Is Jar app good? |Jar App Charges

Jar app

The Jar app is meant to help you save digital gold. You may simply start saving digital gold daily using the Jar app and enhance your earnings by potentially doubling them. The program just saves a small bit of money whenever you make an online transaction.

The Jar app is founded by two young minds, Nishchay AG and Misbah Ashraf. The Jar app serves as a digital piggy bank. When it identifies a digital transaction via SMS, it rounds it off to the nearest Rs 10. This creates spare change for each transaction that you complete.

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Savings in Jar App:

‍ Round-up: This allows customers to enjoy Jar’s functionality, which accumulates tiny sums of money each time they complete a transaction. For example, assume a user has spent INR 18 on a transaction, such as an online purchase. To view the SMSes, the user must enable the Jar App access. Jar App would then round up that amount to the nearest tenth — INR 20 in this scenario — and invest the difference (INR 2).

Round off

1. Round-Off to Nearest 10 (Default): Jar will round off your transactions to the nearest 10.

For example: If you make a transaction of Rs. 27, Jar will round it up to the nearest 10 i.e. Rs. 30 and the difference of Rs.3 would be automatically invested in digital gold.

2. Round-Off to Nearest 5: Jar will round off your transactions to the nearest 5.

For example: If you make a transaction of Rs. 22, Jar will round it up to the nearest 5 i.e. Rs. 25 and the difference of Rs. 3 would be automatically invested in digital gold.

3. Fixed amount of savings starting at Re.1 up to Rs.500 daily: Jar will keep rounding off your transactions to the nearest 10 or 5 as pre-decided by you until it hits the Rs. 500 mark which is also the reason why Jar App requires permission of auto-pay upto Rs. 500.

4. One-time investment: In this mode, a one-time saving as per the user’s preferences can be made through the Jar platform.

• Daily savings starts from 10rs to 500rs.
• Weekly savings starts from 50 rs to 5000rs.
• Monthly savings starts from 100rs to 15000rs.
• You can withdraw your money after 24 hours of investment. There is no minimum lock-in period.
• Jar App automatically invests your spare change in 99.9% Pure Gold, which is fully secured in world-class vaults and insured by Top banks of India.

You can Stop/Pause Round-Offs in Jar App anytime you want. However, it is suggested to keep it enabled to see a better return on your Automated Gold Investment from your Spare Changes. In a Year you can expect an 11% of return and a 68% return in 5 Years.

Digital Gold

Digital Gold is an innovative approach to purchase gold allowing investors to buy gold at any time in India without having to directly own it – because it’s all digital! For each gram of Gold, you buy, there is a real 24k Pure Gold stored in a locker in the name of you by one of the three authorized gold banks in India – Augmont, MMTC PAMP, and SafeGold.

Jar allows you to buy digital gold for as little as Rs.10, and there is no upper limit either. This is one of the major areas where digital gold triumphs over physical gold as regular gold is sold by weight, and several shops have a particular lower limit on purchase.

• Savings in grams starts from 0.1gm to 2.0 gm where 0.1gm costs around 784.36rs.
• you can buy up to 30 grams of digital gold without KYC
  

Account opening Charges

Jar app doesn’t have any Account opening charges, its free to start investing.

Annual Maintenance Charges

This platform AMC charges were not disclosed. I could not find this even on their official website”. So Do comment below if you know about this so that other readers can benefit from that.

Sip Charges

This platform SIP charges were not found in their official website. So Do comment below if you know about this so that other readers can benefit from that.

Auto Deposit Charges

This platform Auto Deposit charges were not disclosed. So, Do comment below if you know about this so that other readers can benefit from that.

Withdrawing Charges

No. Jar does not charge any fees in the process of withdrawing money by selling digital gold.

Digital Gold Purchase Charges:

For instance, Rs 100 Gold Purchase Transaction –

Sample Gold Purchase Rate (per gram) = ₹ 6000

Value of gold to be bought = ₹ 97.09

Government GST Charges (3%) = ₹ 2.91

Amount to be paid = ₹ 100

Gold quantity to be bought (in grams) = (97.09 / 6000) = 0.0162 gm

What is ‘buy’ and ‘sell price’? ‍

The price you will pay to purchase a share, or any other commodity, is known as the “buy” or “bid” price. The price you will get when you sell that share or commodity is known as the “sell” or “ask” price.

Personal Loan Terms and Conditions:

Loan Details

For instance, total cost of loan, including principal & all applicable fees:

Loan Amount/Principal: ₹50000

Tenure: 12 months

Rate of Interest: 15% per annum

Processing Fee: ₹1000 (2% inclusive GST)

Total Interest: ₹4156

Equated Monthly Instalments (EMI): ₹4513

Annual Percentage Rate (APR): 18.89%

Amount Disbursed: ₹49000

Total Repayment Amount: ₹54156

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Contact Information:

Conclusion

The Jar app is unique among digital gold saving platforms because of its novel and user-friendly method to preserving spare change from everyday transactions. Unlike many other applications like gullak, spare8 etc that may have higher fees or more convoluted processes, Jar simplifies savings by automatically rounding off transactions to the nearest Rs. 10 or Rs. 5, allowing you to amass savings with little effort.

The software charges competitively, with a 3% GST on digital gold purchases and a 2-3% buy-sell spread that is comparable to or cheaper than many other digital gold platforms. Jar also maintains the security of your money by storing 99.9% pure gold in world-class vaults insured by leading Indian banks.

The flexibility to start with as little as Rs. 10, no minimum lock-in period, and the ability to withdraw funds after 24 hours make Jar an attractive option for both small and large investors looking for a hassle-free and secure way to save in digital gold.