5 Monthly gold schemes to grow your savings

Have you heard of gold schemes offered by jewellers? Is it a smart way to buy gold?

5 Gold schemes offered by jewellers and how they work

India's annual import of approximately 1,000 tonnes of precious metal showcases its enduring allure in a nation with a deep-rooted cultural affinity for gold. Indian households, in particular, play a significant role in the global gold market, holding a substantial 11-13% of the world's gold reserves. This fondness for gold has prompted the Indian government and financial institutions to introduce various gold schemes to channel India's affinity into structured savings avenues. If you wish to buy gold conveniently and affordably, here are five monthly gold schemes you must check. 

Key highlights

  • Monthly gold schemes enable systematic and budget-friendly gold investments
  • Gold investment schemes offer benefits like discounts, easy instalments, and the option to buy jewellery after a specific period

1. Tanishq Golden Harvest Scheme

The Gold Harvest Scheme (GHS) is a gold savings scheme offered by Tanishq Jewellers. Under this scheme:

  • You can buy pure 22k gold jewellery from any Tanishq showroom across India

  • You must invest a certain amount every month, for 10 months. Minimum instalment value of INR 2000, up to any amount in multiples of INR 1000 (source Tanishq).

  • A special discount of up to 75% of the 1st instalment value, following the 10 month period. 

Enrolling in this monthly gold scheme is quite simple, especially because you can enroll at any Tanishq showroom across India. You can also enroll online. Once you register online for GHS, you will have to fill in few details for the gold investment scheme and pay your first instalment. From then on, you can pay every instalment online.

Related: How can gold be a good investment for a working woman?

Remember, that once you’ve paid the first instalment, you cannot change either the scheme or the instalment amount; especially if you opted for the scheme where Tanishq pays your last instalment.

An additional benefit of this Tanishq gold saving scheme is that when your scheme ends, you can club the monetary benefits (or returns received from such schemes) you receive with any other scheme that is active at the time. No TDS applicable on your GH discount.

Related: Gold, Platinum, Silver: How precious are these metals?

What happens if you miss paying an instalment? 

The Tanishq Golden Harvest Scheme reduces the discount proportionately based on the number of days the payment is delayed. Failing to pay the instalment on time will result in your discount being reduced according to the number of days you delayed the payment. You can also liquidate the accumulated amount if you want. However, you will lose out on the discount on making charges or on issue price if you liquidate it before maturity. When opening this account, you are also required to provide nominee details in case of an early demise.

Note: Gold coins cannot be purchased under this gold scheme.

2. Jos Alukkas’ Easy Buy Gold Purchase Plan 

Jos Alukkas has a gold monthly scheme, which makes buying gold easy. You can join this gold scheme with the first instalment of Rs. 1,000, Rs. 2,000, or Rs. 5,000. You cannot change the scheme after enrolment. The duration of this gold saving scheme is 365 days. After completion of a year, you can use the money saved to buy jewellery of your choice, with no hidden costs.

This gold scheme allows you to:

  • Buy pure 22K gold jewellery
  • You can buy jewellery from both Jos Alukka online stores as well as showrooms 

Note: Individuals above the age of 18 years are eligible to enroll for the scheme

3. Lalithaa Thanga Maaligai Eleven Month 'Jewellery Purchase Plan'

Eleven Month 'Jewellery Purchase Plan is another easy gold scheme that can empower you to buy jewellery through affordable monthly instalments. The scheme offers a wide range of instalment options to suit your budget and preferences, including the following:

  • Rs. 1000
  • Rs. 1500
  • Rs. 2000
  • Rs. 2500
  • Rs. 5000
  • Rs. 10000

Here are some other features:

  1. At the time of purchase, you have the freedom to choose between weight-based or rupee-based calculations.
  2. Lalithaa Thanga Maaligai bears the full Value Addition (VA) charges on their entire range of gold jewellery. This means you can buy jewellery without any additional charges.
  3. The gold saving scheme offers a 50% bonus on one month's instalment amount to boost your savings

Related: Global investment in Gold ETF 

Gold Schemes

Note: The price of the gold jewellery shown to you is only an estimate and varies slightly based on the weight of the final product. Similarly, the discount you are eligible for varies depending on the product you choose. You can use the Malabar Gold & Diamonds gift voucher along with Make To Order discount.

Related: Will India lose interest in Gold?

4. Golden Key Easy Monthly Advance (EMA) Plan

The Golden Key Easy Monthly Advance (EMA) Plan has a minimum monthly payment of Rs. 5,000 for the duration of 11 months. At the end of the term, you can redeem the aggregate of your EMA payments with full benefits on bhimagold.com.

This gold scheme allows you to:

  1. Redeem your fixed and equal monthly EMA payments upon maturity, i.e., at the end of the 11th month, with no value addition/making charges.
  2. Choose from a wide range of options on bhimagold.com or connect with their jewellery experts over a video call.
  3. Purchase BIS Hallmarked 22-karat gold jewellery or gold coins.
  4. Receive a free gold coin on enrolling for a minimum of Rs. 8,000.

In this gold investment scheme, you can start investing from Rs 500. The GRT Golden Eleven Flexi Plan as the name suggests is for 11 months. 

There are two options available under this gold scheme:

  • Gold value 
  • Gold weight

In the gold value option, you have to pay a fixed amount every month and as per the gold rate of that day, gold will be credited to your GRT account.

In the gold weight option, you purchase gold as per the price on a monthly basis. You can choose to buy 1 gm/ 2 gm / 5 gm per month as per your convenience.

You can use the collected gold at the end of the 11th month under both options to buy jewellery. The jeweller issues a passbook so you can easily track your gold savings and payments made. 

Note: You should check the price of gold every month before you make a purchase as there is no specific date in a month you need to pay an instalment. Buy gold when the rate is down to maximise benefits.

Related: Buying gold? 5 things to check before you buy

Gold Schemes

5. GRT New Golden Eleven Plan

In this gold investment scheme, you can start investing from Rs 1,000. The GRT Golden Eleven Plan, as the name suggests, is for 11 months. Simply fill in a form and have yourself enrolled in the plan.

Here are some features of the easy gold scheme:

1. Upon enrolling in the scheme, you get to choose a monthly advance payment amount that suits your budget and preferences. The pricing slabs start as low as Rs. 1,000, providing flexibility and accessibility for all customers.

2. As a participant in the scheme, you will be provided with a customer receipt book. This book serves as a record of all your monthly payments, making it easy for you to keep track of your investment progress.

3. Upon completing the last payment, you become eligible for a special benefit. When you decide to purchase jewellery, you can do so without any wastage (VA) charges up to 18%. This means that you can enjoy a significant cost advantage while acquiring the jewellery of your choice.

Note: The no wastage (VA) benefit of up to 18% is limited to the gold weight applicable for the accumulated value.

RelatedBuying gold? 5 things to check before you buy

Keeping in mind the rising gold prices, opting for one of these gold schemes is a more prudent and economical way of increasing your gold assets.

Disclaimer: This article is intended for general information purposes only and should not be construed as investment or insurance or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.

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