Under the offering, users can purchase digital silver for between ₹10 and ₹1 lakh per transaction at live market-linked rates. When users sell their holdings, the proceeds are credited directly to their bank account, according to the company.
JioSilver also allows users to set up recurring Silver SIPs on a weekly or monthly basis.
“Precious metals and commodities play a vital role in a well-diversified investment strategy, helping investors build resilient portfolios. While silver has traditionally been held physically, JioSilver transforms it into a transparent, safe, and hassle-free digital asset,” said Surbhe S Sharma, Chief Executive Officer, Jio Finance Platform and Service Limited.
How to buy and redeem digital silver
Users can buy silver digitally through the JioFinance app and track live silver prices, holdings and transactions through a dedicated JioSilver dashboard.
The digital silver can also be converted into certified physical silver coins. Users can either purchase physical silver coins directly or convert their accumulated digital silver holdings into coins, the company said.
JFPSL said the physical silver backing the digital holdings is tested for purity at facilities accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).
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The company said eligible purchases will also earn JioPoints, which can be redeemed within the app for brand vouchers, shopping discounts and partner offers.
JioSilver adds silver to JioFinance’s existing digital gold offering. JFPSL is a wholly owned subsidiary of Jio Financial Services Limited.
(This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.)