The Jar app has gained the attention of users who want to invest in digital gold with flexible options. The Jar has various options within the app where investors can choose the investment amount and type it very easily. In this article, we will review the various features of the Jar app.
What is the Jar app?
The jar is an automated daily Gold savings app. Jar invests the spare change from your daily transactions in digital gold automatically. Jar requests access to your messages so that it can detect any of your spendings and calculate the investment amount for the day. The jar is used to round the spending to the next 10 by default, which can be changed to 5 as well.
Once Jar calculates all the spending for the day, it invests the same amount in 99.95% pure gold. Jar deducts the amount from the payment method you choose in the app. The jar has a partnership with Safegold.
What is digital gold?
Digital gold is the new age investment where you are investing in the Gold digitally without having to physically hold the gold. The 24 carat gold will be kept safely in vault storage, which can be accessed through a digital channel.
Investors have the option to buy and sell gold within the digital channel very easily and it’s safe to trade. Unlike physical gold, investors are relieved from theft or high locker fees by investing in digital gold.
How to invest in the Jar application?
As mentioned, Jar is an automated digital gold investment app. It calculates and invests in digital gold on a daily basis. Let’s learn how to start with the Jar app
- Install the app and signup with your mobile number.
- Set up an autopay option in the app. You can use UPI ID or Cards as a payment method.
- Allow Jar to access your SMS and invest the spare change daily.
Now Jar will detect any spending using the SMS, and calculate the spare changes to invest in the digital gold. By default, Jar rounds them off to the next 10, which can be changed to 5 in the app.
Apart from the spare change, you can also set a fixed amount to be invested (10 INR – 2000 INR) daily.
Users can purchase digital gold (10 INR – 2 Lakh INR) directly in the app.
You can also set to invest 10 INR if there is no spare change detected for any particular day.
How to withdraw an amount from the Jar application?
Selling digital gold is very easy in the Jar application. Please follow the below steps
- Login to your account in the Jar app.
- Click on the menu from the top left corner.
- Click on “Sell Gold”.
- Enter the amount in Rupees, Grams, or % of gold holdings.
- Withdraw Cash in the current sell price shown at the time of sell.
Benefits of investing in the Jar application?
Let’s discuss a few benefits of investing through the Jar application
- Security: Invest in 24 carat gold stored in a world class vault and secured by a SEBI registered trustee.
- Less fee: The locker fee or insurance fee is very nominal in digital gold, unlike the traditional locker charge for physical gold.
- Delivery of physical gold: You can get home delivery of gold coins, which can be ordered from the app.
- Rewards: For every investment, the Jar app gives the option to earn extra gold via the spin the wheel game. You can collect winnings and once it’s 100 INR you can invest it in digital gold. This will be added to your gold balance directly once you use your winnings for digital gold.
- Micro savings: Where the investment starts from 10 INR, users won’t have much stress about the savings. Jar app gives flexible options of savings from low amounts to high. You can also pause automatic spending for a while as per your need.
- Easy to trade: Buying and selling gold via the Jar app is a very easy and quick process.
- Referral earnings: You can also earn by referring anyone to join the Jar app.
Taxation on Gold savings
For more information on Income Tax on Selling Physical & Digital Gold, please visit Jar’s official page.
Jar app can be used for short term as well as long term goals. It gives easy investment options starting from 10 INR to 200000 INR. As per the company website, it is partnered with SAFEGOLD which is a safe gold manufacturer. With this app, investing in pure gold of 24 carats is easy. However, it is always recommended to check all the necessary information, terms, and conditions, fee structure, etc before using the app. You will get all your question answered on their official website or in the Jar app FAQ section.
FAQ related to Jar Application
Jar app is safe to use as the gold is secured by a SEBI-regulated trustee.
Is KYC needed for the Jar account?
Yes, to sell gold and convert winnings to gold, physical gold delivery KYC is required.
Users have to pay 3% GST and a nominal fee for lockers and insurance.
Users have to pay a nominal fee for locker and insurance.
The reason behind the price difference may be volatility, supply, external market conditions, etc. This is normal behavior in the gold trade, as price differences can be seen in offline sales also. For more information, please visit Jar’s FAQ section or their website.