Details Of Reliance My Gold Plan:

By admin  On  In Commodities Tagged ,  31 Comments

 

You may have heard about or have invested in gold investment plans of  jewelers like Titan,Tanishq where final delivery is in terms of Gold jewellary.Now one more name have added in such scheme,Reliance My Gold Plan…where delivery is possible through gold coins.

Reliance My Gold Plan (R-MGP) is offered by Reliance Money Precious Metals Pvt. Ltd to enable systematic accumulation of Gold grams by customers.It enables customers to accumulate physical gold in small quantities on a daily basis.

Few details are presented through following queries.

  • Who can apply:

Resident individuals including minors ,HUFs and NRI.

  • Minimum subscription amount:

Rs.1000/- and in multiples of Rs.500/- per month by different modes like cheque,ECS.

  • Tenure Of Plan:

12 Months / 24 Months / 36 Months/48 Months /60 Months…..15 years with interval of 1 year in between.

  • Gold Grams allotment:

A customer puts aside a fixed sum every month chosen at the start of plan and fund from subscriptions will be utilised for the purchase of gold grams over successive 20 business days in equal tranches and Gold micro gram (upto 4 decimal points rounded down ) will be alloted at the beginning of the day prices declared.Gold price will be declared daily on the website http://mygoldplan.co.in

Customer will have option to purchase additional subscription but additional subscription will not be adjusted against monthly subscription dues.

  • Purity:

Gold purity guaranteed at 24 karat/ 99.5% pure.

  • Security:

Security trustee are appointed.Accumulated gold is kept in the safe custody with professional custodians in insured professional vaults.

  • Delivery:

Delivery of gold to end user under insured mechanism and through coin fulfillment partners or outlets.

  • Premature withdrawal option:

Premature withdrawal option is possible after completion of 6 months after paying fine of 2.5% of the accumulated value.Customer can also fulfill the commitment of one year & get rid of exit loads.But remember that output will be only in terms of Gold only.No cash will be refunded.

  • Charges:

There is 1.5% administration charge payable for all subscription.

If customers do not take delivery within 60 days then safe keeping charges will be applicable thereafter

Additional payment to be made to round off to the nearest incremental 0.5000 grams,coin making charges,VAT,Sales tax.

  • Statement of holding:

Statement of holding will be issued only by e-mail on quarterly basis for every quarter ending June,Sept,Dec and March.Hard copy of statement will also sent annually.Users can also extract statement online anytime from the official website of the plan.

  • Comparison Of Reliance My Gold plan Gold Prices with few Banks:

Following comparison is as prices on date 24th January 2013:

dyerware.com

Reliance My Gold plan prices are seems to be in line with market prices.

This plan is different from that offered by jewellers as delivery is possible through gold coins as well gold jewelery and with possible benefit  of daily value averaging as well….

  • For which type of individuals Reliance My Gold Plan is suitable?

Reliance my Gold plan is suitable is for them who have a need of Physical Gold after certain years like for the purpose of marriage etc.Or  any one who want to accumulate Physical Gold.

  • For which types of investors Reliance My Gold Plan is NOT suitable?

Physical Gold is generally not for investment purpose.Generally,Gold is never being sold in the market.If any one wish to buy Gold for investment purpose then they may think to invest in Gold ETF , e-gold series of NSEL or Gold Saving mutual funds….where they can book profit after certain appreciation.

  •  Is their any chance of default?

No.World Gold council is worlds most reputed, non-profit organization works in the area of promotion of Gold.It have much stricter norms and it take care that each & every process is followed strictly.Appointment of “Independent Trustees” is also factor to be considered. IDBI Trusteeship Services Limited are security trustees of Reliance My Gold Plan.Security trustees ensure that each & every process is strictly followed.Gold kept in the vaults is insured from the risks like theft etc.

“Lemuir Secure Logistics” is safe keeper of Reliance My Gold plan which is worlds second largest company in this area.

  • Is this plan related to Reliance Mutual Funds?

No.Reliance mutual fund & Reliance Money precious metals are both separate entities.Though parentage of both goes to Reliance Capital.

  • What is “Unique Selling Point ” of Reliance My Gold Plan?

Reliance my Gold plan have competition against plans offered by jewelers.

Daily buying  is major unique selling point of this plan.You can ask yourself “is it possible to buy systematically monthly / daily basis manually?” Answer is No.So this plan offers systematic way of purchasing Gold.

