In India, there are currently various ways to invest in gold, including physical gold bars, gold saving accounts, leveraged gold trading accounts, structured gold products and gold futures. There has been a distinct increase in the demand for physical gold backed saving products in the last few years. However the physical gold market in India is highly unorganized. Therefore, to assist in the development of a mature gold market in India Reliance Money along with World Gold Council as its Marketing Associate has launched the RELIANCE MY GOLD PLAN.
Reliance My Gold Plan offers customers the unique opportunity to start accumulating physical gold using a daily average pricing methodology. A minimum subscription of Rs.1000 per month translates to accumulation of gold for as low as Rs. 50 per day.
Daily Cost Averaging |
Clear funds from Monthly and Additional Subscriptions shall be split into 20 equal tranches which shall be utilized over 20 successive business days for allotment of Gold Grams as per the Daily Gold Price. |
Initial Subscription Amount |
Rs. 1000/- and in multiples of Rs. 100/- thereafter. Initial Subscription can be higher than the monthly subscription amount |
Monthly Subscription Amount |
Rs. 1000/- and in multiples of Rs. 100/- thereafter |
Additional Subscription Amount |
Rs. 1000/- and in multiples of Rs. 100/- thereafter. Rs. 1000/- and in multiples of Rs. 100/- thereafter Such additions will not be adjusted against any monthly dues. Average Pricing applicable on such additional purchases. |
Tenure |
1 year to 15 years with interval of 1 year |
Daily Gold Price |
Daily Gold Price (up to 2 decimal points) in Rupees per gram for 24 Carat Gold of 995 fineness shall be declared by RMPM on or before 11:00 am for all business days. The Daily Gold Price will be uploaded on www.reliancemgp.com |
Gold Grams Allotment |
Gold Grams of 24 Carat Gold of 995 fineness and upto 4 decimal points rounded down shall be allotted to the customers under the R-MGP Plan |
Lock-in period |
6 months from the date of initial subscription. Fulfillment of Gold Grams shall not be permitted during the Lock-in period. |
Payment Mode |
Cheque / DD / Pay Order / ECS / Direct Debit. |
Fulfillment Options |
24 Carat Gold of 995 fineness or more available in Gold Coins of denominations of 0.5 / 1 / 2 / 5 / 8/ 10 / 20 / 50 grams. Jewelry option also available through empanelled jewelers.
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Charges |
1.5% Administrative charge. This charge shall be levied on every Gold Grams Allotment by effecting a mark-up of 1.5% on the Daily Gold Price. This is a non-refundable fee paid towards setup/ administration costs. |
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No Pre-Termination charges post 1 year of subscription.Pre-mature termination charge of 2.5% of the cumulative subscription amount paid shall apply only on fulfillment within 1 year of Customer ID generation if the cumulative subscription amount is less than 12 times the monthly subscription amount. |
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In case the customer doesn’t take delivery of coins/jewellery during the validity period of the voucher then the customer will have to request for a new fulfillment voucher. The customer shall be liable to pay "Safekeeping Charge" (towards the cost of storage and Insurance) at the rate of 0.50% per annum on the Invoice amount. This charge shall become applicable from the date of issue of original voucher till the date of request for duplicate voucher. |
Fulfilment relatedPayments |
1. Round-off payments to be made for the residual grams. The Daily Gold Price shall be applicable on the date the fulfillment process runs as described above. |
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2. Coin Making Charges as per the denomination of coins specified (only applicable for coins) |
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3. Applicable Local Taxes and State levies like Octroi, Entry Taxes, etc which are calculated on the Pre-Tax Invoice Amount. |
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4. VAT on the Pre-VAT Invoice amount which shall be arrived at by totally the Pre-Tax invoice amount and local taxes and State levies as may be applicable. |
Statement of Holding |
Statement of Holding will be issued only by email on a monthly basis. Physical copy of the Statement of Holdings as on the 31st of March will be dispatched within 20 Business days. |
Benefits
DISCIPLINED GOLD ACCUMULATION:
A disciplined accumulation technique under which you accumulate gold grams by making small but regular subscriptions.
COST AVERAGING METHODOLOGY:
All subscriptions made will be split into 20 daily purchases thus reducing the risk of timing the markets. More Gold Grams will be credited during falling markets and less during rising markets.
PLANNING FOR SPECIAL EVENTS:
Plan for a large Gold purchase in the future for special events like daughter’s wedding, your wedding anniversary or any other joyous occasions by making regular subscriptions
ZERO DEFAULT RISK:
Appointment of an Independent trustee to manage the bank accounts in which Customer funds are deposited, ensuring safekeeping of Gold by a Safekeeping agency having insured vaults as per RBI specifications and ensuring delivery of Gold to the end customers helps create a Zero Default risk structure.
ASSURED PURITY:
24 Karat Gold of 995 fineness or more credited to the customer’s account up to 4 decimals.
MULTIPLE PAYMENT MODES:
Cheque/DD/Pay Order/ECS/Direct Debit.
FLEXIBILITY:
Choice of obtaining the accumulated Gold grams in the form of coins and/or bars across multiple outlets.
