milliGOLD is not a broker or sub-broker (AP) of Multi-Commodities-Exchange. Milli Gold India Pvt Ltd holds a trading account and Gold Vault Locker account at MCX Exchange, through MCX member Ventura Securities Ltd.

RBI has restricted jewellery shop chit schemes to 11 months (without carry forward facility) as the customer money is used as a working capital in their business. milliGOLD on the other hand sells you the gold with a GST bill. We store the gold bars in the MCX exchange warehouse. Unlike other gold saving companies, we don't rotate the customer's money or gold, and we don't lend it or lease it to third parties. That is why the 11 month limit does not apply to milliGOLD.

Gold ETF is a mutual fund that tracks gold prices (with some tracking error) and is subject to market risks. In milliGOLD you legally own the 999 purity physical gold grams. The gold bars are stored at the MCX exchange warehouse under the safe custody of milliGOLD, till the day you need it for jewellery or decide to sell it. You can even move the gold bars to your own MCX locker if you open one.

Typically the price of 22 KT gold used in jewellery is 8% cheaper than the price of 24 KT gold you have saved. So if you have the money to cover the making charges / wastage / stone charges, then you should be able to comfortably buy jewellery of equivalent grams (even if the gold prices have gone up 1000% in the meantime). You can also choose to redeem additional gold grams to cover the cost of diamonds. Basically we will transfer 24KT MCX price - 1% commission, for the grams redeemed and you will pay the balance bill amount.

If you don't want to buy jewellery, but want to gift it as coins / bars to someone, we will deliver the gold coins / bars (8 gram and 100 grams bars from MCX locker) to your registered home address. We charge 2% of gold value (minimum Rs 500) for this service. Choose Physical Gold Delivery option in the redemption request. We can also purchase and deliver the coins from a shop you trust and in that case the making charges will be extra at actuals.

The 999 purity bars bought and sold at the MCX exchange are pre-assessed and pre-certified and hall marked for purity as per the standards specified by the MCX Exchange.

You can ask for an option to test and verify the purity of the coin / bar using Karat meter available in any shop of your choice. You can sign and accept the delivery challan only after you are satisfied. We can also purchase and deliver coins from a shop you trust.

If you don't want to buy jewellery, but want to sell your gold gram balance fully or partially, we will sell or buy back at MCX price (minus 1% commission) and settle the money to your bank account. Choose Bank Settlement option in the redemption request.

To move gold grams in multiples of 8 gram bars or 100 grams bars, from your milliGOLD balance to a MCX locker in your own name, you need to open a MCX account through a MCX broker. We charge 1% of gold value for the movement. This facility is optional and can be activated only after you communicate your MCX locker account details to milliGOLD. You can continue your monthly savings at milliGOLD and keep moving the bars to your own locker periodically. After it is moved to your locker at MCX, MCX will charge you Rs 36.5 per year per gram as locker rental. This locker cannot be used for storing items brought from outside. Only those Gold grams purchased through milliGOLD/MCX can be stored here. Once you have moved the gold grams to your own locker at MCX, you can use any MCX broker to sell it.

We typically take 1-2 working days. In some emergency fund requirement cases we have processed redemption within a few hours. We don't allow instant redemption - partly to discourage speculative buy-sell behaviour and partly to protect against fraud and money laundering. In case of physical delivery of coins and bars, the transit time (courier / speedpost) will be in addition to the processing time.

Since the physical gold has been sold to customers and the gold bars are physically stored at the MCX exchange vault, customers have the first right over the gold stock. (Unlike jewel shop schemes where the first right of gold stock is with their bankers). A court or government appointed receiver would be able to take over the gold and handover or sell and settle to customers. If after settling all customer gold balances, only if any gold is left, only then milliGOLD investors, bankers, creditors and lenders will get a share.

Your monthly subscription plan, your UPI / IMPS purchases, all of them accumulate the gold grams in the same account. You can withdraw any quantity any time, without stopping the saving plan. Submit a redemption request on the app specifying how many grams you want to withdraw and for what purpose (jewellery, coins, bank settlement).

Once you login to your account, go to the Save menu and create a new monthly subscription plan, specifying the amount, duration and monthly debit date. From there you will be automatically directed to authorise e-Mandate. You can authorise e-Mandate through bank account or UPI. In case you had already created the plan, but failed to authorise e-Mandate, you can find the retry link in the Manage Tab of the Subscription section.

You can cancel a monthly subscription plan any time. Banks don't allow you to change the amount for an existing e-Mandate. You can create an additional monthly plan and run it in parallel with an existing plan. Or you can create an additional plan and cancel the previous one. To pause a subscription plan without cancelling it, write to [email protected]

Login to your account and go to Save menu. Scroll down after the Subscription section, you will find the UPI payment section. Enter the amount and click Pay. It will show you a list of UPI apps on your mobile. Select one and proceed to pay.

Yes. You can make payment to your milliGOLD UPI handle that is unique to each customer : milligold.91 <yourregisteredmobileno> @icici - from any UPI app without opening the milliGOLD app. Your friends and relatives (who need not be milliGOLD customers) can also gift you gold by making payments to your unique milliGOLD UPI handle.

Many UPI apps don't allow you to make merchant payments for more than Rs 50,000. So you can do IMPS / NEFT / RTGS transfer to milliGOLD bank account and share the transaction details. The sale will be completed on receipt of your payment. Contact our customer support on Whatsapp or Email for bulk purchases.

Notional credit of gold grams in your account for the payment received, without paying GST is illegal. The GST payment that we collect from you and pay to the government is what makes the sale of physical gold a legally valid process, where the legal ownership of the gold grams is transferred to you. This is important for safety and security, particularly when you have decided to use it later for jewellery, sell it later, or take possession at a later date.

The AUM value of the gold owned by the mutual fund, includes the GST paid. This will reflect in their NAV and CAGR. So you do indirectly pay for it, but still have no direct legal ownership of the gold bars as you only buy and sell their mutual fund units.

Unlike buying directly at MCX, milliGOLD supports purchase of fractional grams and monthly auto-debit payments. The gold grams sold to you, are digitally credited to your milliGOLD account with a resolution of 0.000001 grams (1/1000 milli gram). The whole grams + fractional gram balances of all milliGOLD customers are consolidated so that they can be bought, stored and maintained at the MCX exchange locker as 8 gram bars and 100 gram bars.

The whole grams + fractional gram balances of all milliGOLD customers are consolidated so that they can be bought, stored and maintained at the MCX Exchange locker as 8 gram bars and 100 gram bars. For example if we sell 107.3 grams of gold to customers in a day, we will buy 14 nos of 8 gram bars at the MCX exchange. The excess 4.7 grams will be treated as milliGOLD's unsold inventory.

milliGOLD app is not available on Play Store or App Store. It can be installed on your mobile, directly from your mobile browser. Go to https://app.milligold.in on your mobile browser. Click on the 3 dot menu of the mobile browser and choose Install / Save in Home Screen. Then login to the account with your mobile number and OTP. We don't read your SMS. So please enter the OTP yourself. You may be asked to select some images to prove that you are not a robot. After the initial setup, you can open the app from your home screen / app screen by clicking on the mG logo. Inside the app, you can set up your profile details, check balance, view transactions, download statements, create subscription plans, make UPI payments and submit redemption requests.

Yes. Please submit your Name, Email ID and Mobile No in our website home page form and we will schedule a video call to show you a demo and answer any further questions.