FAQ

Who is My Digi Silver?

My Digi Silver is a Digital Silver transaction platform of Senco Gold and Diamonds. Senco Gold and Diamonds is brand owned by Senco Gold Limited (‘the Company’) having a legacy of over five decades. The company was originally incorporated as Senco Gold Private Limited on August 22, 1994, at Kolkata, West Bengal, under the provisions of the Companies Act, 1956.

Later, In order to expand its activities in the field of manufacturing & retailing of Gems & jewellery business, the company was converted to a public limited company in Aug 2007 with names as Senco Gold Limited. In 2020, Senco Gold & Diamonds was ranked as India’s 2nd Most Trusted Jewellery Brand by TRA Brand Trust Report (India Study).

What are the eligibility criteria for My Digi Silver?

Any Indian resident with a valid PAN Card/Form 61 and a Bank Account in their name can enroll for My Digi Silver.

Is PAN card/KYC mandatory?

Yes, it is mandatory to upload your PAN card/KYC documents at the time of making any transaction.

What is the minimum & maximum amount needed to buy Silver?

The minimum amount/quantity of purchase is Rs. 300 or 5 g and maximum amount of purchase is Rs. 10 Lacs per transaction. There is a limit of Rs. 1 Cr. per day which can be purchased as long as KYC requirements are complied with.

What is the purity of Silver offered under My Digi Silver?

My Digi Silver offers 99.9 purity

How can I get my portfolio statement?

An online statement will be always available which you can view online by clicking on portfolio statement link. A quarterly balance statement will also be sent to customers through email.

How is buy/sell rate determined?

My Digi Silver displays daily buy-sell rates for customers based on prevailing market rates, payment gateway charges and a nominal commission for the service provided.

How can I sell my My Digi Silver?

You can sell the silver online on the My Digi Silver portal/website as per the prevailing rate displayed on the site.

Why is the Buy Price different from the Sell Price?

My Digi Silver buys international grade bullion from Bullion suppliers and sells this to consumers. When customers sell silver back to us, we sell it back to bullion dealers in the wholesale bullion market, where the buyback rate is different than the selling rate – buy-sell rate.

In addition to the buy-sell rate in the commercial bullion market, GST is added to the buy price, but it is not levied on any sell transactions. Further, there are charges incurred on the payment gateway, insurance which also contribute to the difference in buy and sell price.

Is the silver associated with my accumulations kept in safe custody?

Yes, the silver purchased by you is kept in safe custody in your account at SGL in accordance with the terms of the offer mentioned in the T&C.

Who will insure the physical vault?

My Digi Silver has partnered with the global market leader in secure logistics and vault services to store silver. As part of their duty, the secure storage provider takes out a comprehensive insurance policy, which includes the cover on your silver. Over and above that, My Digi Silver has insurance cover for the period when the silver is in transit, and when the silver leaves the vault. We review our risk and insurance policies regularly, to ensure that we are covered for additional or specific risks.

Who will manage consumer complaints?

My Digi Silver will provide customer support. The company will be available to solve any issues/ questions that may get escalated. You may write to us at: customerfeedback@sencogold.co.in or call our Customer Service team at 18001030017 (Toll Free).

Is there any regulator or grievance redressal mechanism?

My Digi Silver is neither a Collective Investment Scheme nor a Deposit. Therefore, we do not fall under the purview of SEBI or RBI. However, to ensure on that – customer interest is always prioritized and a Grievance Cell has been formed by My Digi Silver. For any grievances, a customer can approach at: customerfeedback@sencogold.co.in or call our Grievance Team at 18001030017 (Toll Free).

Any minimum quantity to sell My Digi Silver?

The minimum quantity/value of My Digi Silver in case of selling is 5 g OR the equivalent amount of 5 g.

Is there any lock-in period for this plan?

For security reasons, you can sell silver only after 2 working days of the purchasing date.

What is the benchmark for the price of My Digi Silver? Can MCX be taken as a benchmark?

There is no benchmark for comparing the price of My Digi Silver. MCX cannot be considered as a benchmark, since there are many differences between My Digi Silver and MCX. MCX gives the price of future contracts which doesn’t give the landed price by factoring in cost of logistics, insurance, safekeeping, etc. MCX also does not include pan India delivery, and based on the contract it gives delivery at only a few locations like Mumbai, Ahmedabad, Delhi, etc. My Digi Silver gives delivery across the country, and includes the cost of storage, insurance, trustee fees and gives you the landed, complete price of Silver. Also, the Silver price quoted in newspapers and on various websites is the wholesale price in multiples of 1kg of Silver. My Digi Silver price is valid for fractional grams and therefore is not directly comparable and the rates are also exclusive of GST.

Can someone else sell the Silver on my behalf?

Only in case of death of the applicant, the legal nominee/heir will be able to sell the Silver by showing the proof of identity, along with the original/notarized copy of the death certificate and proof that the person is the legal nominee/heir of the applicant.

What happens in case there is a demise of the customer during the tenure of the plan?

The legal nominee/heir of the customer can claim the customer’s account by following the process detailed above. Thereafter, they can access the customer’s account, including selling the silver balance or requesting for delivery of the Silver.

How can one change their registered mobile number on My Digi Silver?

If you would like to change your registered mobile number on My Digi Silver, you will need to submit your KYC details at our customer care email id customerfeedback@sencogold.co.in.

What happens when payment is deducted through one’s credit card/debit card but the silver is not credited in one’s My Digi Silver balance?

If the payment has been debited from your debit/credit card but the silver in your My Digi Silver balance has not been credited, you will need to contact our customer care team at 18001030017 (Toll Free) OR email us at: customerfeedback@sencogold.co.in and we shall resolve your issue.

Can I have a joint account for this plan?

No, you cannot have a joint account for this plan.

Is nomination mandatory for My Digi Silver?

Yes, nomination is mandatory for My Digi Silver as it safeguards your interest during any untoward incidents.

What will happen to the Silver associated with accumulations in my account, in any unlikely event of the company going into liquidation?

As the Silver purchased by you is safely transferred to SGL vault, the rightful ownership of the Silver purchased by you is solely yours. Furthermore, the Silver is well insured by a third-party reputed Insurance Company. Hence, in any unlikely event of the company going into liquidation, the rightful ownership claim can be made by you for transferring the custody of the silver/value in your account. My Digi Silver shall have the right whatsoever on in this context to pledge the Silver.