myDigiSilver is a Digital platform for Silver transactions. Senco Gold and Diamonds is a brand owned by Senco Gold Limited (‘the Company’), having a legacy of over eight decades. The company was originally incorporated as Senco Gold Private Limited on August 22, 1994, in Kolkata, West Bengal, under the provisions of the Companies Act, 1956.
Later, 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 the name 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).
Any Indian resident with a valid PAN Card, Aadhar Card and a Bank Account in their name can enroll for myDigiSilver.
It is mandatory to upload your PAN and Aadhar card to your myDigiSilver account to complete your KYC verification process before making any transaction.
The minimum quantity/value of myDigiSilver purchase is 3g or the equivalent amount of 3g and the maximum amount of purchase is Rs. 6 lacs in the lifetime of your mydigisilver account, which can be purchased as long as KYC requirements are complied with.
myDigiSilver offers 99.9% purity.
An online statement will always be available, which you can view by clicking on ‘Portfolio Statement’ in your myDigiSilver account. A quarterly balance statement will also be sent to customers through email.
myDigiSilver displays daily buy-sell rates for customers based on prevailing market rates, payment gateway charges and a nominal commission for the service provided.
You can sell the purchased silver digitally by following the easy steps mentioned on our homepage.
You may visit any of the Senco Gold and Diamonds 185+ showrooms or go to sencogoldanddiamonds.com and purchase silver jewellery/silver coins/Gossip jewellery against which you may redeem your accumulated silver quantity/value.However, Silver and Gossip jewellery are currently not eligible for online redemption.
At present, myDigiSilver facilitates the redemption of Silver Coins, Gold Coins, and Gold jewellery at sencogoldanddiamonds.com . However, Silver and Gossip jewellery are currently not eligible for online redemption.
myDigiSilver 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 and insurance, which also contribute to the difference in buy and sell price.
Yes, the silver purchased digitally by you is kept in safe custody in your myDigiSilver account at SGL as mentioned in the T&C.
myDigiSilver 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 coverage on your silver. Over and above that, myDigiSilver 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.
myDigiSilver 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).
myDigiSilver is neither a Collective Investment Scheme nor a Deposit. Therefore, we do not fall under the purview of SEBI or RBI. However, to ensure that customer interest is always prioritized, a Grievance Cell has been formed by myDigiSilver. For any grievances, a customer can approach: customerfeedback@sencogold.co.in or call our Grievance Team at 18001030017 (Toll Free).
The minimum quantity/value of myDigiSilver in case of redemption against silver coins/ silver jewellery/ Gossip jewellery is 3 g OR the equivalent amount of 3 g and for selling back your Digital Silver, the minimum value is Rs. 300.
For security reasons, you can sell your silver digitally only after 2 working days from the date of purchase.
There is no benchmark for comparing the price of myDigiSilver. MCX cannot be considered as a benchmark, since there are many differences between myDigiSilver and MCX. MCX gives the price of future contracts, which doesn’t give the landed price by factoring in the 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. myDigiSilver 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. myDigiSilver price is valid for fractional grams and therefore is not directly comparable and the rates are also exclusive of GST.
No, only the account holder can sell or redeem the accumulated silver.
In case of the demise of the customer, we shall transfer the gold to the authorized nominee’s myDigiSilver account.
If you would like to change your registered mobile number, you have to answer a few security questions on your myDigiSilver account.
If the payment has been debited from your debit card/wallet/UPI/net banking but the silver has not been credited to your myDigiSilver account, you can contact our customer care team at 18001030017 (Toll-Free) OR email us at: customerfeedback@sencogold.co.in, and we shall resolve your issue.
No, you cannot have a joint account for this plan.
We would request you to provide your nominee details for your future failsafe.
As the Silver purchased by you is safely transferred to the SGL vault, the rightful ownership of the Silver purchased by you is solely yours. Furthermore, the Silver is well insured by a third-party reputable 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. myDigiSilver shall have the right, whatsoever in this context, to pledge the Silver.
myDigiSilver specifies that it offers silver of 99.9% purity. The silver is sourced from internationally reputed bullion dealers that meet this standard, and the metal is stored with a global-standard secure logistics and vault provider. The vault operator maintains comprehensive insurance, while myDigiSilver adds cover during transit and dispatch. So each digital unit corresponds to fully insured 99.9% pure silver held in professional custody.
You log in, go to the BUY section, and choose whether to buy in rupees or grams. Enter your amount (minimum ₹400 or 3 g), pick a payment method such as debit card or UPI, and confirm. The order is first shown as “Processing.” myDigiSilver states that purchases can take up to 48 working hours to process and then appear as credited grams in your wallet and portfolio statement.
