In the last 2-3 years, gold rates have seen a sharp rise and have given better returns than equities or mutual funds. Buying into gold jewellery schemes is a good way of meeting gold requirements for a future occasion like marriage. Here are a few gold schemes, where you can invest through systematic monthly investment plans.
1. Tanishq Golden Harvest
The Tanishq Golden Harvest allows you to invest a sum of Rs 2,000 and in multiples thereof each month. One can invest through the ECS or post dated cheque mode. You get a special discount of up to 75 per cent of 1 installment amount, at the time of redemption. So, if your first installment was Rs 10,000, you need to pay just Rs 20,000 for 10 months, but, your redemption value would be Rs 21,500 after thirteen months.
This is a good scheme for those looking to purchase gold jewellery after a specified period. It's important to remember that if you discontinue you would lose your discount and also an opportunity cost of loss of interest, had you to put the money in the bank. So, do not discontinue and pay your installments on time.
2. GRT Golden Eleven Flexi Plan
Under this scheme one can start enrolling with as little as Rs 500 onwards. Individuals would also get a pass book to keep track of their payments, though it is advised to do everything online. The amount to be paid is in 11 equal monthly installments.
After making the advance payment for the last month, individuals can buy jewellery. It's important to remember that certain special items like Diamond, Platinum, Uncut Diamonds, Ruby, Emerald, Ethnic and Vintage Jewellery, Pooja items, Silver articles & Silver jewellery without wastage / Value addition (VA) charges cannot be purchased through the scheme.
The customer can opt for either the value based or the gold weight based option. The customer is entitled to buy the jewellery on the 12th month and "if the member does not purchase jewellery within the 12th month from the date of enrolment", the company may opt to refund the total advance amount paid without any benefit.
3. Jos Alukkas easy Buy
Jos Alukkas Easy Buy Plan allows you to pay in 12 equal monthly instalments. After completion of the specified term of 335 days, the subscriber is eligible to get one month instalment free. With the current Covid 19 crisis, the jeweller has made all necessary arrangements to make payment online without visiting any of the stores.
You can complete the online process by registration, choosing the scheme, making an online payment and finally purchasing after scheme completion.
It's important to remember that one should complete the tenure and not discontinue to avail maximum benefits.
In the case of all schemes, you will tend to benefit if gold prices fall at the time of purchase. Check with the jeweller the time frame within which you can purchase once the scheme is completed.
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.