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, 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).
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 in your myDigiSilver account to complete your KYC verification process before making any transaction.
The minimum quantity/value of myDigiSilver purchase is 5g or the equivalent amount of 5g and 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 be always 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 160+ showrooms and purchase silver jewellery/silver coins/Gossip jewellery against which you may redeem your accumulated silver quantity/value.
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, 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 the cover 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 on that – customer interest is always prioritized and a Grievance Cell has been formed by myDigiSilver. For any grievances, a customer can approach at: 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 5 g OR the equivalent amount of 5 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 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 in 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/credit card but the silver has not been credited in 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 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. myDigiSilver shall have the right whatsoever on in this context to pledge the Silver.
