How different is Gold ATM from common ATM, how does it work, what will be the price of gold; Know full details.

New Delhi, Business Desk. Today’s world is changing rapidly. Due to the increase in digital payment network, a large number of people have started using ATMs less than before, but things keep changing with time. ATMs providing gold along with money have come in the market. It has been started by a gold company of Hyderabad.
In this article, we will know how this gold ATM works and how much gold you can withdraw from ATM at one go and what will be its cost.
How does Gold ATM work?
The Gold ATM has been set up by GoldSikka, a Hyderabad-based startup company. The company has told that any customer can withdraw gold coin 24 * 7 from his bank’s ATM card. Debit, Credit, Prepaid and Postpaid smart cards are being accepted at the ATM.
The first ATM has been installed at the company’s headquarters at Ashoka Raghupati Chambers, Begumpet, Hyderabad. The company says that such ATMs will also be installed at airports.
How much gold can be withdrawn at one go?
The company has told that the ATM will have gold coins ranging from 0.5 to 100 grams. All these gold coins will be of 24 carat gold. An ATM can be filled with gold up to a maximum of five kg at a time, which will cost around Rs 2-3 crore. However, how much gold can the customer withdraw at a time? There is no clear information about this.
What will be the price of gold?
The company told that gold coins will be available in the ATM as per the live market rate. The cost of the selected coin along with taxes will be displayed on the screen before any customer initiates a transaction at the ATM.
What will happen if gold is not dispensed from the ATM?
According to the company, if the money is deducted for a customer’s transaction and the gold coin does not come out, then he will get the money back in his account within 24 hours. Along with this, if a customer has a problem, then he can also call the helpline number of the company.