DCB Tips to save Annual fee?

[Manav24]

Hi,
My annual fee for DCB is due in Dec first week, I need to spend 1.5 lac in next 2 months to reach 5 lacs but I have no big upcoming spends. What are my options to spend? Wallet load and back to bank? Any other tips?

Thanks

 

[Virtual King]

Any other tips?

One good option is to buy gold coins/jewellery worth Rs 1.5L, either online from Myntra/etc or from your local jeweller/Tanishq/Reliance/etc. You can keep this gold for yourself or for any loved one in your family. This way you will meet the spend requirement. You will pay Rs 1.5L + 3% GST = Rs 1,54,500 for a gold coin + y% making/processing charges in case of a jewellery item. In return, you will get gold X gm at whatever the selling rate is in your city. Plus, have the gold for self or your loved one. (For the additional GST part, you can read this article gst-impact-on-gold and for the selling part you can read buying-gold-attracts-3-gst-but-do-you-pay-tax-when-selling-old-jewellery-here-are-the-rules).

If you can retain this gold coin/jewellery for say 6 months/1 year or till the time gold price rises by say 10% (or any other figure selected/set by you). Then, after 6 months/1 year or once the gold prices have risen by 10%, you have two options:-

* You can sell this gold coin/jewellery next year accordingly (with additional 3% GST on selling, over and above the selling rate) to the same store/jeweller if bought offline or a local jeweller (if he agrees) if bought online. This way you can make some profit also (10% increase - 3% GST on buying OR - y% processing/making charges on jewellery item - x% (processing/making/etc charges which you can negotiate with the jeweller) on selling etc. You can work out the exact calculations as per your set-up).​

​

* Or you can just think of it as an investment and take pride in the increase in your net worth. You can sell it later, as per your requirement.​

​

So far, I have personally bought gold jewellery (not for the specific aim of meeting the spend requirement) but which also incidentally enabled me to meet my spend requirements. And I have retained the jewellery.

I feel this is a good way to meet your spend requirement + book profits / see your net-worth increase / gift something precious to your loved one.

The only hurdle is a little bit of waiting period for the sell option (so that gold prices rise adequately before you sell), if you are okay with it.

Hope this helps. 🙂

 

[Manav24]

One good option is to buy gold coins/jewellery worth Rs 1.5L, either online from Myntra/etc or from your local jeweller/Tanishq/Reliance/etc. You can keep this gold for yourself or for any loved one in your family. This way you will meet the spend requirement. You will pay Rs 1.5L + 3% GST = Rs 1,54,500 for a gold coin + y% making/processing charges in case of a jewellery item. In return, you will get gold X gm at whatever the selling rate is in your city. Plus, have the gold for self or your loved one. (For the additional GST part, you can read this article gst-impact-on-gold and for the selling part you can read buying-gold-attracts-3-gst-but-do-you-pay-tax-when-selling-old-jewellery-here-are-the-rules).

If you can retain this gold coin/jewellery for say 6 months/1 year or till the time gold price rises by say 10% (or any other figure selected/set by you). Then, after 6 months/1 year or once the gold prices have risen by 10%, you have two options:-

* You can sell this gold coin/jewellery next year accordingly (with additional 3% GST on selling, over and above the selling rate) to the same store/jeweller if bought offline or a local jeweller (if he agrees) if bought online. This way you can make some profit also (10% increase - 3% GST on buying OR - y% processing/making charges on jewellery item - x% (processing/making/etc charges which you can negotiate with the jeweller) on selling etc. You can work out the exact calculations as per your set-up).​

​

* Or you can just think of it as an investment and take pride in the increase in your net worth. You can sell it later, as per your requirement.​

​

So far, I have personally bought gold jewellery (not for the specific aim of meeting the spend requirement) but which also incidentally enabled me to meet my spend requirements. And I have retained the jewellery.

I feel this is a good way to meet your spend requirement + book profits / see your net-worth increase / gift something precious to your loved one.

The only hurdle is a little bit of waiting period for the sell option (so that gold prices rise adequately before you sell), if you are okay with it.

Hope this helps. 🙂

Thanks for a wonderful Tip but I believe currently price of Gold is way too inflated and may make a correction after Diwali/Festive season.