Intro
Hello everyone. In this video, I’m going to share with you complete details about the Jar digital gold savings application, including its features, how its pricing compares to other apps, and whether the Jar app is a safe application.
I had already posted a video about this app three years ago. Since many new features and some changes have been introduced in the app during these three years, I am posting this video to talk about them.
Before we get into the post, let me tell you one thing: I couldn’t take screen recordings or screenshots in this app. Since everything is completely restricted, I won’t be able to show you many things. If you want to see them, you can open the app and verify it as I explain, or please bear with me.
Features of Jar app
In that regard, let’s first look at the features offered in this app. With the Jar app, you can invest in gold starting from a minimum of 10 rupees. However, there’s a twist to this minimum amount.
Savings Options
That is, they also have a manual saving option called Instant Savings. In addition to that, there’s also an auto-debit option where a specific amount is automatically deducted from your account daily, monthly, or weekly and saved in the gold feature of this app.
If you want to invest starting from just 10 rupees, you can only do so by setting the option for daily automatic debits. If you set it to deduct manually or automatically from your account weekly, they will require a minimum investment of 50 rupees. For setting up automatic monthly debits from your account, they will require a minimum investment of 100 rupees.
Cancel Autopay
Once you have enabled this auto-debit option, if you decide you don’t want it or want to cancel it, you can pause or cancel it by following the steps I’m showing on the screen. You absolutely must do this. Even if you uninstall the app without doing this, they will continue to deduct money from your account. So, if you are going to use this auto-debit option, use it carefully.
Live Pricing
They have stated that the money you invest will be converted into 24-karat gold at the price prevailing at the time of your investment and credited to your account. Furthermore, they will reserve this price for you for a specific number of minutes from the time you start the transaction without changing it. After that time, if the price of gold changes, they will also change the price. This is what they call live pricing.
Round Off feature
The unique feature of the Jar app is the auto round-off feature. After you enable this feature, if you make a transaction and its cost is 123 rupees, when it is rounded off, it will become 130 rupees. The remaining 7 rupees will be automatically deducted from your account and invested in the gold available on this app. This feature is called the Auto Round Off feature.
In this way, they will automatically deduct a minimum of 5 rupees to a maximum of 20 rupees from your account and invest it in this app. They have also stated that they will never deduct more than 20 rupees per day. Enabling this option is similar to the auto-debit option.
Cancel Auto debit for round off
If you don’t want it, you should cancel it or pause it. I’m showing the steps on the screen. Please follow those steps to cancel or pause it.
Also, this app provides an option to add a nominee for your investments made through this app.
Is Jar app Safe?
Everything is fine until you invest. If you ask whether the money we invest will be safe in this app, many digital gold saving apps have not yet been brought under the control of the RBI or SEBI. Similarly, this app is also not under the control of the RBI. However, they have stated that all the money you invest will be converted into gold and protected in a world-class vault through a private company. Not only that, you don’t need to pay any extra amount for this locker for five years. They have said that after five years, they will deduct the locker fee monthly from the gold in your account.
Spin & Win
This app also has a Spin and Win option. As you deposit money, they will give you free spins. By spinning, you will get discount coupons. In addition, they also give a coin called Jar Coin on some occasions. Using these Jar Coins, you can purchase the mystery box available in the rewards option. They have said that by purchasing this mystery box, they will give you a product as a gift.
Jar App Personal Loan
Also, you can get a personal loan using this app. They don’t do this directly. They have stated that they provide loans up to a maximum of 5 lakh rupees through some NBFCs, which are their lending partners, depending on your CIBIL score.
Refer & Earn
They have also provided a refer and earn option. You have to tell your friend or acquaintance about this app and get them to create an account on this app through your referral link. Those who create an account on this app through your invitation, you need to help them enable the daily savings option, which automatically debits an amount from their bank account daily and invests it in the app’s gold.
If you do both of these things, they have stated that you will receive a certain percentage of that amount as commission whenever they invest. They have also said that this commission amount will be directly credited to your Jar account. There is also a limitation on the amount you can earn as commission, which varies for each user. In addition, there are some rules for earning through referrals.
Withdrawal
Regarding the withdrawal option, they have provided three options for withdrawing the amount you have invested through this app.
