Question 1

What is meant by daily savings?

Accepted Answer

Daily savings is an automated way to save a custom amount for a custom duration, daily.

Question 2

What is save on every spend feature? How can I activate it?

Accepted Answer

Everytime you make an online transaction, we round off the amount to the nearest 10 & invest this into digital gold. You can edit & customise this by changing the nearest round off limit & adding multipliers to increase your savings. How does this work - If you have made a transaction of Rs.45, we would round off this amount to the nearest 10, i.e, 50, and invest the spare change, i.e Rs.5 into your Gullak. To activate this, go to home, go to save on your everyday spends section and click on Start Now. You can select the amount and then setup autopay mandate.

Question 3

Can I make a one-time/lump sum investment?

Accepted Answer

Once you create your goal, You'll find an option to 'save more' on the home screen. Select the gullak you want to add the lumpsum amount into. Then, enter the amount & choose your upi app

Question 4

What is digital gold?

Accepted Answer

Digital gold is a new age investment instrument that allows you to invest in 24k 999 pure gold. It is real gold which is just securely stored in insured vaults for you. The minimum amount you can buy is as low as Rs.10 on Gullak Money. This is certified by the government, hence assures purity & negates the chances of fraud.

Question 5

Is Gullak safe?

Accepted Answer

Yes, Gullak is 100% safe. We are partnered with yespay for secured payment gateways & Gullak is built by the makers of BHIM. We use UPI autopay by NPCI & follow all RBI guidelines. Your money is invested in 24K 999 pure gold provided by Augmont, which is NABL and BIS accredited and a member of India Good Delivery standard on NSE, BSE and MCX. All gold is hallmarked by a government-approved hallmarking agency as per the BIS guidelines. This Gold is stored in 100% safe and secured in Sequel Vaults monitored by SEBI registered IDBI trusteeship.

Question 6

Can I withdraw my money anytime I want?

Accepted Answer

Yes, you can withdraw your money anytime. Please go to home screen and click on withdraw. You can select the quantity of gold you want to sell and proceed with the withdrawal. Withdrawal is instant & does not need any KYC

Question 7

What is Autopay?

Accepted Answer

Autopay is a safe & convenient process in which you can set up an amount you wish to save daily & we then save this amount for you automatically without disturbing you.

Question 8

What is a mandate?

Accepted Answer

Mandate is a way to set up autopay. Autopay is a safe & convenient process in which you can set up an amount you wish to save daily & we then save this amount for you automatically without disturbing you.

Question 9

How should I set up Autopay?

Accepted Answer

Setting up autopay is very simple. To set up Autopay: 1. Login to Gullak 2. Select daily savings or save on every spend 3. Customise your savings   4. Click on 'Setup Autopay' 5. Select your preferred UPI app 6. Approve the mandate request on your UPI app

Question 10

Why was my Autopay rejected? How can I set it up again?

Accepted Answer

Autopay could be rejected due to incorrect pin or <XYZ>. Please write to us at hello@gullak.money & we will respond within 36 hours.

Question 11

Is Autopay safe?

Accepted Answer

Gullak uses UPI Autopay which was launched by National Payments Corporation of India which is an absolutely safe & convenient way to auto-save. In accordance to the RBI guidelines, you will receive an SMS 24 hours before the money is auto-saved for you. You also have complete control of pausing/deleting the UPI Autopay mandate.

Question 12

Can I stop autopay?

Accepted Answer

Yes, you can pause or delete autopay mandate anytime. To pause - You'll find the pause button on the home screen under your savings. You can choose the duration you wish to pause for. To delete - Go into profile section, select autopay, select the mandate & delete. You can also delete the mandate via your UPI app

Question 13

Can I change my autopay amount?

Accepted Answer

Yes, you can change your autopay amount. Please go to the home screen and under your savings, click on edit icon beside the amount, you can edit/change the amount, select yout UPI app and approve mandate for the revised amount.

Question 14

Can I change the bank account for autopay?

Accepted Answer

Yes, you can change your bank account. To do this, 1. Go to the home screen 2. Under your savings, click on edit icon beside the amount  3. Select the amount and duration again 4. Select your preferred UPI app and approve the mandate for the revised amount.

Question 15

Which UPI apps are supported to set up autopay?

Accepted Answer

We currently support BHIM, Phonepe & PayTM

Question 16

Why can't I use google pay to set up autopay?

Accepted Answer

Googlepay is yet to fully go live with UPI autopay. You could however do one time top ups using gpay.

Question 17

How can I withdraw my investments?

Accepted Answer

To withdraw your savings 1. Go to home screen and click on withdraw 2. Enter the quantity(gms) of gold you'd like to sell 3. Enter your UPI ID and click on withdraw

Question 18

Where can i find my UPI id?

