Gold Saving Schemes

Gold has the significant cultural and financial importance in India for centuries, symbolizing not only prosperity but also a prudent investment choice. The country, being one of the world's largest consumers of gold, recognizes its value, particularly during economic uncertainties, making it a favored asset among investors.

However, the substantial price of gold often makes acquiring large quantities financially challenging. To address this, various gold saving schemes have been introduced in India to promote systematic saving of this precious metal.

In this web page, we will provide an in-depth understanding of the best gold saving schemes available in India offered by renowned jewellers and banks. Read further to choose the right Gold saving plan best suited for your needs.

Feature of Gold Saving Schemes By Bank

Investing in the finest gold saving scheme involves understanding the importance of safeguarding your assets with gold, a perennially valuable resource. Gold saving scheme offers a structured and methodical approach to collecting gold, aligning with various financial goals. Additionally, explore other pivotal features of the Gold Saving Scheme listed below:

  • Flexible Deposits: Accepts a minimum of 500 grams of gold without any maximum limit, allowing deposits for 3, 4, or 5 years.
  • Varied Deposit Forms: Accepts gold in diverse forms like bars, coins, or scrap jewelry, issuing certificates for the pure gold contents after melting, assaying, and minting at Indian Government Mint.
  • Convenient Procedures: Provides Gold Deposit Certificates within 90 days, allowing up to five certificates and enabling nomination and transfer facilities.
  • Maturity Options: Offers repayment of principal in gold or equivalent rupees at maturity, permits premature withdrawals after a year with a penalty, and allows for scheme renewal.
  • Loan Facilities: Allows loans of up to 75% of the gold's notional value at any SBI branch, facilitating financial assistance based on the deposited gold.
  • Tax Benefits: Offers tax exemptions from Income Tax, Wealth Tax, and Capital Gains Tax, providing advantageous tax benefits to depositors.

Top Gold Saving Schemes Offered by Jewelers in India

Jewelers in India present a diverse array of gold-saving schemes, providing an opportunity to explore investment in gold bonds, among the best gold saving schemes available. Here they offer top saving schemes providing innovative gold chit schemes. These schemes also include the best gold saving plan, allowing individuals to accumulate gold systematically and enjoy various benefits along with flexible savings options.

Tanishq Gold Schemes

1. Tanishq Golden Harvest Scheme

  • Deposit Duration: 6-10 months, use deposit to purchase jewellery at maturity.
  • Discounts: Offers up to 75% discount on the value of jewelry purchased under the scheme.

2. Tanishq Swarnanidhi Scheme

  • Gold Booking: Allows booking gold in grams for jewellery purchase at Tanishq.
  • Deposit Method: Monthly deposits for 8 months converted into grams of gold based on prevailing rates.

PNG Jewellers Gold Schemes

1. Suvarna Poornima Scheme

  • Investment Amount: Minimum Rs. 3000; multiples of Rs. 500 thereafter.
  • Maturity Incentive: Offers a 10% discount on making charges upon maturity.

2. Kuber Scheme

  • Tenure: 12 months; minimum investment of Rs. 1000; multiples of Rs. 100 thereafter.
  • Benefits: Investors receive gold equivalent to their investment value based on prevailing rates at maturity; an additional 8% interest; 10% discount on making charges.

3. PNG Gold Rush (Sanchayat Dhanavardhan)

  • Investment Periods: Choose between 12, 24, or 36 months.
  • Minimum Investment: Rs. 500; beneficial for all income groups planning gold purchases.

Kalyan Jewellers Gold Schemes

Kalyan Jewellers Gold Scheme

  • Scheme Tenure: 12 months; closure via gold purchase based on chosen jewelry.
  • Monthly Instalment: Variable from Rs. 500 to Rs. 40,000, depending on selected jewelry.

Bhima Jewellery Gold Schemes

Bhima Gold Tree Purchase Plan:

  • Tenure: 2 years from enrolment.
  • Deposits: Made in multiples of Rs. 250.
  • Bonuses: Offered 6 months after enrolment; usable to offset making charges when purchasing jewelry.
  • Eligibility: Open to competent Indian nationals.

Malabar Gold Schemes

Malabar Gold & Diamonds Smart Buy Scheme:

  • Features: Discounts on In Stock and Out of Stock items, including size-oriented custom orders.
  • Policy: Allows a 14-day return policy for ready-to-deliver products.

Prince Jewellery Gold Scheme

Prince Save N Gold:

  • Investment Pattern: 11 consecutive monthly payments; minimum Rs. 500 and multiples.
  • Purchase Option: After the 12th month, buy jewelry equivalent to the investment.
  • Eligibility: Indian citizenship required; signature verification during gold delivery.

Prince Save N Diamond:

  • Investment Criteria: Minimum Rs. 5000 and multiples of Rs. 1000.
  • Benefits: Discounts on diamonds per carat, making charges, and uncut diamonds.
  • Additional: Passbook to monitor monthly payments; eligibility akin to Save N Gold.

New Year 2017 Jewel Plus:

  • Payment: Fixed installments for 11 months, followed by jewelry purchases.
  • Advantage: No extra charges while buying jewelry; eligibility requirements similar to Save N Gold/Diamond.
  • Additional: Passbook to monitor monthly payments; eligibility akin to Save N Gold.

PNB Gold Schemes

Sovereign Gold Bond:

  • Denominations: Available in 1-gram units; minimum purchase of 2 grams annually up to 500 grams.
  • Returns: Fixed investment of 2.50% per annum; transferable to a third person without tax charges.
  • Additional: Passbook to monitor monthly payments; eligibility akin to Save N Gold.

