Here are some popular gold schemes offered by popular Indian jewellers:
GRT gold schemes
The Chennai-based jeweller, GRT Jewellers is well known for its competitive features and benefits on its gold schemes.
GRT Golden Eleven Flexi Plan
- Salient features and benefits:
- The pre-determined monthly installment amount has to be paid for 11 months. An advance monthly instalment of at least Rs. 500 is applicable on investments in this gold scheme.
- You can buy jewellery for the pre-decided value only after a month since the date of the last installment payment. Exclusions to the jewellery products that can be purchased are vintage jewellery, uncut diamonds, emerald, ruby, silver, uncut diamonds, platinum, etc.
- The return on investment can be availed only in the form of gold since cash refund is not available.
- Default on installment payments will make you eligible for a ‘discount on purchase’ after all the installments have been paid.
However, if you want to discontinue the gold scheme payments within a period of 7 months of enrollment, you will not be able to avail the ‘discount on purchase’ benefit. Defaulting on payments between the 8th and 10th month will make you eligible for a claim with a discount of 60% of a monthly installment amount.
Either gold value or gold weight based option can be opted for.
The eligibility for the purchase value of jewellery or gold weight (whichever is applicable) will be evaluated based on the number of times you have defaulted on payments.
GRT Golden Seed Savings Scheme
- Salient features and benefits:
- The accepted methods of payment are debit/credit cards, DD, cash, etc.
- Terms and Conditions:
- Installment payments have to be made before the 10th day of every month for a period of 15 months.
- Installments towards this gold scheme can be paid only at the jewellery showroom from where it has been purchased, but the gold can be redeemed from any of the showrooms at the prevailing value of gold.
- Installments are fixed and date of maturity cannot be altered.
- In case of a cheque has been dishonoured, the existing gold rate on the date of realisation will be considered. Defaulting on payments will extend the date of maturity by the number of months for which the default(s) has occurred.
- You will have gold credited to your account, as per the existing rate, after the monthly installment payment.
- You can redeem the entire gold credited to your account after the monthly installment payment. This implies that your monthly returns are secured from volatile capital market conditions. Refund in the form of cash is not applicable.
- If the weight of gold jewellery purchased exceeds the accumulated amount, the difference amount will have to be borne by you.
- Wastage of more than 18% on the accumulated gold will have to be borne by you.
Gold Schemes from Kalyan Jewellers
Purchase Advance Scheme
- **Salient features and benefits:
- Purchase gold through advance payments starting from a minimum of Rs.500 to a maximum of Rs.40,000 based on the selected jewellery.
- Competitive rates and discounts are applicable on this gold scheme.
- The making charges are increased by 0.25% as penalty for defaults on monthly instalments.
- In case you want to close the gold scheme before the completion of 11 months, you can buy any gold jewellery from any Kalyan Jewellery store, as per the existing gold rate. No discounts will be applicable on such purchase
- The inability to pay the balance amount by the 12th month will lead to the cancellation of the purchase. The payments made earlier will be refunded through a demand draft sent to the address registered with them at the time of enrollment. Cash repayment is not applicable.
- The essential documents are a copy of the Photo ID’s such as PAN card, Aadhaar, Passport and Driving License. The original document proof has to be furnished at the time of opening and closing the gold scheme.
- The person in whose name the gold scheme will be opened should also be present at the time of closing the scheme.
- This is a convenient long term investment instrument for your child’s wedding in the future.
Malabar Gold & Diamonds
Malabar Gold & Diamonds Smart Buy Scheme
- Salient Features and Benefits: Under the Smart Buy Scheme, the benefits offered on the ‘In stock’ products:
- There will be a visible difference in the original cost of the jewellery product selected, its delivery date and availability status and the same information after you click on the ‘Smart Buy’ option.
- Benefits of Smart Buy Scheme on the purchase of products that are ‘Out of stock’
- Products that are ‘Out of stock’ will be especially manufactured on priority when you select the ‘Smart Buy’ option for a product that is currently not in stock. Your order will be processed post that.
