Did you know you could now buy gold at ATMs? How unrealistic it may sound, it has been made possible for Indian citizens to buy gold from ATM machines and here is how.
Making buying gold as easy as taking out money from a nearby ATM machine, Hyderabad-based Goldsikka Pvt Ltd has installed the first ever real-time gold dispensing Gold ATM at their head office in Ashoka Raghupathi Chambers, Begumpet.
The ATM is supposed to be available 24×7 and customers can come any time to buy gold coins using their debit or credit card to complete the transaction.
You can check the tweet they have posted on their Twitter account for a better understanding of the topic.
How to use gold ATMs?
Using a Gold ATM is not at all different from using a regular cash dispensing ATM machine. Customers are supposed to go to the ATM and use their debit or credit card to buy gold from the machine. Here are the steps broken into smaller units for a better understanding:
- Insert your debit or credit card.
- Enter the PIN of the card.
- Enter the value of the gold coins you wish to buy.
- The coins shall be dispensed from the machine accordingly.
How much Gold will each Gold ATM have?
Pratap, Vice-President, Goldsikka informed a news agency ANI that “Each ATM has a capacity of holding up to 5 kg of gold, worth around Rs. 2-3 crores. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are eight available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams.”
What are the Security Measures of Gold ATM?
He further described the security measures saying “Security measures like an inbuilt camera in the machine, alarm system, external CCTV cameras are there. We also have a customer support team for the convenience of customers.”
What happens if the does not get gold after the amount is debited?
In case the amount is debited from the customer’s account but the gold is not dispensed then he or she can contact customer support like he mentioned, “It happens with any kind of transaction. Generally one will get back the money within 24 hours if the transaction gets failed. We also have dedicated customer support for any queries.”
Conclusion
In this article, we learnt about the first ever real-time gold dispensing ATM in India. As the Twitter post suggests, Goldsikka Pvt Ltd has done this in the hope of making ‘Bharat Sone ki Chidiya phir se.’
I hope this article was worth reading and that you would share it with your friends and family so that everybody can learn about this amazing thing that happened in our country.
Also Read:
Withdraw Cash from ATMs using UPI Applications: No Debit Card Needed