Accepted Answer

You can find your UPI ID from your Paytm/PhonePe/GooglePay profile section.

Question 19

I am not able to withdraw my investments? How do I resolve this?

Accepted Answer

Please write to us at support@gullak.money. We will resolve this within 48 hours

Question 20

Do I need to do my KYC for withdrawal?

Accepted Answer

No, you do not need KYC to withdraw

Question 21

Is there a limit on minimum amount or maximum amount to be withdrawn?

Accepted Answer

No, there is no limit

Question 22

When I am selling my gold investment, why is the rate different from the buying price?

Accepted Answer

Gold, like any other tradable commodity, has a buy-sell spread (Difference between Prices). This spread is subject to various factors like price volatility, supply, external market conditions, etc. This is why we see a difference of 3-5% in the buy and sell prices of gold. This difference is even higher in the case of jewelry because of the making charges.

Question 23

Will my goal or mandate get deleted if I withdraw from Gullak?

Accepted Answer

No, it won't get deleted.

Question 24

Can I pause or stop daily savings?

Accepted Answer

Yes, you can pause or stop daily savings. Gullak gives you 100% control of pausing/stopping and restarting. To pause - You'll find the pause button on the home screen under your savings. You can choose the duration you wish to pause for. To stop - Go into profile section, select autopay, select the mandate & delete

Question 25

Can I set up custom amount for daily savings?

Accepted Answer

You can choose amounts between 10 & 500 with an interval of 5. You will find this option while setting up or editing goals. Ex: 5, 10, 15.., upto 500

Question 26

Can I save weekly or biweekly or monthly?

Accepted Answer

We will release this feature soon

Question 27

Can I edit the duration of the goal?

Accepted Answer

Yes, with Gullak you have flexibility to change the duration of your saving goal whenever you want. Find the edit icon on home screen - Select the new duration - Select the UPI - Approve mandate

Question 28

Can I set up multiple goals?

Accepted Answer

This feature is coming soon

Question 29

Is there any minimum or maximum amount I can save in a day?

Accepted Answer

Currently, we support price brackets from 10 to 500 with an interval of 5 (Ex: 5,10,15..500)

Question 30

Can I pause save on every spend feature?

Accepted Answer

To pause save your spends feature, please navigate to 'save on every spend' section on the home screen. Now toggle the button at the bottom to pause or activate your mandate

Question 31

What is the 'multiplier' in save on every spend? How can I set it up?

Accepted Answer

Multipliers help you increase your savings. You can choose between 1X, 2X, 5X & 10X. Ex: Assume you chose 5X -  If you spend Rs.124, we'll invest Rs.6*5(Spare change * multiplier) in gold. Edit the goal and you'll find the option to add multipliers. By default the multiplier is set at 1X

Question 32

Can I change my round off amount and daily limit?

Accepted Answer

Yes, you can change your round off amount to the tune of 10, 20, 50 and 100. Currently, we do not support the change in daily limit amount. Edit the goal and you'll find the option to change the round off. By default the round off is set at Rs.10

Question 33

How can I save more using save on every spend feature?

Accepted Answer

To save more using save on every spend feature, click on the edit icon in this section & you'll find the below options 1) You can use multipliers or change rounding off limits 2) You can enable default saving if no spends are detected

Question 34

Why is SMS permission necessary?

Accepted Answer

SMS permission is required to read the transaction messages so that Rounding off can be performed. We do not share your data and it is protected with us.

Question 35

How does rounding up work in SOS?

Accepted Answer

Assume you spend 997 on Amazon, we round it up to the nearest 10 i.e. 3. We then add all such spends in a day and debit the amount though UPI AutoPay. You can use multipliers or change rounding off limits to increase your savings

Question 36

Do I need to setup autopay for making one-time investment?

Accepted Answer

No, you don't have to setup autopay for making one time investement

Question 37

How is digital gold different from physical gold?

Accepted Answer

Ref table - F44

Question 38

What is the return on investment on gold?

Accepted Answer

In the last 5 years, gold has shown growth of 80% which is 16% annual returns. Gold returns in last 5 years were 33% higher than Nifty Index as well which showed only 12% annual growth.

Question 39

Where is my saved money being invested?

Accepted Answer

Your money is instantly invested in Digital Gold with Augmont. Augmont is NABL and BIS accredited and a member of India Good Delivery standard on NSE, BSE and MCX. All gold is hallmarked by a government-approved hallmarking agency as per the BIS guidelines.

Question 40

How do you ensure best prices?

Accepted Answer

We partner with Augmont for Gold. At Augmont, the Buy and Sell prices are calculated using wholesale spot market pricing. They pass on the benefits from wholesale market prices to our consumers, making them more competitive than the competition.

Question 41

Is my gold safe?

