Jar Vs Gullak
When it comes to digital gold savings, the Jar and Gullak applications provide two separate yet attractive options for investors. Jar, with its innovative round-up feature and flexible savings options, stands out for its seamless integration into daily transactions.
Gullak, on the other hand, is well-known for its incentive programs and rapid withdrawal possibilities, and it provides a simple way to accumulate riches in digital gold. Delving deeper into their features and functions reveals a sophisticated understanding of how each platform caters to different investor preferences, making the decision between Jar and Gullak an exciting journey into digital gold savings.
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Jar app
The Jar app takes a unique approach to conserving digital gold by automatically rounding transactions to the next Rs. 10 or Rs. 5, allowing users to easily collect spare change. Nishchay AG and Misbah Ashraf created the platform, which operates as a digital piggy bank, allowing users to start accumulating gold with everyday transactions.
Key Features of Jar App:
- Round-Up: Automatically rounds transactions to the closest Rs. 10 or Rs. 5, and invests the leftover change in digital gold.
- Flexible Savings Options: Users can choose daily, weekly, or monthly savings amounts starting at Rs. 10 and going up to Rs. 500.
- There is no minimum lock-in time, allowing users to withdraw their deposits after 24 hours.
- The government charges a 3% GST on digital gold purchases.
- The buy-sell spread is approximately 2-3%.
Gullak App
Gullak, created by Finternet Technologies Pvt Ltd, is another popular site for storing digital gold. It offers a variety of savings choices, including daily investments starting at Rs. 10, recurring saves, and microsavings via UPI autopay. Gullak offers a basic approach to gold investments, focusing on customer benefits and ease.
Key Features of Gullak App:
- Reward Program: Users receive rewards for each investment they make.
- Instant Withdrawals: Users can halt or withdraw funds at any time without incurring additional expenses.
- Charges are competitive, with a 3% GST on digital gold purchases and a buy-sell spread of 2-3%.
- Gold Leasing: Offers an option for gold leasing with higher profits.
Jar vs Gullak
| Aspect | Jar App | Gullak App | ||||||||||||
| Playstore Rating | 4.4/5 | 4.6/5 | ||||||||||||
| Founders | Nishchay AG and Misbah Ashraf | Finternet Technologies Pvt Ltd | ||||||||||||
| Gold Purity | 24K 99.99% | 24K 99.99% | ||||||||||||
| Investment options | Lump sum, SIP | Daily Savings, Round-ups, Lump sum | ||||||||||||
| Registration | IDBI Trusteeship | Partnered with SEBI-approved | ||||||||||||
| Minimum Investment | Rs. 10 | Rs. 10 | ||||||||||||
| Lock-in Period | No minimum lock-in period | No minimum lock-in period | ||||||||||||
| Withdrawal Flexibility | Withdraw after 24 hours | Instant withdrawals | ||||||||||||
| Returns | Market appreciation | Market appreciation + Gullak Gold+ potential | ||||||||||||
| Selling/Redemption | Sell anytime | Sell anytime, option to redeem as physical gold | ||||||||||||
| GST on Digital Gold | 3% | 3% | ||||||||||||
| Refer and earn | Rs.20 per referal | Rs. 50 per referal | ||||||||||||
| Gold Leasing | No | Yes (Gullak Gold+) | ||||||||||||
| Additional Features |
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Unique Selling Points
- Gullak: Gullak is notable for its accessibility, allowing investments with a minimal minimum amount and providing automated round-up saves. This tool allows users to save and invest effortlessly. Furthermore, Gullak Gold+ has the potential for bigger returns, but at a higher risk, making it suited for individuals prepared to take on more in exchange for the possibility of greater gains.
- Jar: Jar streamlines the investment process by rounding up spare coins from digital transactions. This seamless method to investing allows individuals to expand their funds without making substantial, intentional commitments. It is a simple and successful technique for consumers to progressively increase their investment portfolios.
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Conclusion
Both the Jar and Gullak apps provide attractive features for digital gold savings, with each offering distinct advantages. Jar excels at effortlessly interacting with daily transactions via its automatic round-up feature, making saving simple.
Gullak, on the other hand, stands out for its reward program, rapid withdrawal flexibility, and extra investment choices such as gold leasing, which may result in larger returns.
Finally, Gullak may be a better option for individuals looking for a more adaptable and potentially profitable investment experience, while Jar is suitable for people who prefer a simple, hands-off saving method.
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