What is Gold accumulation plan (GAP)?
- The GAP allows you to purchase gold using your Paytm account for as low as Re.1/-
- You can buy & sell in fractions for example. 0.1 gm or in Rupees, for example Re.1 or Re. 2 etc
- You may purchase gold 24 hours a day, 7 days a week, 365 days a year, including public and bank holidays
- You will be able to see the live price of Gold, real time on Paytm platforms including website, mobile
application etc. in order to make your decision
- You can redeem accumulated gold in the form of gold coins/minted products.
- You can also sell back your gold holdings to MMTC-PAMP through Paytm platform at the rate displayed on
the Paytm platform This money gets credited into the bank account details provided by you.
- This is not a Collective Investment Scheme or a systematic investment plan – you will not earn any interest
on your investment, and you will not be required to put in monthly installments for the same
Who is MMTC-PAMP India Private Limited?
- MMTC-PAMP India Pvt. Ltd. Is a joint venture between MMTC Limited, a Govt. of India undertaking and
PAMP Switzerland, global leader in refining bullion and global referee for precious metals. For more details,
please visit: http://www.mmtcpamp.com/
- MMTC-PAMP is India‟s first and only London Bullion Market Association (LBMA) Good Delivery accredited
Gold & Silver refinery.
Are the coins hallmarked?
- Across the world, the standard for the highest quality gold is set by an organization called the LBMA
- LBMA stands for London Bullion Market Association, which is an International trade association representing the market for gold and silver Bullion with a global client base. LBMA‟s main role is setting and maintaining global standards for gold and silver, universally recognized as the de-facto standard of quality assured and assayed bullion. For more details, please visit: http://www.lbma.org.uk
- Note that MMTC-PAMP is a BIS certified refinery. Hallmarking is done for only Gold items of 14, 18 and 22K. 24K Gold is not hallmarked.
Is Paytm legally allowed to sell Gold on their Platform?
The seller is MMTC-PAMP India, India‟s largest gold refinery. Paytm is only providing a platform for the customer to access the Gold accumulation plan.
Who is the custodian of my gold till withdrawal?
- At no point does the ownership of your accumulated Gold transfers to either Paytm or MMTC-PAMP.
- MMTC-PAMP is the custodian of your accumulated Gold, right from the point you buy Gold in GAP on
- We secure your gold in physical form until you redeem the gold.
- The Locker is fully insured for all eventualities.
Is it possible to store my withdrawn gold coins and bars in safe custody and have them delivered later?
- Once you place a redemption request, you have to accept the delivery made to you. It cannot be made at a later date.
Is there any frequency at which I need to make transactions to keep my account active? Alternatively, what makes my account inactive?
- In case there has been no transaction made through your account for 6 continuous months, either a buy, sell or redemption, your account will be deemed inactive.
- In such a case, you will be sent a notification to make a transaction on your registered mobile number and email.
- We will reserve the right to close down the account if your account has been inactive. In such cases the gold held in your account will be liquidated at the “sales price” derived by MMTC-PAMP on the day of liquidation and the complete amount from these proceedings will be kept separately in a “dedicated GAP account” maintained by MMTC-PAMP.
- You can claim the amount by reaching out to MMTC-PAMP and providing relevant ID proofs and account details for settlement.
What tax implications do I have, if I accumulate Gold on Paytm?
- At the time of purchasing, selling and redeeming Gold, all applicable taxes are included in your invoice.
- These taxes are over and above the displayed price of the gold
Are my Gold account details shared with any tax authorities?
No. In case of any enquires by government authorities, we will have to provide the requested information.
In case I relocate to outside India, can I continue accumulating Gold?
No, GAP is available only for residents of India. It is not possible to continue accumulating Gold if you relocate outside India. Before relocating, you will have to redeem the gold accumulated in your account at a Paytm serviceable pin code.
Can I visit the vault to inspect my Gold physically?
No. However, you can view recordings of our facility.
How do I open my account for GAP?
- You need to be a registered Paytm user with a valid Paytm Log in ID and password
- Using your Paytm log in, you can access the the „Gold powered by MMTC-PAMP‟ plan.
- Once you click on the Gold icon, you will be prompted to enter your name and expected delivery pin code. If we service the pin code entered by you, you will be enrolled in the plan.
- If not, you will not be able to buy Gold.
What are the documents I need to submit for accumulating Gold?
- You will need to submit your name, registered mobile number and pin code at the time of initiating your accumulation of Gold. In case your cumulative transaction value in the GAP account crosses INR 50,000, you will be required to adhere to the prevailing KYC norms.
- In case a single transaction value crosses INR 2 lakhs, you will be required to submit your Pan Card details.
What if any of my KYC details are changed?
It is your responsibility to update KYC with Paytm
What are the registration fees for GAP?
There is no registration fee; registration for GAP is free of cost. Any valid Paytm account holder can participate in this plan.
How do I close my account?
- Login to your account.
- Ensure your metal balance is NIL by withdrawal of any balance and by taking delivery of any withdrawn gold in storage.
- Inactive accounts with zero balance will be deemed closed automatically
What happens if I do not respond to your email to make a transaction?
MMTC-PAMP reserves the right to liquidate the Gold holding and treat the proceeds in accordance with applicable laws. A customer account will be treated as inactive if no transactions happen in 6 months
How many attempts will you make to reach out to me? Your email could go to my spam or I could miss it and not receive your message?
It is your responsibility to be available on your phone and/ or on contact address.
- You are responsible for keeping your Paytm account details in a secure manner corresponding to existing Paytm terms and conditions,
- MMTC-PAMP will act solely on instructions received on the Paytm platform, and will not be liable for any losses/ liabilities due to a breach/misuse of your Paytm account
How can I be assured that the gold coins delivered to me are genuine and trust worthy?
- The gold coins are directly dispatched from MMTC-PAMP manufacturing unit.
- All the coins are delivered in sealed tamper proof packaging.
- All the dispatches are camera recorded at the time of dispatch.
- In case of any issues, contact customer care service
What will you do with my Gold, if I die?
- In such case, it becomes the customer‟s legal heir‟s responsibility to inform Paytm/ MMTC-PAMP.
- The account will then be closed and the legal heir has to take a physical delivery.
In case of any natural disaster, if the Gold in MMTC-PAMP vault is destroyed or in case of theft, will I lose all the money used in buying my accumulated Gold?
No. You will not lose your money. The Locker is fully insured for all eventualities.