Are you looking for the best monthly savings scheme with jewellers? There are many number of people who become part of gold saving schemes offered by jewellers in India. As gold is a precious metal and it is part of our culture, people are very much interested in this schemes.
Gold saving schemes from your jeweler come very much in handy when you want to accumulate gold for say a function like an anniversary or a marriage. These schemes enable you get some discount on the making charges from the particular jeweller. You need to look at individual schemes to see if it works for you.
Should you buy these gold jewelery schemes?
Let us say that you put money in a recurring deposit instead of buying gold. In a recurring deposit you get interest. To compensate that loss most of the jewelers tend to give you a discount on one of your installments. This compensates for the loss of interest. However, it must be remembered that the money so accumulated under the gold jewelery scheme has to be used only for making gold jewellery and no other purpose. you cannot buy gold biscuits of gold coins. In any case take a look at some of the popular gold jewellery schemes in the country.
Tanishq Golden Harvest
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.
GRT Golden Eleven
You can buy a plan from GRT Golden Eleven and the amount paid per month is fixed and not variable. Interestingly, VAT and other taxes as applicable from time to time will be borne by the members. those who discontinue after seven months will not be entitled for a no wastage on purchase. You can make advance payments as well through Cheque/DD etc. If the member doe snot want to purchase after the 12 th month the amount would be refunded.
This scheme helps the customers to accumulate gold through easy monthly installments. Customers can choose Rs.500 or its multiplies as installment.
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.
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 example 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.
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 month.
Things to consider before investing
Here are things you should consider before you invest in gold saving schemes
- Terms and agreements
Check for the terms and conditions before signing the agreement. When you opt for gold saving schemes, you will have to ultimately buy gold from the same jeweller. This reduces the chances for negotiating making charges. Making charges differ from seller to seller.
- Making charges
When you buy the ornament, the jeweller will levy making charges. These are very high and can go up to 30% of the value of the item.
- No control over gold price
Sometimes, the jeweller allows you to purchase gold at the prevailing market rate. Some sellers allow the scheme members to buy gold in the rate of gold when he or she started investing in the gold saving schemes.