Gold jewellery monthly schems of Senco Gold, Tanishq, Relaince Jewels, and others compared

Five monthly deposit schemes for gold investment: Know how these schemes from Tanishq, Reliance, Senco Gold & other famous jewellers work

Gold is a precious metal, especially now that the price for 10 grams has surpassed Rs 75,000. With affordability becoming a challenge for many, many people are opting for staggered saving plans to invest in gold. To meet this growing demand, several renowned jewelers offer monthly deposit schemes. If you're looking to kick-start your gold investment in this Diwali, it's important to understand how gold jewelry schemes work at various jewelry stores. We've reviewed the terms and conditions of the monthly deposit schemes provided by Tanishq, Joyalukkas, Senco Gold, Malabar Gold and Diamonds, and Reliance Jewels.

Here's a comprehensive guide to the different monthly gold schemes available.

Tanishq-Golden Harvest Scheme

According to the Tanishq website, as of October 28, 2024, the name of Tanishq's gold monthly deposit scheme is 'Golden Harvest'. "Through this plan, you can buy more than what you pay for because Tanishq will add a special discount upon maturity," said Tanishq on its website.

Here are the details of the scheme as per Tanishq's website:

How to open the account: You can open a Golden Harvest account online using Tanishq's website or its app or through the showroom.

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How to pay the monthly installment: You have the option to pay monthly installments by cash, card, online banking using SI, ACH (automated clearing house) or postdated cheque facilities. You must pay a fixed installment amount on the due date every month for 10 months (minimum installment value - Rs 2,000. It can go up to any amount in multiples of Rs 1,000).

Benefit of this scheme: "After 10 months, you will be eligible for a special discount of up to 75% of the 1st installment value paid," said Tanishq on its website.

Do note that as per regulatory guidelines, you must mandatorily close the account within 400 days from the date of opening.

Tanishq Golden HarvestSource: Tanishq website

Senco Gold- Swarna Yojana (11 months)

How to open the account: You can open this account through any Senco Gold store. You can login to your account online also.

How to pay the monthly installment: You can pay the monthly installment online or offline at Senco Gold stores.

Benefit of this scheme: By participating in this program, where you make 11 fixed monthly installments, you can enjoy discount benefits based on the duration of your contributions. The greatest discounts are available if you complete all installments within the 11-month period.

"30% of one installment will be passed on to the customer as a benefit of discount when making a sale invoice for a 6 month scheme if the customer completes the scheme successfully without any default/delay payment. 75% of one installment will be pass on to customer as benefit of discount when making sale invoice for 11 months scheme if customer completes the scheme successfully without any default/delay payment," as per the Senco Gold website as of October 28, 2024.

Senco Gold and DiamondsSource: Senco Gold & Diamonds website

"Our Swarna Labh and Swarna Yojana schemes are designed to make jewelry purchases more affordable and rewarding for our customers. With minimum monthly deposits starting at just Rs 1,000, customers can save over 6 months with Swarna Labh or 11 months with Swarna Yojana and redeem their savings in jewelry. Swarna Labh offers a 30% discount on one month’s installment upon completion, while Swarna Yojana offers a 75% discount, provided payments are timely. Both plans offer flexibility across stores and are crafted to help make owning gold and diamond jewelry easier for everyone," says Suvankar Sen, MD and CEO, Senco Gold & Diamonds.

Reliance Jewels- Golden Steps

Golden Steps is the name of the monthly gold deposit scheme by Reliance Jewels. There are two schemes under the Golden Steps scheme, and it is divided based on the timeframe of installments and benefits given.

Here are the details of the scheme as per the Reliance Jewels website:

Scheme 1 (11 months)

How to open the account: You can sign up for this scheme at any Reliance Jewels showroom, which can be found inside Trends and Project Eve locations, according to the Reliance Jewels website.

How to pay the monthly installment: According to the brochure available on the Reliance Jewels website, "The first installment is to be paid through Cash, Debit/Credit Card or Cheque. The subsequent installments can be paid through post-dated cheques, ACH apart from Cash/ Card or Online. Only Local Cheques or Cheques Payable at Par are accepted and must be drawn in favour of Reliance Retail Limited. Single payment instrument cannot be accepted for payment of multiple scheme accounts."

Benefit of this scheme: Defined percentage of benefit up to 85% of one month's installment.

Reliance Jewels Scheme 1Source: Reliance Jewels website

Scheme 2 (24 months)
How to open an account: You can sign up for this scheme at any Reliance Jewels showroom found within Trends and Project Eve stores, as stated on the Reliance Jewels website.
How to pay the monthly installment: The first installment is to be paid through cash, debit/credit card or cheque. The subsequent installments can be paid through post-dated cheques, ACH or online.

Benefit of this scheme: According to the Reliance Jewels website, you can get up to 350% off a one-month installment as a discount once the scheme ends.

Reliance Jewels-Scheme 2Source: Reliance Jewels website

Joyalukkas- Easy Gold Purchase Scheme

How to open the account: According to Joyalukkas' website, if you're interested in enrolling in this scheme, you'll need to complete a KYC form as part of the process. "You can enroll into the Joyalukkas Easy Gold Scheme and open a new account online using our Joyalukkas App or Joyalukkas website. The subscription amount and benefits can be used towards the purchase of either Gold, Silver, Diamond studded jewelry or plain gold jewelry," Joyalukkas said on its website.

How to pay the monthly installment: You can make the payment either online or in the store.

Benefit of this scheme: The Joyalukkas website outlines two types of benefits associated with this scheme, which vary based on the item you choose to redeem. "Pay zero making charges up to 18% on Gold, Silver jewelry, Gold coins and gold bars from Joyalukkas and get up to 50% off on making charges for Diamonds, Rose cut and Precious Jewelry. If the customer purchases gold, silver jewelry of making charge more than 18%, customer has to pay the additional making charge of the ornament (eg. if the making charge is 24%, to be paid is 24%-18%=6%)."

Joyalukkas Easy Gold SchemeSource: Joyalukkas website

Malabar Gold & Diamonds- Golden Bloom

How to open the account: You can open the Golden Bloom account through Malabar Gold & Diamonds stores.

How to pay the monthly installment: You can use post-dated cheques or pay the installment at the store.

Benefit of this scheme: As stated on the Malabar Gold and Diamonds website, you must complete 11 installments to qualify for a discount on making charges of up to 18%. "Pay 11 Easy Instalments and at the end of the commitment period buy jewelry at prevailing gold rate without paying making charges. Exemption on making charges up to 18%," as per Malabar Gold and Diamonds website.

Malabar Gold and DiamondsSource: Malabar Gold and Diamonds

This story originally appeared on: India Times - Author:Faqs of Insurances