Jio Financial Services launches SmartGold for digital gold purchase

Jio Financial Services, the non-banking financial company (NBFC), announced on Tuesday that customers can now buy digital gold by investing in SmartGold through the JioFinance app. Customers can start investing in digital gold anytime, with a minimum amount of Rs 10.

 

According to the press release, “SmartGold offers customers a completely digital, secure, and seamless process for buying gold and redeeming their investments in exchange for cash, gold coins, or gold jewellery. Customers can now invest in digital gold anytime, anywhere, starting as low as Rs 10.”

 

Further, “customers can also choose flexible options to buy SmartGold in denominations of rupees or grams. They also have the option of directly purchasing gold coins from the digital platform and having them delivered to their doorstep,” the release added.

 

The underlying asset—24-karat physical gold equivalent to a customer’s investment in SmartGold—will be procured and stored in insured vaults. Additionally, customers can view live gold market prices on the JioFinance app, ensuring transparency at all times.

 

Customers can redeem their SmartGold units for cash or physical gold anytime they wish. The delivery of physical gold is available for holdings of 0.5 gm and above, in denominations of 0.5 gm, 1 gm, 2 gm, 5 gm, and 10 gm.

 

The NBFC recently launched the JioFinance app, offering a range of services, including loans, savings accounts, Unified Payments Interface (UPI) bill payments, recharges, digital insurance, financial tracking and management tools, and more.

 

The digital savings account from Jio Payments Bank Ltd (JPBL), which can be opened digitally in under five minutes, provides a secure bank account with biometric authentication and a physical debit card.

 

The JioFinance app also gives customers an aggregate view of their holdings across different bank accounts and mutual fund holdings, enabling better financial management. Additionally, the JioFinance app offers 24 insurance plans, covering a comprehensive suite of life, health, two-wheeler, and motor insurance options, all accessible digitally.  Reliance raises stake in Faradion to 100% 

Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, on Tuesday said it has acquired the balance equity stake in Faradion from its existing shareholders. RIL said, with this acquisition, Faradion has now become a wholly-owned subsidiary of RNEL, from the earlier owned 92.01 per cent.