Understand GAP and How to Register GAP Account
Updated: Feb 24
WHAT IS GAP?
GAP stands for the Gold Accumulation Program. Public Gold offer this simple way for customers to buy and accumulate gold gradually, as low as 1 gram or minimum payment of RM100. It's the best, cheapest and convenient mean to accumulate gold throughout Malaysia, Singapore, Indonesia and Brunei.
SYARIAH PRINCIPLES IN GAP
We buy Public Gold grams by transferring some money to a Public Gold bank account.
Legally-traded deals (ijab and qabul) when Public Gold begins to record purchases of gold grams into the buyer's online statement.
Such ownership is based on legal ownership (qabadh hukmi / constructive possession).
When transferring cash money, it is a security deposit (hamham jiddiyyah) and 100% backed by physical gold.
WHY IS GAP SPECIAL?
Buy gold gram through GAP account and physical gold is 100% backed up and guaranteed by Public Gold. There are no charges for storage until such time you want to redeem your GAP account with physical gold. The additional charges (minimum) is called Gold Premium, which comprise of cost of storage and logistic cost. At any time, you can top-up your GAP account to buy and accumulate your gold gram. Practical advice, buy gold in smaller quantities regularly – The process of part buying, as opposed to buying gold in single large transactions provides you with the benefit of buying at a lower average price with the same applying to part selling in order to maximise return on investment.
Buy gold gram through GAP account and physical gold can be conveniently redeemed in the form of gold bars or coins (dinars) at any of the nearest Public Gold branches.
The buying/selling processes via GAP received Syariah certification.
DO YOU KNOW?
To keep GAP account active, a minimum balance of 1 gram is required at all times. You can withdraw all the remaining gram in the GAP account, but it will be classified as "close account". In the future, if you want to reactivate your GAP account, additional charges (RM50) will be imposed.
Every gram accumulated in the GAP account, may be withdrawn in any form (5gm, 10gm, 20gm, 50gm, 100gm, 250gm, 1000gm; 0.5, 1, 5, 10 dinars) of a gold bar or dinar. The withdrawal of the physical gold will be subject to minimum gold premium. The premium gold charges should be paid in cash, upon the withdrawal of the physical gold.
GAP accounts can be opened by anyone who has an identity card. For those under 18, the account will be named jointly with the parent (father/mother).
Your Gram of gold in GAP account can also be sold/pawn without having to take the physical gold, subject to some terms and conditions. The monetary proceeds will be entered directly into the owner bank account within 24 hours.
Gold gram in GAP account can be converted to GoldCash (1gm = 100 GoldCash) and used for shopping at PG MALL, an online shopping platform owned by Public Gold.
The GAP price is updated every day at 12 midnight. Current price is RM178/gm (13th December 2017 – seemed to be the lowest for the year, compared to RM198/gm).
Gold product such as 1 gram gold bar, 5 grams and 1/2 gold bars are great if purchased using the GAP method because they are much cheaper than cash and carry prices. The latest price list can be found at www.publicgold.com.my
WHO SHOULD USE GAP?
Practically, anyone can purchase gold offered by Public Gold using the GAP method. However, the following groups will use the GAP account to their advantage:
Anyone who wants to accumulate gold and withdraw the physical gold when the desired amount is achieved.
Anyone who wants to accumulate gold but having security and safety issues when keeping physical gold on hand.
Anyone who wants to transfer their cash savings in financial banks into gold deposits (protect against monetary inflation)
Anyone who works/residing abroad or staying remote from Public Gold branches. When there is opportunity to return to Malaysia and visit the nearest Public Gold branches, it will be possible to withdraw the physical gold from the GAP account.
HOW TO OPEN GAP ACCOUNT
To open a new GAP account has been made easy, using this new online feature:
GAP Account will be automatically freeze if there is no valid order within 24 hours. You have to bank-in a minimum of RM 100 into the Public Gold bank account (see the chart below).
Save/scan the payment slip and sent/whatsapp to the nearest preferred Public Gold branch together with a copy of your NRIC (front and back)
Alternatively, you can still follow the old manual method as seen below.
Three (3) simple steps to register new GAP Account:
Make payment for 1gm of Gold (e.g RM 180, but always check the latest price) or a minimum of RM100 to any of the bank stated in the chart below.
Keep and scan the payment slip
WhatsApp the info (see chart below) to me immediately for registration
Thank you for spending your time to read this article and hopefully you have a better understandings of GAP account and make a conscious decision to open your GAP account. Nothing to lose !
Do not hesitate to contact us.
Kipli Joni +6019 855 2408
Bebiyana Tambi Khan +6019 855 2409