Home / Money / Personal Finance /  11+1 monthly gold savings schemes offered by jewelers explained

Indian women's love for gold is unbeatable. Though experts explain that holding gold in jewelry form should not be considered as an investment due to high making charges and extra costs involved, a lot of Indian women still prefer to own gold as jewelry to wear it with pride. Gold has been on a ride in the recent few months due to pandemic. The yellow metal had hit a record high of 56,200 last month. Owing to high prices, buying gold in one go might hit pockets very hard. To cater to the customers, gold jewelers are offering special monthly schemes where the investors put in a fixed sum every month and redeem it in form of jewelry after 12 months.

The bonus typically is that you pay installments for 11 months and jeweler pays the last one month installment on your behalf. Most jewelers offer such schemes with minor changes. Before choosing any plan make sure to read the conditions carefully. Here are the gold savings schemes from Tanishq, Jos Alukkas and GRT Jewels.

Tanishq Golden Harvest Scheme: Investors can pay a monthly installment of as low as as 2,000 or multiples of 1,000 for 10 months through cash at their showrooms, online through the website or Tanishq Golden Harvest mobile App. At the time of maturity, an investor can avail a special discount of upto 75% of 1 installment amount, at the time of redemption.

For an instance, if you invest 2,000 per month, you will end up paying a total of 20,000 in 10 months. At the 13th month period, Tanishq will allow you to redeem benefits or gold worth 21,500. You must mandatorily close the account within 400 days from the date of opening your Golden Harvest account.

Jos Alukkas Easy Buy Gold Purchase Plan : Jos Alukkas Easy Buy is an online Gold Scheme created exclusively for saving and purchasing gold products. Anyone can join the scheme through Jos Alukkas website and make payments through online. Once installments are completely paid customers can purchase gold from the jeweler's online store or at any of our showrooms.

Customers can join through Jos Alukkas website, using debit/credit card or net banking facilities.

Anybody above 18 years can join in this systematic gold purchase scheme with first installment amount of 1,000, 2,000 or 5,000.

If you delay or miss paying installments, you can pay the installments in the following month.

GRT Golden Eleven Flexi Plan: GRT Golden Eleven Flexi Plan is a monthly gold scheme. On enrolling, the customer can select an amount as monthly advance payment, starting from 500 and onward. The scheme needs an investor to pay eleven equal monthly advance payments. After making the advance payment for the last month, the customer can buy jewelry, except special items without wastage or Value addition (VA) charges.

The customer can opt for either the value based or the gold weight based option. The customer is entitled to buy the jewelry on the 12th month and “if the member does not purchase jewelry within the 12th month from the date of enrollment", the company may opt to refund the total advance amount paid without any benefit and the same will be sent directly to the member’s registered address by cheque or through bank transfer.

In the event of the member not making any one advance payment during the tenure, the plan will be discontinued automatically from that month.

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