Online Gold Purchase Plan

[Channakya]

Hi ,
I wanted to know that , if any one in TFC has an Idea for Online gold purchase plan .
1) Like , is it worth opting for purchase plan .
2) Are credit cards , Amazon pay wallet are accepted .
2.1) which cards are beneficial for this transaction .
3) which brand's Gold purchase plan is good .

If i am missing any points regarding this , peeps can address them .
If any one has experience of this can share info it would be helpful .

Thank you in Advance !

 

[moneyMaker]

Why you need online? for rewards? do you have Axis Atlas and what rewards are you looking for?

Gold Purchase Plan

Default Description

www.malabargoldanddiamonds.com

 

[CodeCrusher]

Not worth purchasing. Keep money in fd instead

 

[moneyMaker]

Keep money in fd instead

I actually concur.

 

[prankster]

ICICI Amazon pay gives 1% on jewelry payments. Also check Malabar gold plan, someone in the forum mentioned they accept payments through Amazon wallet.

 

[Channakya]

ICICI Amazon pay gives 1% on jewelry payments. Also check Malabar gold plan, someone in the forum mentioned they accept payments through Amazon wallet.

Malabar is not available in my city, Hyderabad.

 

[Channakya]

Why you need online? for rewards? do you have Axis Atlas and what rewards are you looking for?

Gold Purchase Plan

Default Description

www.malabargoldanddiamonds.com

No, I don’t have Axis Atlas ,

 

[Channakya]

Not worth purchasing. Keep money in fd instead

Why any reason?

 

[yuvaneshmohan]

If you are from Tamilnadu try AVR jewellery gold scheme. Their online app accepts Amazon pay wallet payment

 

[Adith]

Not worth purchasing. Keep money in fd instead

Not sure what the logic is behind this . This is bad advice.

Buying gold via purchase plan is the best way to buy physical gold. And physical gold will always work as a safety cushion if you need to take loan with security. Some banks even provide gold loan for simple interest. Also , if you are getting married , you are anyhow gonna buy gold for atleast 2-5L or higher. Planning it properly via schemes will save you money and get you better returns for what you spend.


I just got one of my schemes matured . Put 10000 for 11 months. Got 18 gms of gold averaged at 6100 accumulated via the scheme and I bought that 18gms of gold at the jewellery store while the current price of gold was 6650 . I also saved up on making charges upto 14% .


As for OP's question, I see someone else already suggesting Malabar, and I use Malabar as well. From my research, their gold scheme is actually the best in India. They allow payment online via Amazon wallet and also via credit card .

 

[HumorSimpson]

I also saved up on making charges upto 14% .

Yes. This is the USP of these plans.

 

[Adith]

Yes. This is the USP of these plans.

Yup the savings on making charges and also the extra gold you get cause of averaging.

I got 18gms at 1.1L while if I directly bought it , it would have cost 1.2L . That's an additional 10k savings which is an extra gram of gold .

 

[SuperKnight]

Yup the savings on making charges and also the extra gold you get cause of averaging.

I got 18gms at 1.1L while if I directly bought it , it would have cost 1.2L . That's an additional 10k savings which is an extra gram of gold .

which brand was this, and how u saved on making charges

 

[HumorSimpson]

which brand was this, and how u saved on making charges

Typically all these gold schemes (GRT, Kalyan, Lalithaas, Malabar etc) offer NO Making charges upto some 12% or so.

For example if you have accumulated 10gms of gold and buy an ornament of 14gm, with 16% making charges, they will discount the making charges on 10gms to some (16-12)% .

You generally get 4 benefits in these schemes.

1. Disc. on making charges. Note : recently they started calling these as VAS or something.
2. Pay those monthly via some good rewarding card , you may get some CB.
3. You enroll for 12 months, but you have to pay till 11 months , the last month they reward you.
4. The SIP like investment averages and you are buying gold at the best price.

These things beat all those RDs , if your goal is to purchase jewellery.

BUT again, please read the brochure thoroughly as they are tweaking TnC.

 

[Adith]

which brand was this, and how u saved on making charges

I did for Malabar. Their scheme helps save upto 14% making charges

 

[Channakya]

If you are from Tamilnadu try AVR jewellery gold scheme. Their online app accepts Amazon pay wallet payment

but i am from Hyderabad

 

[Adith]

but i am from Hyderabad

There is Malabar jewellery in Hyderabad, it's the biggest in India that too.

 

[moneyMaker]

Gold Purchase Plan​

Default Description

www.malabargoldanddiamonds.com

To clarify

only gold

not Diamonds, you know dimaonds are just a bubble beginning to pop, right?

The Diamond Industry Is A MASSIVE Scam...

 

[Channakya]

There is Malabar jewellery in Hyderabad, it's the biggest in India that too.

the plan is not available for hyd city .

 

[Channakya]

To clarify

only gold

not Diamonds, you know dimaonds are just a bubble beginning to pop, right?

The Diamond Industry Is A MASSIVE Scam...

yes only gold.