Goldsikka - India’s 1st Gold ATM that allows consumers to buy gold at real-time value was launched in Hyderabad. It is also the world’s first real-time Gold ATM. Here’s how the ATM works.
Instead of cash, the ATM will store Gold Coins. Investors can buy these Gold Coins with their Credit or Debit Card.
Customers will get their Investment Returns at real-time prices with zero wastage. The gold prices are updated live in the ATM and displayed on the screen and so are the taxes.
You can stop worrying about the purity of Gold Coins. All Gold Coins dispensed through the ATM are 24-carat gold and 999 certified.
Each ATM has a capacity of holding up to 5 kilograms of gold which is worth around ₹2-3 crores.
The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are 8 available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams.
The ATM has a built-in camera and sound alarm system, which will trigger if there someone tries to tamper with it. Additionally, the ATM has three external CCTV cameras strategically placed. The authorities behind Goldsikka are also planning to tie up with local police stations.
In case of a transaction failure, if the amount is debited and gold is not dispensed, then the customer will get back the money within 24 hours.
You can buy gold coins in real-time value, meaning there’s zero wastage of investment. Also, all gold coins are 24-carat gold and 999 certified. It will also help you save time from visiting jewellery shops. You can just walk into a gold ATM and withdraw gold coins.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.