Now, you can buy gold at ATMs — Here's how it works

Now, buying gold will be as easy as taking out money from an ATM machine. Yes, the Hyderabad-based Goldsikka Pvt Ltd has set up a gold ATM , which is claimed to be the country’s first real-time gold dispensing machine. The ATM, the firm says, aims to give access to a “varied audience”.

Gold ATMs allow customers easier access so that everyone can use their debit card for credit card for making transactions.

The firm's first ATM has been installed at its head office in Ashoka Raghupathi Chambers, Begumpet.

According to firm, it is easy to use and available 24x7.

Gold ATMs will work like every other ATM. Customers can use their debit, credit cards to buy the yellow metal from the gold ATM. First, they should insert their debit/credit card in gold ATM and enter the PIN. Further, they should enter the value of gold coins required and it will be dispensed from the machine.

"Each ATM has a capacity of holding up to 5 kg of gold, worth around Rs. 2-3 crores. The ATM machine dispenses coins ranging from 0.5 grams to 100 grams. There are eight available options, including 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams and 100 grams," Pratap, Vice-President, Goldsikka, was quoted as saying by news agency ANI.

On security features, he added: "Security measures like inbuilt camera in the machine, alarm system, external CCTV cameras are there. We also have a customer support team for the convenience of customers."

On what if the gold is not dispensed once the amount is debited, he said, "It happens with any kind of transaction. Generally one will get back the money within 24 hours if the transaction gets failed. We also have dedicated customer support for any queries."