approach at: customerfeedback@sencogold.co.in or call our Grievance Team at 18001030017 (Toll Free).

Any minimum quantity to sell or redeem My Digi Gold?

The minimum quantity/value of My Digi Gold 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.

Is there any lock-in period for this plan?

For security reasons, you can sell gold only after 2 working days of the purchasing date.

What is the benchmark for the price of My Digi Gold? Can MCX be taken as a benchmark?

There is no benchmark for comparing the price of My Digi Gold. MCX cannot be considered as a benchmark, since there are many differences between My Digi Gold 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. My Digi Gold 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. My Digi Gold price is valid for fractional grams and therefore is not directly comparable and the rates are also exclusive of GST.

Can someone else sell OR redeem the Gold on my behalf?

Only in case of death of the applicant, the legal nominee/heir will be able to sell OR redeem the Gold by showing the proof of identity, along with the original/notarized copy of the death certificate and proof that the person is the legal nominee/heir of the applicant.

What happens in case there is a demise of the customer during the tenure of the plan?

The legal nominee/heir of the customer can claim the customer’s account by following the process detailed above. Thereafter, they can access the customer’s account, including selling the Gold balance or requesting for delivery of the Gold.

How can one change their registered mobile number on My Digi Gold?

If you would like to change your registered mobile number on My Digi Gold, you will need to submit your KYC details at our customer care email id customerfeedback@sencogold.co.in.

What happens when payment is deducted through one’s credit card/debit card but the gold is not credited in one’s My Digi Gold balance?

If the payment has been debited from your debit/credit card but the gold in your My Digi Gold balance has not been credited, you will need to contact our customer care team at 18001030017 (Toll Free) OR email us at: customerfeedback@sencogold.co.in and we shall resolve your issue.

Can I have a joint account for this plan?

No, you cannot have a joint account for this plan.

Is nomination mandatory for My Digi Gold?

Yes, nomination is mandatory for My Digi Gold as it safeguards your interest during any untoward incidents.

What will happen to the Gold associated with accumulations in my account, in any unlikely event of the company going into liquidation?

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. My Digi Gold shall have the right whatsoever on in this context to pledge the Gold.