Pricing is based on a live per-gram rate displayed on the site. myDigiSilver explains that it sets daily buy and sell rates using prevailing silver-market prices, along with payment-gateway charges and a nominal commission. When you transact, your quantity in grams is multiplied by this live rate to arrive at the rupee amount. As a retail price including costs, it may differ from wholesale or futures quotations.
When you buy digital silver, the displayed price already includes 3% GST. Payment-gateway charges and a small commission are also built into this rate, so you don’t see them as separate deductions. When you sell silver back, GST is not charged again. Other costs like insurance, logistics and processing are recovered through the difference between the buy and sell prices.
After you place a purchase order and complete payment, the transaction shows under processing. myDigiSilver states that “the silver you purchase will take 48 working hours to process and reflect” in your wallet; until then, it remains in the processing state. Once backend checks and settlements are completed, the corresponding grams of silver are credited to your myDigiSilver wallet and visible in your online portfolio statement.
When selling in rupees or grams, your order must have a minimum value of ₹300. After you confirm at the live sell rate, the platform processes the transaction and initiates a payout. myDigiSilver notes that “the amount will be settled in your provided bank account within 6 to 7 working days,” so you can typically expect funds in that timeframe, subject to normal banking clearance.
Yes, you can redeem your digital silver at Senco Gold & Diamonds showrooms across India or through the Senco website. Your silver balance can be used against silver jewellery, and silver coins. Some options may currently be available only in-store, while online redemption is limited to selected product categories and is processed as per prevailing policies, rates and availability.
You can start buying digital silver from a minimum of 3 grams or an amount equal to the value of 3 grams. When selling back your digital silver, the minimum order value is ₹300. For redemption into silver coins, silver jewellery, you need at least 3 grams or the rupee equivalent. No higher minimum is mentioned for regular users.
Yes, eligibility requires an Indian resident with a valid PAN card, Aadhaar and a bank account in their own name. myDigiSilver makes KYC mandatory: you must upload PAN and Aadhaar to your account and complete KYC verification before making any buy, sell or redeem transaction. Only after successful KYC can you place orders and receive sale proceeds into your verified bank account.
There is a minimum purchase of 3 grams (or the equivalent rupee amount), and total silver purchases are capped at ₹6 lakh over the lifetime of your myDigiSilver account, subject to KYC. For selling, the only clearly stated condition is a minimum sell value of ₹300. No additional daily or time-based upper limits are mentioned for sale or redemption beyond these thresholds.
The homepage tagline says, “Now Buy/Sell/Redeem silver digitally anytime & anywhere. Hassle-Free!” This indicates that online buy, sell and redeem requests can generally be placed 24×7 at live platform rates, not only during store timings. However, physical redemption at Senco showrooms will follow local business hours, and digital access can occasionally pause for scheduled maintenance or technical issues.
If your bank or payment details are incorrect, the payout may fail or get delayed. If money is debited but silver is not credited, or you don’t receive the payout within the usual time, you should immediately contact customer care by phone or email. Update your correct bank details in your profile and follow the support team’s instructions to get the issue resolved.
myDigiSilver notes that your purchased silver is stored securely with 100% insurance coverage. The silver is held in the SGL vault by a global market leader in secure logistics and vault services. That provider maintains a comprehensive insurance policy covering stored silver, while myDigiSilver adds additional insurance for periods when the metal is in transit or when it leaves the vault, ensuring continuous protection.
Security is supported through mandatory KYC, safe custody and full insurance. Silver is held in an SGL vault operated by a leading secure-storage provider, with comprehensive insurance, including while in transit. Transparency comes from daily buy/sell rates, an always-available online portfolio statement and periodic emailed statements. A dedicated grievance cell and customer-support channels by phone and email are also provided for issues or escalations.
During the processing period, your order has been placed, and payment has gone through, but myDigiSilver is still completing checks and settlement. The site states that purchases take up to 48 working hours to process and reflect in your wallet. Until then, the transaction appears under processing; once backend allocation finishes, the corresponding grams of 99.9% pure silver show in your wallet balance and portfolio statement.
Yes, there is a short lock-in period. For security reasons, you can sell your digital silver only after two working days from the date of purchase. During this time, your new units appear in your holdings but aren’t yet eligible for sale or redemption. Once those two working days are over and processing is complete, you can freely place sell or redemption requests against that silver.
You can redeem your digital silver at Senco Gold & Diamonds stores across India or online through the Senco website. In-store, you can use your silver balance against silver jewellery and silver coins. Online, redemption is available for selected products such as silver coins, gold coins and gold jewellery. Redemption through unrelated third-party platforms is not offered.
When you buy digital silver, the price shown on the buy screen already includes 3% GST, so you don’t pay it separately. Payment gateway and service charges are also factored into this rate. When you sell or redeem digital silver, GST is not charged again; costs are recovered through the buy–sell price difference. For personal tax or capital-gains treatment, refer to your invoice and a tax advisor.
