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Are gold savings schemes worth?
Unlike gold funds where the returns can go up with higher gold prices, most gold saving schemes of jewellers offer you the same fixed value of gold jewellery at the end of the term. 7) The return on investment in gold saving scheme is much less than Gold ETF and Gold Saving funds.
Which jewellery shop gold scheme is best?
Top Gold Saving Schemes in India
- GRT Gold Eleven Flexi Plan.
- Tanishq Golden Harvest Scheme.
- Tanishq Swarnanidhi Scheme.
- Suvarna Poornima Scheme.
- Kuber Scheme.
- PNG Gold Rush.
- Bhima Gold Tree Purchase Plan.
- Malabar Gold & Diamonds Smart Buy Scheme.
What are the benefits of gold schemes?
As per the new scheme, customers can pay some amount of money every month to buy gold at maturity. This scheme comes with several benefits like discount on making charges, online registration and 12th month free for prompt payers.
Is GRT gold scheme beneficial?
If you invest in GRT Gold Weight based plan, you can save money to that extent. GRT value based gold plan is like any other money saving plan, but the end of the period, instead of interest, they would pay you gift incentive of Rs 400 per Rs 1,000 investment and one month bonus would be added.
Is tanishq gold scheme good?
But the catch of the scheme is you are unable to buy pure gold or can’t get cash back, you have to purchase only jewellery items where again your money value will loose in the way of making charges and wastage. Hence this is good plan if you want to accumulate gold jewelerry for your personal use.
Is Malabar Gold Scheme good?
The Malabar Gold EMI Scheme from MGD is a great way to save while you’re looking to purchase jewellery on instalments. The minimum monthly advance money is fixed as Rs 1,000 per month. In case making charges of jewellery selected is higher than 12\% then difference will be collected. …
Can we cancel GRT gold scheme?
In case you discontinue between 8th to 10th month, you can avail a discount up to 60\% of the installment amount for one month. In case you wish to discontinue within the seventh month from the time of enrolment, you won’t be eligible for ‘discount on purchase’ option.
Is tanishq gold Harvest Scheme good?
But the catch of the scheme is you are unable to buy pure gold or can’t get cash back, you have to purchase only jewellery items where again your money value will loose in the way of making charges and wastage….THE 18 MONTHS PLAN.
| Scheme Type | 18 month |
|---|---|
| Advantage | Flexible deposits every month. |
Is it worth buying a gold scheme from a jeweler?
Many gold schemes floated by jewelers are worth buying but it depends on complete analysis of the scheme. For example there are plans such as 11 = 12. Which means jewelers give you an option of paying equated monthly installments for eleven months and the twelveth month installment would be paid by the jeweler.
Are gold saving schemes safe?
Now as you have understood that gold saving schemes deep down are just like a recurring deposit. However they are not as safe as a banks recurring deposit, for the simple reason that jewelers are not as strong financially as banks and some jewelers actually deposit the money they get in schemes in banks as fixed deposits only.
Is the gold savings scheme a boon or bane for jewellers?
So, gold savings scheme is a boon for them and it encourages saving habit. Majority of the jewellers honor their commitment and seldom one or two don’t. Moreover, there is a risk factor associated with any saving scheme.
How is the money paid in a gold scheme?
In any scheme money is paid in installment. The money is either converted in to gold equivalent weight or earns some interest higher than bank interest. Every scheme has predetermined period, 11 months, 12 months and 15 months.