India is among the world’s largest consumers of gold and has a lot to gain from this precious metal. It is an auspicious metal purchased on special occasions such as weddings, birthdays, anniversaries, and even festivals. Owing to the charm and prestige of gold, it is also a major investment option for Indians. Gold investments offer high liquidity and can withstand major economic upturns because of its high value. Subsequently, the Gold Schemes in India help make purchasing and accumulating large quantities of gold easier.
Gold Schemes in India Provided By Jewellers
Prominent jewellers offer Gold schemes in India to make the process of purchasing gold simpler for customers. As well as, investing in most of these schemes is similar to depositing funds in a recurring deposit. Subsequently, the funds upon maturity can be used to purchase gold. You can also easily avail the benefits of the Gold Savings Scheme with your preferred jeweller by depositing funds with them. Under the scheme, you have to deposit a pre-decided sum each month, up to a fixed number of months. Thereafter, upon completion of the tenure, you can buy gold from the jeweller of the aggregate value.
Kalyan Jewellers Gold Scheme
- It is an easy-to-enroll gold scheme in India offered by Kalyan Jewellers.
- The scheme allows you to pay your monthly instalments online.
- You can also avail an assured discount on the membership fee if you remain invested throughout the tenure.
- The deposit amount may vary from Rs. 500 to Rs. 40,000.
- On the maturity date, you can buy an ornament you have already selected.
- Thereafter, you must close the scheme by buying jewellery equivalent to the total deposit amount on the maturity date.
GRT Gold Schemes
GRT Gold Eleven Flexi Plan
- The GRT Gold scheme in India is designed to help you buy your preferred ornaments.
- You make advance payments on a monthly basis for eleven months.
- The instalment amount starts at Rs. 500 only.
- Thereafter, the jeweller issues you a passbook to help you easily keep track of your payments towards the scheme.
- Subsequently, you must buy gold through value or weight-based options upon maturity of the scheme.
- The gold jewellery must be purchased within the 12th month of maturity.
- The offer is not available on diamond, platinum, or silver items.
Jos Alukkas Jewellers
Jos Alukkas’ Easy Buy Gold Purchase Plan
- You can plan and buy gold online under this gold scheme in India.
- Payment and redemption can be made on their e-store or physical store.
- You must be 18 years or above to avail the benefits of the scheme.
- You can make payment in instalments of Rs. 1000, Rs. 2000, and Rs. 5000.
- Payment of instalments can be made through credit/ debit cards or net banking.
- The plan is fixed once entered and you must compulsorily pay all the twelve instalments.
Tanishq Gold Schemes
Tanishq Golden Harvest Scheme
- You must open a Golden Harvest Account with the jeweler to avail benefits of the Tanishq Golden Harvest Scheme.
- The account can be opened online or by visiting the nearest store.
- Ensure all installments are paid on or by the due date each month.
- Payments must be made in multiples of 1000, however, the minimum installment amount is Rs. 2000.
- Thereafter upon maturity, you get a 75% discount on the amount you had paid as the first installment.
- It is mandatory to close the account within 400 days of opening it.
Tanishq Swarnanidhi Scheme
- The scheme allows buying gold jewellery over a period of 8 months.
- You can avail benefits of the scheme by paying a minimum instalment of Rs. 3000.
- To buy more gold, you can increase the instalment amount in multiples of 1000.
- You must select jewellery equal to or more than that of the value deposited.
- The deposit cannot be redeemed against gold or silver coins or any other ornaments except gold jewellery.
- Any other charges or taxes applicable to your purchase must be borne by you.
PNG Jewellers Gold Schemes
Suvarna Poornima Scheme
- Registration for Suvarna Poornima Scheme can be done online or at the PNG Jewellers store.
- To avail benefits of the scheme, you must continuously deposit funds for 11 months.
- You must contribute a minimum one-time payment of Rs. 3,000 and pay further instalments in multiples of 500.
- After a successful deposit of 11 monthly instalments, PNG contributes the 12th month’s instalment on your behalf.
- Upon redeeming your savings under the plan, you get a discount of 10% on making charges.
- The Kuber Scheme is a flexible gold savings scheme by PNG Jewellers.
