Last year, some of the gold schemes were shut due to RBI interference to curb the investors getting cheated by jewellers. Before investing in such schemes one should understand the process and self needs and make decision based on that.
If you do not understand and make investment in such schemes it is more of your fault rather than the Jeweller.
Have a look at some of the gold saving schemes from some reputed jewellers.
Tanishq's Golden Harvest
Under this scheme, you need to pay a fixed amount every month with Tanishq for 10 months. From the end of the 10th month you will be eligible for a special discount which will vary from 55% to 75% of the fixed installment.
In this scheme minimum installment value is Rs 2000 and it can increase to any amount as long as it is in multiples of Rs 100.
GRT- Golden Eleven Plan
On enrolling, you select an amount of your choice as monthly advance payment. There are various slabs from Rs 500/- (in multiples of Rs 500/-). You will also get a passbook to keep track of your payments. All you then do is pay eleven equal monthly advance payments. On the twelfth month you can buy jewellery with no wastage (value Addition -VA) except for special items*, on jewellery value limited to the accumulated advance amount.
This scheme helps the customers to accumulate gold through easy monthly instalments. Customers can choose Rs.500 or its multiplies as instalment.
You are entitled for a bonus at the rate of 6% per annum, proportionately calculated for the period and the amount paid by you, which can be redeemed as discount in your purchase.
TBZ'S- Kalpavruksha Plans
Now you can own exquisite 22kt gold, diamond or platinum jewellery through easy installments with Kalpavruksha Plan. You pay for 12, 15 or 18 months and TBZ gives you a one month discount.
Jewels for less
P C Jeweller runs the popular Jewels for less scheme. These days with interest rates falling, the returns on these schemes have also fallen. For exammple while earlier, if you paid 10 installments, the jeweller paid one, today this is no more the case.
Also it is not as if these schemes have caught the imagination of individuals. One disadvantage of the gold scheme is that you are forced to take gold jewellery. You cannot buy biscuits for example. What this means is that you incur making charges. So, as an investment this is a bad idea.
If individuals are looking in terms investing in gold, they one can consider other options such as gold deposit schemes and Gold ETF.
Gold saving schemes are good for those who do not follow financial investing decipline.
Individuals who are looking to buy gold for wedding or gifting purpose in the next two years can choose such options.