What is a Gold SIP?
A Gold SIP (Systematic Investment Plan) is a systematic savings tool that allows customers to cultivate the habit of accumulating gold by choosing a fixed instalment amount on a daily/weekly/monthly basis for a selected duration. The customer here has a choice to exchange the accumulated gold for gold coin/jewellery/cash.
Can you start multiple Gold SIPs?
Yes, you can create multiple SIPs.
Can you cancel the existing Gold SIP?
Yes, an existing Gold SIP can be cancelled and then a new plan can be created.
Can you make changes to an existing gold SIP?
Changes are not allowed to be made to an existing SIP. But the existing plan can be cancelled, and a new plan can be started.
What is the minimum and maximum amount for Gold SIP?
Minimum amount of Gold SIP is Rs. 10 and maximum amount is Rs. 5000 in a single transaction.
There is no upper limit on cumulative SIP if the KYC is completed by the customer. .
What are the different methods of payment for Gold SIP?
We support UPI as the payment method for transaction of Digital Gold on Muthoot FinCorp ONE platform.
What will happen if my bank account has insufficient funds when my SIP payment is due?
For an SIP (weekly or monthly) our system triggers a payment on the SIP date. In case the transaction fails, including due to insufficient balance in the account, SIP dues for that date is skipped.
In the next SIP date, that is, next week/month, our system will again attempt a payment for only the next date’s due. Overall, after three failed attempts in consecutive SIP dates, that SIP mandate will be paused.
Are there any charges levied for SIP failure due to insufficiency of funds?
Muthoot FinCorp ONE does not charge users for failed transactions
How can I know the status of my SIP?
The status of all the SIPs is shown under the “Manage SIP” section on the Muthoot FinCorp ONE app. Details of the individual SIPs can also be managed here and viewed from the individual SIP page.