Lately the usage of Jar app has increased enormously in the market; even celebrities started recommending it. Some people are doubt whether it is safe application for investment because the app promises to help people to save their money efficiently.
If you are thinking of investing through an application known as Jar, there are few things you need to know….
What Is the Jar App?
The Jar app is like a digital version of the traditional piggy bank. A piggy bank is something that many of us had in childhood when putting the spare change into it, and the Jar app is the modern version of that idea. The app enables a person to round off his or her expenditure, in a given day and save the amount in excess of ten and invest in the digital gold.
For example, if you make a transaction of ₹421 the application will round up the amount to ₹430 and invest ₹9 in digital gold. This process works for each and every time a transaction is made; whether online or by the swipe of a credit card. The debit message will be coming to your phone from the app and invests the rounded-up value.
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How does Jar App Work?
Now that we understand what the Jar app is we need to look at how it functions to achieve the above objectives.
The Jar app, simply saves your money that is not directly invested by the app itself. Instead, using Jar directly, you access and purchase the various services from one or more digital gold providers.
In India, there are three main digital gold providers: PAMP South asian affiliate MMTC-PAMP, Augmont and SafeGold. If you are using the Jar app, you trade your money for digital gold offered by one of these firms.
The KYC process is not compulsory until the user holds gold in excess of 30grams of gold or ₹1. 5lakhs and that is one of the major USP of the Jar app.
For a relatively small transaction, all that is needed is a phone number as well as some UPI apps that include Paytm. However, if you desire to sell your digital gold or want it in physical form, the KYC process has to be followed including uploading of PAN card details.
Is the Jar App Safe for Investing?
From the functions and usage of the Jar app, it can be regarded as a reliable application and it is NPCI approved. However, it is undeniable that the application focuses on sparing some amount of money but not to invest a large sum.
Limitations: The app is primarily a savings tool and not intended for large-scale investing. The daily round-up limit is ₹500, and consumers normally save a maximum of ₹20 per day, totalling around ₹600 per month.
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- What is jar app for ?
Jar is an investment application in which one is able to invest his/her daily saved money in something called Digital Gold. It directly buys digital gold for you using change from your daily web-based activities.
- Is jar app government approved?
As per the current rules and regulation of NPCI it is 100 % safe. This service is available in over 125 indian banks and over 310 million users are already using it.
- Is jar profitable?
The Jar app’s profitability is mostly depending on the success of gold prices and your investing plan.
- What are the disadvantages of jar app ?
You must wait 24 hours before withdrawing funds after investing.
ID verification through KYC is required before any transactions due to RBI guidelines.
Gold prices can change rapidly due to market conditions. The buying or selling price may vary while you complete your transaction.
The gold price on the Jar app might differ slightly from market rates due to processing or from specific factors.
5. How to invest in jar app ?
You can invest in the Jar app by linking your bank account, enabling automatic round-ups or manual deposits, and purchasing digital gold directly from the app.
Conclusion
In summary, the Jar app is a safe and efficient tool for micro-savings, especially for those interested in investing in digital gold; nevertheless, for larger investments or a diversified portfolio, you may need to look into other financial apps and platforms.
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