Cash Withdrawal
You can withdraw your amount directly as cash. If you are withdrawing this way, when trying to withdraw an amount greater than 200 rupees, at least 24 hours must have passed since you invested that amount. You can withdraw it anytime after 24 hours. You cannot withdraw the amount before 24 hours. Furthermore, you can only make a withdrawal once every 24 hours. They have implemented both of these for security purposes. They have mentioned that they have provided it. So, remember that well.
Withdraw as Gold
Also, since the brand ‘Neck’ belongs to this Jar app, you can use the amount in your Jar account to buy gold or silver coins or jewelry from them. They have gold jewelry available starting from 18 karats. Hearing that you can buy jewelry using this app might sound good. But if you are actually going to buy that way, you have to be very careful. Because I couldn’t see clear details about the pricing of any of the jewelry.
If you take a piece of jewelry, they haven’t provided a breakdown of its weight, the rate for that weight, whether they have included hallmarking charges, making charges, etc. They have just given the total price and mentioned that they have added 3% GST to it. I don’t know how to buy jewelry without even knowing the weight. As for gold coins, they have 22 and 24 karat gold coins available in different weights. They have gold coins available from 0.1 gram in 24 karats. In addition to that, they also have silver jewelry and silver coins available.
Delivery Policy
If you withdraw as jewelry or coins, they will deliver the product to your address. They have stated that they will safely deliver the product to your home within 3 to 5 days through their courier partner. If you decide you don’t want the order after placing it, you must cancel it within 2 hours. After 2 hours, you will not be able to cancel the order. Furthermore, you must verify that the product is in good condition when you receive it. They have stated that if you accept the product without verifying it, they will not provide a return or refund.
Pricing Difference
So far, we have covered the features of this app to some extent. Now let’s look at the differences in pricing. When I compared the buying price on this Jar app with other apps and websites, the prices on other platforms were lower. In the case of this Jar app, the buying price was about 50 to 100 rupees higher. You can also check this and share your experience in the comments.
Profit Calculation
When you check the price of gold, instead of checking it on a random website, it’s better to check it on a website or app where you can actually buy the gold. Checking on such a website or app is the correct approach. When you buy gold, our government will deduct 3% as GST. If we consider the difference between the buying and selling price, and this 3% GST, you will instantly incur a loss of up to 9% the moment you buy the gold.
To recover from this loss, the price of gold must increase by 9% from the price you bought it at. This increase will take a certain amount of time. Therefore, don’t forget that gold is a long-term investment.
ID Verification
Also, if you are investing small amounts using this app, they won’t ask you for any ID verification. However, if you are investing a large amount in bulk, or if you have invested a small amount and are trying to withdraw it, they will ask you for ID verification.
If the verification fails, you will have some difficulty withdrawing the amount. That’s why I would say that you should complete the ID verification process right away, whether they ask for it or not. It would be better if you complete that process before investing. But if you keep using this app without completing the ID verification, and if the ID verification gets rejected, you won’t be able to withdraw the amount. Some users mentioned in the reviews that their money got stuck inside the app due to this.
Additionally, the reviews also mentioned that when they tried to contact customer support regarding these kinds of problems, they didn’t receive a proper response. However, based on my experience using and testing this app, I was able to complete the ID verification quickly. I also tried to withdraw the amount, and it was credited to my account immediately.
My Personal Experience
Then, there are two things I personally didn’t like about this app. One is the notifications they send. Sending them so frequently and continuously is annoying. Besides that, the second thing is that when you click on an option, they beautifully animate and show what that option is. It would be fine if they showed it once, but showing it every time is time-consuming and irritating.
My Opinion
Despite all these things, what is my opinion? Gold investment is a long-term investment. If you are planning to make that investment through an app, it’s best to do it through a reliable and trusted app. If you choose the Jar app, compare its charges and pricing differences with other gold selling apps available in the market.
Moreover, when it comes to investment, what matters is not how easily you invest, but how profitably you invest. So, don’t just focus on convenience; inquire with offline stores and local goldsmiths as well, and then invest wherever you feel is best. If you have used the Jar app, please share your feedback in the comments.