Accepted Answer

Your gold is completely safe. We use Augmont as our gold provider. Augmont is NABL and BIS accredited and a member of India Good Delivery standard on NSE, BSE and MCX. All gold is hallmarked by a government-approved hallmarking agency as per the BIS guidelines. This Gold is stored in 100% safe and secured in Sequel Vaults monitored by SEBI registered IDBI trusteeship.

Question 42

Is digital gold pure?

Accepted Answer

Digital gold purchased on Gullak is provided by Augmont, which is one of the most trusted gold provider of the country and it is accredited by govt. of India. Augmont uses 24K 999 pure Hallmark gold. Gullak also provides a certificate of purity for your purchased gold.

Question 43

Will I get an invoice of gold purchase on Gullak?

Accepted Answer

Yes, you will get the invoice via Augmont

Question 44

Where is my gold stored?

Accepted Answer

Digital Gold is 100% safe and secured in Sequel Vaults monitored by SEBI registered IDBI trusteeship.

Question 45

Is digital gold 24k?

Accepted Answer

Yes, the digital gold we provide is 24K 999 pure Hallmarked gold by Augmont

Question 46

What is augmont?

Accepted Answer

Augmont is our digital gold provider. Augmont Enterprises Private Limited is India’s leading state-of-the-art Gold and Silver refinery. it is India's largest fully integrated Gold player. Buying, storage & selling of digital gold on Gullak happens via Augmont.

Question 47

Why should I invest in gold?

Accepted Answer

'You should invest in gold because of these reasons- 1. Stable & low risk instrument 2. Diversify your portfolio 3. In the last 5 years, gold has shown growth of 80% which is 16% annual returns. Gold returns in last 5 years were 33% higher than Nifty Index as well which showed only 12% annual growth.'

Question 48

Do I need KYC to invest in digital gold?

Accepted Answer

As per the government regulations, KYC is not required if you are purchasing digital Gold less than 30 gms.

Question 49

How to sell gold?

Accepted Answer

To sell gold, go to 'withdraw' section on the home screen. Enter the gms of gold you'd like to withdraw, enter your UPI ID & click on withdraw

Question 50

What is the live gold price?

Accepted Answer

The live price shown is the current market price of gold, exclusive taxes

Question 51

Where can I see all my transactions?

Accepted Answer

Please navigate to the transactions section using the bottom nav bar

Question 52

How can I refer my friends to Gullak?

Accepted Answer

To refer your friends, please navigate to the Rewards section. Click on 'refer and win' at the top right. You can now copy code & proceed to refer your friends. Choose from whatsapp, sms, email etc to share the code with your friends.

Question 53

How can I claim my referral earnings?

Accepted Answer

Go to the rewards section to claim your referral rewards. You have the flexibility to add your referral earning into any of your Gullak's

Question 54

When do I get the referral reward?

Accepted Answer

Your referral reward will be credited to your rewards section as soon as the friend you referred sets up their first autopay.

Question 55

Where can I see all my rewards?

Accepted Answer

Navigate to rewards section from the bottom nav bar of the app to view all your rewards.

Question 56

Is the gold pure?

Accepted Answer

Our gold partner, Augmont, is one of the most trusted gold provider of the country and it is accredited by govt. of India. Augmont uses 24K 999 pure Hallmark gold.

Question 57

Is my data safe with Gullak?

Accepted Answer

Gullak ensures that all your data is encrypted & hashed. We use account safeguards, SSL certificates, secured payment gateways by yespay & follow all compliances.

Question 58

Are there any charges to use the app?

Accepted Answer

No, there are no charges to use the app

Question 59

How do I reach out to you?

Accepted Answer

You can write to us at support@gullak.money or use our website to schedule a 15 min call with us

Question 60

How are my small savings translating into such big money?

Accepted Answer

These small regular savings combined with the 'power of compounding' translates to big money for your secure & joyful future.

Question 61

Why should I save for long term?

Accepted Answer

Saving for long term maximises the benefits of compounding. Did you know 50 per day for 40 years will give you 1 Crore?

Question 62

What does power of compounding mean?

Accepted Answer

Power of compounding is essentially interest on interest. This is a great tool for wealth creation. For example, if you invest Rs 100 with 10% interest every year, then your principal amount is Rs 100 and the earnings, at the end of the year, are Rs 10 (10% of Rs 100). However, instead of spending it, if you choose to reinvest it, then your principal amount for the next year becomes Rs 110 (Rs 100 + Rs 10) and the earnings you get are Rs 11(10% of Rs 110). Even though this looks like a small amount, it can make a huge difference to your investments, if you let the magic of compounding work over a long term. 50 rupees a day for 40 years can give you 1 crore.

Question 63

Can I save along with someone else?

Accepted Answer

We are releasing this feature soon

Question 64

Can I create multiple goals?

Accepted Answer

We are releasing this feature soon