Gullak App Review: Is It the Right Choice for Your Savings in Gold?

Gullak – the gold savings app aims to help a billion Indians grow their wealth by providing easy ways to save and smart investment options such as gold. Their mission is to create an all-inclusive ecosystem of savings that is accessible to everyone. A nation of savers is a financially secure and happy nation, and the Gullak app is dedicated to achieving this through its automated systems, user-friendly app, and secure investments in digital gold. With Gullak, the goal is to ensure a wealthier and more secure future for India. Anyway, the Gullak app review is important to know A-Z about it.

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Gullak App Review

Today, we’re going to take a deep dive into the Gullak app. We will uncover its features, benefits, drawbacks, and overall reliability. Let’s explore this app together!

We are going to explore these points:

What is Digital Gold?
Features and advantages of the Gullak App
Disadvantages of the Gullak App
Is the Gullak app real or fake?

What is Digital Gold?

Digital Gold is a modern investment option that lets you invest in 24-karat pure gold which is securely stored in safe and insured vaults.

Features and Advantages of the Gullak App

Start with as little as Rs. 10 to gradually build your gold portfolio.
You can set up recurring daily investments, round off online transactions to the nearest Rs.10, invest spare change, and add lump sum amounts to boost your gold holdings.
Additionally, with Gullak Gold+ (Leasing), you can lease digital gold to verified jewellers for potential additional returns.
User-friendly interface offers an easy sign-up process and intuitive design for hassle-free investing.
You can also track real-time gold prices and monitor your gold holdings and transaction history directly in the app.
Plus, you’ll have access to 24/7 customer support whenever you need assistance.
Secured and insured storage with a SEBI-approved vault, insurance against theft or damage, and strict adherence to KYC regulations for user protection.

Disadvantages of the Gullak App

Users need to pay a 3% GST on purchases, which adds to the overall cost of investment.
Gold returns, like equities and real estate, can vary significantly year-to-year, which is a common characteristic of long-term investments.
Gold investments are subject to tax implications similar to equities. Recent changes will make ETFs and mutual funds less tax-efficient from 2023 onward.
They rely heavily on partnerships with different companies and institutions.

So, these are some of the disadvantages of the Gullak app. Now, let’s talk about the authenticity of the app.

Key Peoples in Gullak

Who is the owner/founder of the Gullak app?

Manthan Shah, Dilip Jain, and Naimisha Rao.

Is Gullak App Real or Fake?

To know more about the authenticity of this app, read these key points:

Gullak is partnered with Paytm to create secure payment gateways.
The app was created by the makers of BHIM to ensure a high level of reliability.
It uses UPI autopay by NPCI, adhering to all RBI guidelines.
Your money is invested in 24-karat pure gold provided by Augmont. Augmont is NABL and BIS accredited and follows India Good Delivery standards on NSE, BSE, and MCX.
A government-approved agency hallmarks all gold according to BIS guidelines.
The gold is securely stored in Sequel Vaults, monitored by SEBI-registered IDBI trusteeship.

Based on our research we find no case of fraud with this app as of now. However, you should do your research before investing in the Gullak app.

Conclusion: Is Gullak the Right Choice for You?

In conclusion, investing through the Gullak app offers accessible savings and smart options, such as digital gold. While it provides advantages such as low entry amounts and user-friendly features, it’s important to consider drawbacks like GST on purchases and fluctuating gold returns. Also, they are very much dependent on partnerships with numerous companies and other institutions. Having said that, Gullak Money appears genuine with strong partnerships and secure practices; however, it’s crucial to research before investing to make an informed decision.

FAQs:

What is Gullak?

Gullak is a mobile app that allows users to invest in digital gold, starting with as little as Rs.10.

How does Gullak work?

Users can buy digital gold through the app, which is securely stored in insured vaults. They can invest regularly, round off transactions, or add lump sums to their gold holdings.

Is Gullak safe?

Yes, Gullak ensures safety by partnering with Paytm for secure payments, using UPI autopay by NPCI, and storing gold in SEBI-approved vaults.

What are the benefits of using Gullak?

Benefits include easy entry-level investments, potential additional returns through Gullak Gold+, and a user-friendly interface for hassle-free investing.

What are the disadvantages of using Gullak?

Drawbacks include a 3% GST on purchases, fluctuating gold returns, and tax implications similar to equities.

How can I track my investments on Gullak?

The app provides real-time gold prices and allows users to monitor their investment history and gold holdings directly.

Can I sell my digital gold on Gullak?

Yes, users can sell their digital gold holdings through the app at prevailing market rates.

What happens to my gold if Gullak shuts down?

Your gold holdings are stored independently in insured vaults, ensuring they remain secure and accessible even if the app ceases operations.

Is there a minimum investment period with Gullak?

There is no specific minimum investment period, allowing flexibility for users to buy and sell gold as per their financial goals.

How do I contact Gullak customer support?

Gullak offers 24/7 customer support through the app, where users can reach out for assistance with their investments or any queries.

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