- In this case, the price of the final product may vary based on its weight and prevailing price of gold. Customer care team gets in touch with customers to inform you about the revised weight and price of the product that you want to purchase.
- Benefits of buying ‘In Stock’ jewellery under the ‘Smart Buy+Customize Option’
- In case you want to customize your jewellery like rings, bangles, bracelets, neckpieces, etc. from products that are in stock, you can get your desired size with the ‘Smart Buy+Customize Option’. What’s more, you can avail this benefit without making additional payments.
- Benefits of buying ‘Out of Stock’ jewellery under the ‘Smart Buy+Customize Option’
- You can make the most of the ‘Smart Buy+Customize Option’ when you have your eyes on a jewellery product that is ‘Out of Stock’. Under this scheme, you can not only initiate the manufacture of the product of your preferred size, but also avail it, at a discounted price.
- The 14 day return policy is not offered on the gold schemes. In case you want to return the jewellery bought against a Malabar gold scheme, it can be exchanged from any of their physical or online store as per the normal exchange policy and buy back terms.
- Discounts vary between different jewellery products.
Gold Schemes from Tanishq
Tanishq Golden Harvest Scheme
- Salient features and benefits:
- The gold scheme is available in two variations of 6 months and 10 months that you can choose from as per your convenience.
- You have to make a monthly payment for 10 months or 6 months, according to your chosen term, which is redeemable after the maturation of the scheme.
- You will also be eligible for a special discount based on the deposited amount.
- One of the primary advantages of this gold scheme is that it offers you the flexibility to deposit an amount every month based on your financial position with the minimum payable amount being Rs.2000 only.
- You can avail up to 75% discount on the purchase of gold jewellery through this scheme.
- The gold scheme account will be closed within 235 days from the date of its issuance if you have chosen the 6 month term, and within 385 days in case of the 10 month term.
- This gold scheme is applicable only after the purchase of gold and diamond jewellery only, and cannot be availed on gold and silver coins.
- Defaulting on payments for more than 2 months leads to the cancellation of the gold scheme. The principal amount will be refunded.
- After the maturation of the chosen term, the amount will be redeemed within 235 days in case your scheme is of 6 months, and 385 days for the 10 month scheme.
Tanishq Swarnanidhi Scheme
- Salient features and benefits:
- There are no restrictions on the number of installments that can be made during the term of the gold scheme.
- A installment payment ranges from a minimum of Rs.3,000, and additional payments is possible in multiples of Rs.1,000.
- The grams of the yellow metal will be calculated on a monthly basis. In case the price of gold increases at the time of redemption, the individual will be able to avail a larger corpus for making his/her purchase.
- Number of grams of gold you will be eligible for after the maturity of then gold scheme is determined by the amount that you have deposited every month.
- The returns in the form of gold can be redeemed after the maturity of the term and as per the existing gold rate.
- Redemption is also possible in the form of cash, as per the existing gold rate.
- Redemption has to be claimed within 10 months of enrolling for the gold scheme. On-redemption within 10 months, the amount will be refunded in the form of cash without any benefit or interest.
- Redemption can be availed only on gold and silver jewellery and not gold and silver coins.
- The redeemable returns under this gold scheme should be of the equivalent or higher value than the pre-booked weight of gold.
Gold Schemes from PNG Jewellers
PNG Gold Rush
- Also referred to as Sanchayat Dhanavardhanam, this savings scheme enables to plan their gold purchase well in advance to meet their long term financial objective.
- Three different tenure options are available on this gold scheme - 12 months, 24 months and 36 months.
- The minimum investment applicable on this gold scheme is Rs.500.
- Gold value, as per the existing rate, will be credited to your registered account after 12 months, after TDS deductions.
- If you decide to close the account before 12 months, you will not be eligible for a cash refund. You can only avail the returns in gold without any benefits or interest being applicable on it.