Now that you got the basics right about the GOLD RATES followed by jewellers, make sure you consider the following aspects before making your choice:
Duration of scheme - Gold/Jewellery Schemes are available in multiple tenures i.e. 6 months,10 months,11 momths, 12 months, 18 months, 24months etc. If you are saving keeping any special day in mind like birthdays or anniversaries, make sure you back-calculate the tenure of the scheme starting from your special day.
The price of jewellery you want to buy - You should choose a monthly amount keeping in mind your budget for buying the jewellery. It need not be a precise amount but a rough estimate like a corpus in the range of Rs. 75,000 to Rs.1,00,000 or Rs.1,00,000 to Rs. 1,25,000. To give you a clear idea, we have created an e-store where each jewellery piece’s estimated price is calculated per month to help you choose your Advance Monthly Installment (AMI)Check redemption options & benefits
Check redemption options & benefits - Some jewellers allow you to buy GOLD COINS on redemption. While most last installment waiver schemes (either in full or partial) conclude with gold jewellery purchases, some jewellers also offer additional benefits like special discounts on making charges if you purchase Diamond Jewellery or Coloured Gems.
Gold price Averaging option – Before opting for a Jewellery Savings Scheme one should be clear of the rate at which Gold will be brought by you. In most of the cases (one installment waiver schemes) the jeweller may charge you the GOLD rate prevailing on the day of your purchase. Jewellers who offer benefits of GOLD Price averaging may give you a discount in Gold wastage or a waiver in making charges (either partially or in full).
Benefit of ongoing discount sale at jeweller’s showrooms during the maturity of your scheme – There can be instances where your scheme maturity date coincides with an ongoing discount sale at the jeweller’s showroom. Refer to the jeweller policy to check whether scheme benefits and ongoing sale benefits can be clubbed together or not. If you don’t find such a clause in your selected scheme kindly get it clarified by the jeweller on mail or any documented record before investing in the scheme.
Multiple store redemption convenience - Typically a jeweller with multiple retail outlets under its brand name gives you the convenience of purchasing jewellery on maturity from any of their retail outlets. Some jewellers have a reach across multiple states of India while some have wide reach in a particular region and nearby states. So if you are planning to gift or save for your loved ones who are staying away, make sure you select a jeweller who has a store closer to them.
Pre-mature withdrawal of scheme – No refund will be made in CASH by any jeweller on premature withdrawal of your scheme. The refunded money will be transferred back to your account via Cheque, NEFT, RTGS or any other electronic mode of payment. You may also be charged with a cancellation fee in the range of 2-3% of your total scheme value. For most schemes, the pre-mature withdrawal clause will permit purchase of jewellery to the extent of corpus accumulated till the last paid AMI installment. No other benefits will be given.