PNB Gold Coins:

  • Type: 24 karat coins in different gram derivations, ideal as investments or gifts.
  • Eligibility: Criteria align with the Sovereign Gold Bond scheme.

Andhra Bank Gold Schemes

Andhra Bank Sovereign Gold Bond Scheme:

  • Tenure: 8 years with 2.5% interest per annum; open to Indian citizens above 18 years and Indian institutions.

ICICI Gold Schemes

ICICI Dream Gold Plan:

  • Objective: Raises funds for gold purchases via fixed or recurring deposits; provides discounts on gold coin purchases.

ICICI Gold Monetization Scheme:

  • Interest Earning: Earns interest on gold deposits; tenure from 3 to 15 years; open to Indian residents and institutions.

ICICI Sovereign Gold Bonds:

  • Tenure: Issued for 8 years; buyout options after the 5th year; assures returns and tradeable on the stock exchange.

HDFC Gold Scheme

HDFC Sovereign Gold Bond:

  • Returns: Offers 2.5% per annum for 8 years; exit possible from the 5th year onwards.
  • Investment Limit: Ranges from 1 gram to 4 kg for individuals; higher for trusts and charitable institutions.

Axis Bank Gold Schemes

Gold Mohurs:

  • Features: Offers gold mohurs in 24 karats with various denominations for ease of purchase; available to all account holders of Axis Bank.

SBI Gold Schemes

SBI Gold Coins:

  • Availability: Offered at SBI branches in varied denominations; assures best prices and purity ascertained by Assay; open to all individuals and organizations.

Revamped Gold Deposit Scheme (R-GDS):

  • Purpose: Deposits idle gold with the bank to earn interest; tenure options from 1 to 15 years; eligible for various entities like individuals, companies, and trusts.

RBI Sovereign Gold Bond Scheme 2018

Features: Available in multiples of 1 gram for 8 years; exit possible from the 5th year onwards; offers an interest rate of 2.5% per annum.

Top Gold Saving Schemes by Government in India

Among the various options available, the government in India offers some of the best gold saving plans that cater to different preferences and needs. These schemes, include the option of gold scheme online, to facilitate easier access to gold investments for individuals seeking reliable and convenient avenues.

Sovereign Gold Bonds (SGBs)

  • Type: Government securities denominated in grams of gold.
  • Payment: Issue price in cash, redeemed in cash on maturity.
  • Price Protection: Receives ongoing market price at redemption/premature redemption.
  • Benefits: Eliminates storage risks/costs, assures market value at maturity, free from making charges & purity concerns.
  • Holdings: Held in RBI's books or demat form.

Axis Gold Fund (Fund-of-Fund)

  • Investment: Invests in Axis Gold ETF (exchange-traded fund) with physical gold as the underlying asset.
  • Investment Options: SIP mode starting from ₹1,000 per month or lump sum starting from ₹5,000.
  • No Worries: No storage, making charges, or demat account needed.
  • Options: Available for buy/sell at NAV prices on any business day.

Atal Pension Yojana (APY)

  • Government Guarantee: Assures minimum pension benefits, and covers shortfall in returns by funding from the Government.
  • Co-contribution: Govt co-contributes 50% of total contribution or ₹1,000 p.a. (lower), available for eligible subscribers for 5 years.
  • Tax Benefits: Similar tax treatment as in NPS, provides tax benefits on contributions and annuity purchases.

Indian Gold Coins

  • Features: Advanced anti-counterfeit measures, 24 karat gold with 999 fineness, BIS hallmarked, available in 5g, 10g, and 20g denominations.
  • Benefits: Easy liquidity and expected appreciation due to the high demand for gold in India.

National Pension Scheme (NPS)

  • Voluntary: Contributions can be made at any time in a Financial Year with the flexibility to change the savings amount annually.
  • Simple & Flexible: Can open an account through Point of Presence (POP) or eNPS, choose investment options, and pension fund.
  • Portability: Operable from anywhere, even after changing city/employment.
  • Regulated & Transparent: Regulated by PFRDA, transparent investment norms, and regular monitoring of fund managers.

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Frequently Asked Questions

Gold saving schemes typically function as systematic investment plans where individuals make regular contributions towards purchasing gold. These schemes often offered by jewelers or banks allow investors to accumulate gold over a specific period.

Gold saving schemes offer the advantage of disciplined savings, making gold accessible to investors who may find buying gold in larger quantities challenging. Some schemes also provide additional incentives like discounts or bonuses.

Gold saving schemes typically have a lock-in period, usually ranging from 12 to 24 months.

The gold price in these schemes is determined based on the prevailing market rate at the time of each installment payment.

Missing a payment in a gold saving scheme could result in penalties or the forfeiture of benefits such as discounts or bonuses. Some schemes might allow a grace period or provide options to make up for missed payments.

Generally, altering the monthly contribution amount in the middle of the scheme might not be allowed. However, specific schemes may have provisions for adjusting the contribution amount, subject to terms and conditions.

The documentation requirements usually include KYC (Know Your Customer) documents like an Aadhaar card, PAN card, address proof, and passport-size photographs, along with other specific documents specified by the scheme provider.

Yes,individuals can participate in multiple gold-saving schemes offered by different providers at the same time.

Gold saving schemes generally do not offer specific tax benefits under Income Tax laws. The tax implications may vary based on the scheme and the prevailing tax regulations. It's advisable to consult with a tax advisor for accurate information on tax-related matters.

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