You can digitally sell gold you own in your Google Pay Gold Locker back to MMTC-PAMP. The money from your gold sale is applied to your primary bank account on Google Pay. You can also arrange for a legal heir to inherit the gold in your Gold Locker.
How to sell gold
To sell gold on Google Pay, follow these steps:
- Open Google Pay.
- Tap New.
- In the search bar, enter "Gold Locker." Then, search for that term.
- Tap Gold Locker.
- Tap Sell. The current market selling price of gold appears. This price stays locked for 8 minutes after you begin the sell transaction, as the selling price may change throughout the day.
Note: Tax is not applied to the sale of gold.
- Enter the amount of gold you want to sell in mg. The current market value is shown in INR under the amount of gold.
While the minimum sale amount is ₹1 of gold, you can sell up to ₹2 lakh or the total amount of gold in your Locker, whichever is lower.
- Tap Check mark .
After your sale is confirmed, the money should appear in your account within a few minutes.
In the event of your death, your legal heir can inherit the gold in your Gold Locker. To make sure your heir can inherit your gold, arrange for your legal heir to contact Google Pay/MMTC-PAMP and inform them of their status as your legal heir. After confirming your heir’s identity, MMTC-PAMP closes your gold account and physically delivers your gold to them.
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