Is Inaugurated in Hyderabad
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India’s first gold ATM was inaugurated in Hyderabad, the city of pearls. Unlike the normal ATM, the general public can now withdraw gold instead of money from this special ATM.
Let’s learn some interesting details about this modern machine.
The first gold ATM in the country was opened in Begumpet, Hyderabad.
This is an initiative of a firm named Gold Sikka in partnership with a startup called OpenCube Technologies.
This gold ATM works 24 hours a day, 7 days a week. Customers can buy gold anytime through this machine.
Do cards work?
One can withdraw gold through debit and credit cards as well as prepaid and postpaid smart cards.
As per the company, customers can withdraw from 0.5 grams to 100 grams of 24 karat gold through this ATM.
Receipts and Bills
When a customer withdraws gold, the machine automatically generates the bill receipt, quality receipt, and guarantee receipt, which can be helpful to the customer in later stages.
Each ATM contains approximately 5 kg of gold worth approximately 2-3 crores.The customer will have 8 options to choose from, i.e., from 0.5 grams to 1, 2, 5, 10, 20, 50, and 100 grams.
The screen keeps showing the price of gold. It adjusts itself automatically in response to market pricing.
The ATM has been installed with CC cameras inside and out. A warning alarm system is also embedded in the machine. The company also provides customer support services.
Gold Sikka ATMs are currently set up in Begumpet, Hyderabad. The company has also revealed that they are planning to expand their services across Hyderabad and into rural areas.
As part of the expansion, the gold ATM will be inaugurated in the Gulzara House, Secunderabad, and Abids regions of Hyderabad, as well as in Peddapally, Warangal, and Karimnagar.