- You can join the scheme with Rs. 1000 and add more funds in multiples of 100.
- The payment under Kuber Scheme can be made only through cash or cheque.
- Upon successful deposit, you can redeem a 10% discount on the making charges of the jewelry you purchase.
- You can also earn a bonus at the rate of 8% per year, applicable upon the total deposit amount.
PNG Gold Rush
- PNG Gold Rush is a systematic gold savings scheme, also known as Sanchayat Dhanavardhanam.
- You can start investing in the scheme with a minimum amount of Rs. 500.
- The minimum tenure of the scheme is 1 year and you can invest in it for a maximum of 3 years.
- You have to pay a minimum of 12 installments to avail the benefits of the scheme.
- The 13th installment is paid by the jeweler and you get a 5% discount on making charges.
Malabar Gold and Diamonds Smart Buy Plan
- The Smart Buy Plan by Malabar Jewellers allows you to buy jewellery on-demand.
- You have to make an advance payment to get customised designs delivered on a selected date.
- This scheme gives you the advantage of buying made-to-order jewellery at discount rates.
- Another advantage of the scheme is that you pay the charges as per gold rates applicable on the date of purchase.
- The scheme is applicable on items that may or may not be available in stock.
Gold Schemes in India Provided By Banks
The Government of India has introduced gold savings schemes to encourage the planned purchase of gold from banks. The scheme allows you to buy gold by making payments in easy installments. You can also purchase gold online under these schemes, avoiding the need to hold it physically and safeguard it. These gold savings schemes are offered by banks to make the precious metal affordable for all.
ICICI Bank Gold Schemes in India
ICICI Dream Gold Plan
- You can avail the benefits of the ICICI Dream Gold Plan through fixed and recurring payments.
- If you opt to make a fixed deposit, the minimum amount must be Rs. 12,000. While for recurring deposits, the minimum amount is Rs. 2,000 per month.
- The minimum tenure for the scheme is 6 months.
- Upon maturity, you can buy 99.99% pure gold coins from the bank.
- You can also withdraw the funds prematurely, however, it will be subject to a penalty.
ICICI Sovereign Gold Scheme
- Sovereign Gold Bonds (SGBs) are an alternate form of investment in physical gold.
- The Government of India issues the bonds which you can purchase through ICICI Bank.
- SGB scheme also offers the convenience of online investing.
- You can avail the benefit of capital appreciation on gold without the risk of holding physical gold.
- The minimum holding period of the scheme is eight years.
ICICI Gold Monetisation Scheme
- The Government of India has launched Gold Monetisation Scheme (GMS) to help investors earn interest on their existing gold.
- You must have a savings or current account with ICICI Bank to be eligible for the scheme.
- You can deposit a minimum of 30 grams of gold at ICICI Bank in any form.
- The deposit can be made for a minimum tenure of 3 years and maximum tenure of 15 years.
- Interest on your deposit is applicable as announced by the Government.
SBI Bank Gold Schemes in India
RBI Sovereign Gold Scheme
- The Sovereign Gold Scheme is launched by the Government of India to enable investors to buy gold bonds.
- Gold bonds are issued by RBI for a minimum tenor of 8 years.
- You can purchase a maximum of 4 kg gold in a fiscal year, whereas the minimum investment must be 1 gram.
- The scheme offers you the benefit of capital appreciation on gold while eliminating the risk of holding physical gold.
Revamped Gold Deposit Scheme R-GDS
- Revamped Gold Deposit Scheme (R-GDS) is a fixed deposit gold scheme by the Government of India.
- You can deposit gold lying idle with you and earn interest on it.
- You must deposit a minimum quantity of 30 grams of gold for the short, medium, or long term.
- Your deposit is redeemable in both cash and gold, however, you must state your preference at the time of deposit.
- The earnings from this scheme are exempt from taxes.
HDFC Bank Gold Schemes
HDFC Gold Deposit Scheme
- The scheme allows you to deposit idle gold lying with you and save the cost of handling physical gold.
- HDFC Bank offers the scheme on behalf of the Government of India.
- They accept gold in the form of coins, jewelry, and bars.
- You must deposit a minimum quantity of 10 grams for a minimum period of 3 years.
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