Monday, January 7, 2013
by
Indian Real Estate News
RELIANCE Money, in association with the World Gold Council, announced the launch of Reliance My Gold Plan, aimed at tapping the country's unorganised Rs 2,00,000 crore gold market.
Under the plan, customers can invest up to a minimum of Rs 1,000 per month and the company would use the money for purchase of gold using a daily average pricing methodology. Total accumulated funds can be redeemed for gold coins or jewellery at the end of the investment tenure.
"Reliance My Gold Plan will change the way consumers accumulate gold and we expect it to be the most preferred way of savings in gold. We have been witnessing a distinct increase in the demand for physical gold backed saving products in the past few
years. This change in the gold buying pattern provided us an opportunity to offer this gold savings product," said Vikrant Gugnani, CEO, broking and distribution businesses, Reliance Capital.
The plan can be subscribed for a tenure ranging from one to 15 years. At the end of the term, customers can exchange their accumulated gold grams into 24 karat gold coins or jewellery at designated outlets, the release said.
An administration charge of 1.5 per cent would be levied on each subscription, along with a 2.5 per cent pre-maturity charge.
The company claims the plan is different from schemes offered by unorganised jewellers, which only allowed buying gold at prices prevalent at the end of the tenure.
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