Sell Gold Digitally, e Gold Online

Sell FAQ

1. How is the purity or karat value of my gold verified before sale?

myDigiGold deals only in 24-karat gold of 995 purity (99.5% pure), bought as international-grade bullion from reputed suppliers. The physical gold backing your digital units is stored with professional vault partners such as Sequel Logistics and is fully insured. Since your balance already represents 24K 995 gold held in custody, no fresh testing is needed at sale. You’re simply liquidating those stored units.

2. How is the selling price of gold calculated - is it based on live gold rates?

Yes, the platform shows a live per-gram sell rate. myDigiGold sets its daily buy and sell quotes using prevailing bullion-market prices, plus payment-gateway costs and a nominal service commission. Your sale value is calculated by multiplying your gold quantity (in grams) by the live sell rate, which can differ from MCX or wholesale prices because retail, storage and related costs are included.

3. How long does it take to receive payment after selling my gold?

On the sales page, myDigiGold specifies that the “amount will be settled in your provided bank account within 6 to 7 working days.” Once you confirm your sell order at the live rate, the platform processes the transaction and initiates payout.

4. What documents or KYC details are needed to sell gold digitally?

To use myDigiGold, you must be an Indian resident with a PAN card, Aadhaar card and a bank account in your own name. KYC is mandatory: you need to upload your PAN and Aadhaar in your myDigiGold account and complete verification before any transaction, including selling or redeeming, is allowed. Sale proceeds are credited only to your verified bank account.

5. After how many days of purchase can I sell my digital gold?

myDigiGold explicitly states that, for security reasons, you can sell your gold digitally only after 48 hours from the date of purchase and the gold gets credited in your wallet. Until 48 hours are over, you’ll see your holdings in the portfolio as ‘under processing’, but you won’t be able to place an online sell order against that specific purchase.

6. Can I cancel or modify a sell order after confirming it?

myDigiGold does not clearly provide an option to cancel or edit a sell order once it has been confirmed. Since the price is based on live gold rates, such transactions are generally treated as final. If you’ve entered the wrong amount or notice any issue after confirming, you should immediately contact customer support at customerfeedback@sencogold.co.in or call 1800 103 0017 (Toll Free) to get the transaction reviewed.

7. Why is the selling price usually lower than the buying price of gold?

myDigiGold explains that it buys international-grade bullion from suppliers and sells it to customers, then buys gold back from customers and offloads it to bullion dealers at wholesale buyback rates. Naturally, wholesale buyback is lower than the retail selling rate. Additionally, GST is added to the buy price but not on sell transactions, and payment-gateway, insurance and custodian fees also contribute to the buy–sell price difference.

8. Are there any daily limits or maximum quantity restrictions for selling digital gold?

myDigiGold mentions clear limits for purchases: a minimum of 0.050 g, a maximum of ₹10 lakh per transaction, and up to ₹1 crore of purchases per day, subject to KYC. For selling, the only stated condition is a minimum selling value of ₹250. No separate upper daily or quantity-based limit is mentioned for sell orders.

9. Is GST or any other tax applicable when I sell my digital gold holdings?

According to myDigiGold’s pricing explanation, GST is added to the buy price but not levied on any sales transactions. That means GST does not reduce your sale proceeds on the sell side; instead, costs are built into the price spread.

10. Can I sell gold 24x7, or only during specific trading hours?

Senco describes myDigiGold as a service where you can “Now Buy/Sell & Redeem 24K gold anytime and anywhere” and highlights that digital gold can be bought, sold and redeemed at your convenience. In practice, that means you can generally place online sell orders around the clock at live platform rates.

11. What happens if my bank details are incorrect during the sell transaction?

If your bank details are incorrect, the payout may fail or get delayed, and the credit will not reach your account. If the payment is not received within the usual settlement timeline, please contact customer support at customerfeedback@sencogold.co.in or call 1800 103 0017 (Toll Free) with your transaction details, update the correct bank information in your profile, and follow the resolution steps shared by the team.

12. Is it safe to sell digital gold online - how does myDigiGold ensure transparency?

myDigiGold stresses secure custody and clear ownership: the gold is stored with reputed vault partners, fully insured, and remains your property even in the unlikely event of company liquidation. Sell proceeds are initiated only through the bank details provided by you on the platform. Customers receive online portfolio statements, monthly balance emails, and access to daily published buy/sell rates. For any concerns or escalations, customer support is available at customerfeedback@sencogold.co.in or via 1800 103 0017 (Toll Free).