Why invest in gold saving schemes?
Gold saving schemes from jewellers come in handy, when you are planning to save money for an ocassion like a marriage, wedding anniversary or christening. It allows you to plan for and acts like a recurring deposit, where you build money for an important ocassion. There are various gold schemes from jewellers and you need to pick and choose your own one, before you take a decision.
GRT Golden Eleven Flexi Plan
This is one of the best plans in recent times. In this scheme, different slabs start from Rs. 500. This is a eleven months scheme and you need to select a plan for opening this scheme. There are two options: one is value based scheme and the other is gold weight based option.
Gold value based option is where you will be paying a fixed amount and as per the gold rate on that day. That amount of gold would be credited into your account.
Gold weight based option is where you will be paying the installments based upon the weight of the gold. For example you can plan to buy 1 gram per month and should pay for 1 gram every month as an installment.
Both the plans don't have a specific date to pay the payment. Better check the gold rates every day and pay the amount when the gold rate is down so that you can get more benefits.
Interestingly, there is also a passbook that is given to track your payments. The process to apply is also simple, with one having to just fill a form. A good gold scheme to opt for.
Golden Harvest from Tanishq
Under the gold Harvest scheme from Tanishq, you pay for 10 months and after end of the 10th month the company will offer you a discount which will vary from 55 per cent to 75 per cent of the first installment.
It is pertinent to note that customers can still get Golden Harvest proportionate discount after completion of six months and six installments payment. You can begin by investing in small amounts of Rs 2,000 and in multiples of Rs 1,000 thereafter. The scheme will close within 421 days from the date of opening the account. This is a popular jewellers gold saving scheme.
PC Jeweller’s 'Jewels for less'
P C Jewellers too runs the "Jewels for less" scheme. At the moment, we were unable to get the exact details from the company's website.
Investors desiring to invest may need to contact the company for the exact details. The scheme would not vary too much and the policies and procedures would be in line with most other jewellers offer.
Jos Alukkas’ Swarnanidhi
Jos Alukkas, also has its Online Easy Buy jewellery purchase plan. It
This is an online scheme, where easy installments of Rs. 1000, Rs 2000, Rs 5000 and Rs 10,000 are available.
On regular remittance of 12 monthly installment as per the scheme, the customers can purchase jewellery and will be eligible for scheme promotion discount.
Under this scheme enrollment and payments have to be done by online mode only. The duration of the scheme is 12 months (360 days) and jewellery can be purchased either from Jos Alukkas website through online shopping option or from any Jos Alukkas showrooms. Purchases can be made after 30 days of last installment but before 365 days from the date.
GST Rules Change For Gold Saving Schemes With Jewellers
The new changes to the GST implication in respect of gold saving schemes will augur well both for the consumers as well as gold jewelers.
Earlier gold saving schemes in which the jewellers mops up installments for 11 months and pay the 12th EMI on their own and allow redemption of accumulated amount with cash was taken off but now it is being made more profitable for the consumer.
The Council has allowed consumers to pay an upfront 3% GST on redemption of such amount instead of 3% charge towards each of the installment.
So, now the pre-GST era and post GST rules are at par with GST implications on the advances received for providing goods or services.
Gold saving schemes are good for those looking to accumulate gold for buying physical gold for a later purpose. We suggest that you invest in these schemes, not as an investment, but, only if you want to buy physical gold.
Disclaimer: While we have made every effort to ensure right information, readers should not base their buying or selling based on the information provided, as this can change. Please seek information from the jewellers personally.