Akshaya Tritiya: Significance and market buzz; PhonePe offers cashback for online purchases

This year's Akshay Tritiya has been special coming after two years of Covid-related lockdowns, thus bringing hope among the people and sellers alike to bring the gold back in demand.

In addition, several payment companies like PhonePe  have ushered in new schemes and cashback offers while WhatsApp offered new features for online payment. 

What's Akshay Tritiya, significance

Akshaya Tritiya, also referred to as Akti or Akha Teej, it is an annual spring festival celebrated by Hindus and Jains in the country.

Taken from the Sanskrit term, Akshaya Tritiya, translates to "never decreasing (Akshaya)" and also it meant the "third phase of the moon (Tritiya)" implying the "third day of unending prosperity".

Usually, Akshaya Tritiya falls on the third tithi (lunar day) of the Shukla Paksha of Vaisakha, as per the Hindu calendar or in April or May as per the Gregorian calendar.

It is believed that if gold or silver is bought on this day, it remains increasing throughout the year and gold shops are the ones which make special discounts and offers on this day to attract buyers. Gold has been hovering around Rs 2200 now.

According to Sayam Mehra, Vice Chairman of the Gold and Jewellery Council, said the demand for gold has been good due to Akshay Tritiya which falls on Tuesday, May 3, 2022.

PhonePe offers special incentives

Digital payments company PhonePe on Thursday announced exciting offers on the purchase of gold and silver via the app on the auspicious occasion of Akshaya Tritiya which is on Tuesday, May 3, 2022.

Users can buy the highest purity 24K gold through the app and choose to either accumulate it in bank grade insured lockers with zero hassle of storage or making charges or get delivery in the form of gold coins or bars from a wide range of design options.

"24K gold and silver on PhonePe are of the best value and highest 99.99 per cent purity. The wide range of design options and denominations make gold and silver on PhonePe the perfect choice this festive season. Customers buying gold coins also get a purity certificate against each purchase," the company said in a statement.

Users can additionally get upto Rs 2,500 cashback on their gold purchase during the offer period. Customers looking to buy silver coins or bars can also enjoy up to Rs.250 cashback. The limited period offer will be valid till May 3.

The company said that it offers the highest purity gold from both MMTC PAMP and SafeGold, two of the leading players in the digital gold space. It has also tied up exclusively with SafeGold to offer the highest purity silver coins and bars.

Customers can also choose to get insured doorstep delivery for high-quality gold and silver coins and bars that have been designed around Akshaya Tritiya.

(With inputs from IANS)