Jar

Jar: Automate Your Digital Gold Savings with Spare Change

Jar is a savings application that helps users build a digital gold reserve automatically. The core function of Jar is to round up users' everyday debit card transactions to the nearest amount and invest the spare change into 24-karat digital gold. This micro-investing approach makes saving effortless, allowing users to accumulate a valuable asset without needing significant capital or financial expertise. Users link their UPI-linked bank accounts, and Jar handles the rest, providing a seamless and passive savings journey. The Jar app is designed for anyone looking to start saving in a modern, automated way.

Daily Round-Ups and Automatic Transfers

The primary mechanism of Jar involves automating savings through round-ups. After linking their bank account, a user simply goes about their daily spending. Every time they make a payment using their linked UPI apps like PhonePe or Google Pay, Jar tracks the transaction amount. The app then rounds up that amount to the nearest ten rupees. For example, a coffee purchase of ₹87 triggers a round-up of ₹13. This spare change is automatically transferred from the user’s bank account to their Jar account at the end of the day. This process happens continuously, building savings passively with each transaction.

Investing Spare Change into 24K Digital Gold

Once the accumulated spare change is transferred into the user’s Jar account, the app immediately converts that cash amount into pure 24-karat digital gold. Users do not need to take any action; the conversion is automatic and occurs at the live market rate. The gold is securely vaulted on behalf of the user by regulated partners. This feature of Jar allows users to own fractional shares of physical gold, making it accessible even with very small amounts of money. The user’s holding is clearly displayed within the Jar app, showing the exact weight in grams they own.

Manual Savings and Custom Goal Setting

Beyond automatic round-ups, Jar provides tools for active saving. Users can manually add any amount of money to their Jar savings at any time. This is ideal for depositing larger sums or adding windfalls like bonuses directly to one's gold reserve. Furthermore, the Jar app allows for the creation of custom savings goals. A user can set a target, such as saving for a festival or a specific item, and the app will track their progress. They can contribute to this goal through either manual top-ups or by allocating a portion of their automated round-ups, making Jar a versatile savings partner.

Secure Gold Vaulting and Real-Time Value Tracking

Security and transparency are central to the Jar experience. The digital gold purchased through the platform is not just a number; it represents actual gold stored in secure, insured vaults managed by reputable partners like MMTC-PAMP. Within the Jar app, users can see the live market value of their accumulated gold holdings in real-time. This provides clear insight into how their investment is performing based on fluctuating gold prices. The assurance that their savings are backed by physical assets and are fully secure is a fundamental benefit of using Jar for long-term wealth building.

Withdrawal and Gold Redemption Process

When a user decides to access their savings, Jar offers flexible redemption options. The process to sell gold or make a withdrawal is initiated directly within the app. Users can choose to sell a portion or all of their accumulated gold. The proceeds from the sale, based on the prevailing market price, are then transferred directly back to their linked bank account. Alternatively, for those who want the physical asset, Jar provides an option to redeem their digital gold for physical gold coins or jewellery from partnered sellers, though this may involve additional making charges.