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An administrative charge of 1.5% is levied on every subscription and comes with a lock-in period of six months as well as a pre-maturity charge of 2.5 percent.

23 Nov 2012

MUMBAI (Commodity Online): India's Reliance Money and World Gold Council have partnered together to roll out Reliance My Gold Plan, a “next generation gold savings product”. At a minimum subscription of $18 or INR 1000 a month, the plan can be subscribed for a period of 1 year to 15 years.

The monthly subscription is split into equal parts that allots gold grams over 20 successive business days.

At the end of the selected term, the customers have the option to exchange claims for 24-karat gold coins or jewelry at designated outlets across India. At least 100 jewellers are partners as of now, and the number may go up to 1000.

An administrative charge of 1.5% is levied on every subscription and comes with a lock-in period of six months as well as a pre-maturity charge of 2.5 percent.

“We have been witnessing a distinct increase in the demand for physical gold backed saving products in the last few years. This change in the gold buying pattern provided us an opportunity to offer Reliance My Gold Plan, the next generation gold savings product,” said Vikrant Gugnani the chief executive of broking and distribution business at Reliance Capital who was quoted by diamonds.net

The World Gold Council is providing marketing and promotional support.

“The growing demand for gold to mark life's events and special occasions, along with its significance in Indian society, called for a plan which made savings in gold convenient, simple and secure. The World Gold Council has successfully launched similar products in China and Japan,” said Stephen Richardson, the director of investment at WGC.

“Reliance Money’s distribution network and extensive experience in handling gold products in India makes them the ideal partner for us.” he added. 


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