Gold savings scheme is a jewellery purchase scheme that allows individuals to deposit money for a certain period of time each month. At the end of the term, the individual can use the corpus to buy gold like jewellery or gold coins/bars. These schemes are generally offered by jewelers, where you can buy jewellery or gold ornaments with the total money deposited along with the bonus earned. The conversion is done based on the prevailing price of gold at maturity.
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Below are the names of some gold savings schemes that are available in the market:
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An account holder of gold savings scheme must provide any one of the following documents:
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The demerits of the gold savings scheme are as follows:
The only benefit that a buyer gets in this type of scheme is a purchase in installments and keeping money intact for this objective.
To reduce malpractices or corruption in the gold savings scheme, the Union Cabinet had recently approved the Banning of Unregulated Deposit Schemes Bill, 2018, to be raised in Parliament after a number of instances of people being defrauded by illicit deposit-taking schemes.
An investor must check whether these gold savings schemes fall under the Ponzi scheme category or not, before investing in such schemes.
If an investor wishes to invest money into these schemes, stick to reputed jewelers. Ensure all the receipts and documents are in place and payment record is shared by the jeweler. More importantly, stay away from offers and deals that look Too-good-to-be true.
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