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Details Of Reliance My Gold Plan:


 

You may have heard about or have invested in gold investment plans of  jewelers like Titan,Tanishq where final delivery is in terms of Gold jewellary.Now one more name have added in such scheme,Reliance My Gold Plan…where delivery is possible through gold coins.

Reliance My Gold Plan (R-MGP) is offered by Reliance Money Precious Metals Pvt. Ltd to enable systematic accumulation of Gold grams by customers.It enables customers to accumulate physical gold in small quantities on a daily basis.

Few details are presented through following queries.

  • Who can apply:

Resident individuals including minors ,HUFs and NRI.

  • Minimum subscription amount:

Rs.1000/- and in multiples of Rs.500/- per month by different modes like cheque,ECS.

  • Tenure Of Plan:

12 Months / 24 Months / 36 Months/48 Months /60 Months…..15 years with interval of 1 year in between.

  • Gold Grams allotment:

A customer puts aside a fixed sum every month chosen at the start of plan and fund from subscriptions will be utilised for the purchase of gold grams over successive 20 business days in equal tranches and Gold micro gram (upto 4 decimal points rounded down ) will be alloted at the beginning of the day prices declared.Gold price will be declared daily on the website http://mygoldplan.co.in

Customer will have option to purchase additional subscription but additional subscription will not be adjusted against monthly subscription dues.

  • Purity:

Gold purity guaranteed at 24 karat/ 99.5% pure.

  • Security:

Security trustee are appointed.Accumulated gold is kept in the safe custody with professional custodians in insured professional vaults.

  • Delivery:

Delivery of gold to end user under insured mechanism and through coin fulfillment partners or outlets.

  • Premature withdrawal option:

Premature withdrawal option is possible after completion of 6 months after paying fine of 2.5% of the accumulated value.Customer can also fulfill the commitment of one year & get rid of exit loads.But remember that output will be only in terms of Gold only.No cash will be refunded.

  • Charges:

There is 1.5% administration charge payable for all subscription.

If customers do not take delivery within 60 days then safe keeping charges will be applicable thereafter

Additional payment to be made to round off to the nearest incremental 0.5000 grams,coin making charges,VAT,Sales tax.

  • Statement of holding:

Statement of holding will be issued only by e-mail on quarterly basis for every quarter ending June,Sept,Dec and March.Hard copy of statement will also sent annually.Users can also extract statement online anytime from the official website of the plan.

  • Comparison Of Reliance My Gold plan Gold Prices with few Banks:

Following comparison is as prices on date 24th January 2013:

dyerware.com

Reliance My Gold plan prices are seems to be in line with market prices.

This plan is different from that offered by jewellers as delivery is possible through gold coins as well gold jewelery and with possible benefit  of daily value averaging as well….

  • For which type of individuals Reliance My Gold Plan is suitable?

Reliance my Gold plan is suitable is for them who have a need of Physical Gold after certain years like for the purpose of marriage etc.Or  any one who want to accumulate Physical Gold.

  • For which types of investors Reliance My Gold Plan is NOT suitable?

Physical Gold is generally not for investment purpose.Generally,Gold is never being sold in the market.If any one wish to buy Gold for investment purpose then they may think to invest in Gold ETF , e-gold series of NSEL or Gold Saving mutual funds….where they can book profit after certain appreciation.

  •  Is their any chance of default?

No.World Gold council is worlds most reputed, non-profit organization works in the area of promotion of Gold.It have much stricter norms and it take care that each & every process is followed strictly.Appointment of “Independent Trustees” is also factor to be considered. IDBI Trusteeship Services Limited are security trustees of Reliance My Gold Plan.Security trustees ensure that each & every process is strictly followed.Gold kept in the vaults is insured from the risks like theft etc.

“Lemuir Secure Logistics” is safe keeper of Reliance My Gold plan which is worlds second largest company in this area.

  • Is this plan related to Reliance Mutual Funds?

No.Reliance mutual fund & Reliance Money precious metals are both separate entities.Though parentage of both goes to Reliance Capital.

  • What is “Unique Selling Point ” of Reliance My Gold Plan?

Reliance my Gold plan have competition against plans offered by jewelers.

Daily buying  is major unique selling point of this plan.You can ask yourself “is it possible to buy systematically monthly / daily basis manually?” Answer is No.So this plan offers systematic way of purchasing Gold.

Delivery is possible as Gold Coins only through this plan.You can make jewelery any time with your choice of making charges.

All over process of Registration is very simple & hassle free.

  • Does this plan offers any Fixed Returns?

This is Gold accumulation plan & returns depend on overall fluctuation of Gold prices.

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Category: Commodities

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