Delivery is possible as Gold Coins only through this plan.You can make jewelery any time with your choice of making charges.

All over process of Registration is very simple & hassle free.

  • Does this plan offers any Fixed Returns?

This is Gold accumulation plan & returns depend on overall fluctuation of Gold prices.

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31 thoughts on “Details Of Reliance My Gold Plan:”

  1. 3 years back my scheme matured. No response from Reliance MGP. Their website Reliancemgp.com & toll free no 1800 3000 2267 are not working. Do any other nr available?

    Reply

  2. 3 years back my scheme matured. No response from Reliance MGP. Their website Reliancemgp.com & toll free no 1800 3000 2267 are not working.

    Reply

    1. Hi krishnaKuamar,
      As far security is concerned…I don’t think this is ponzy scheme.Investor willing to buy gold are investing through this plan & Reliance is taking management charges for overall management of the process…overall process is being monitored by independent trustees… No returns are guaranteed in the plan…The vaults where Gold is being stored are insured..so don’t know why need of security…

      Reply

  4. I have applied got id 145xxxx (Edited by author) but not yet received docs from reliance go side.pls make it ASP

    Reply

  5. The information provided caters the basic information to the investors.

    Pl suggest me the good gold plan as I am seriously thinking of to invest in gold plan rather than other schemes.

    Reply

    1. Dear Mr.Reddy, Thanks for the comment.
      Output of this plan is in terms of Physical Gold only..If you are OK with this then you can subscribe for this plan..
      You are getting benefit of daily price averaging …as well no tension of safekeeping till your subscription ends…I think this is good plan for them who are looking to accumulate Gold.

      Reply

    1. Details of plan are provided above & please invest only after you understand the plan.
      The plan offers accumulation of Gold over certain period of time & delivery will be in the form of gold coin.So risk will be of up-downs in the Gold prices.
      Finally purpose of investing is quite important.If any one is looking to accumulate Gold for purpose like marriage then its good idea to look at this plan.

      Reply

  7. Hi, I am looking to book gold regularly, fr future requirement (daughters marriage), through regular small investments. My understanding is that this plan will suffice my needs. Assuming 10% increase in Gold Prices annually, Rs 3000 monthly subscription will help me get 96 Gms of gold in 20 years. Pl suggest.

    Reply

    1. Yes.You can surely think to invest through this plan as far Gold accumulation for marriage purpose is concerned.
      Keep investing regularly & try to accumulate few grams whenever there is sudden deep in prices.
      We can’t say how much gold you will accumulate within next 20 years.

      Reply

  9. Dear All,

    Gold Price declared by RMPM is much higher than Gold traded in India today. Also after maturity, they will charge Gold Coin Making Charge, fund management Expenses and Sales Tax or VAT. VAT on Gold Ornament is 1% as on date. You can check Gold Coin price offered by Bank of Baroda on http://www.bankofbaroda.co.in/gold-new.asp , it is at Rs.3368/- inclusive of Coin Making charges. It is much – much cheaper than Gold rate offered by RMPM.
    Buy Gold Coin from outside Market, it will more cheaper to you but also keep in mind that this scheme is providing Daily Averaging Price Advantage which cannot be defeated by purchasing from Jewelers’ or Banks.

    Reply

    1. Hi,Thanks for your comment.

      But Actually I found Reliance My Gold Plan Prices cheaper than that of BOB or than any above mentioned bank.

      Reliance MGP is SIP route and very much different funda ,,as you have mentioned.
      Though there are coin making charges,but I don’t think they will fluctuate overall returns by big difference.

      Reply

      1. Can you elaborate that 1.5% Administrative Charges?

        Correct me if I wrong, it is on all Subsription Amount, So If I contribute 1000 p.m., they will charge 15Rs. every month on my Portfolio, so my net investment would only be Rs.985/-. This may effect the overall return for small Investor.

        Reply

        1. Of course,management charges should impact the final returns.Its inevitable to pay management charges considering Daily Averaging Facility offered by this plan.
          But all whether ETFs, Gold Funds tend to apply for management charges..just difference is that management charges for them is already added in the NAVs declared.

          Following is the comparison of Gold prices by few banks with R-MGP for DEC 06, 2012:

          Name Price
          Reliance-MGP 3292.03
          ICICI bank 3967.91
          Bank OfIndia 3316.2
          BoB 3345

          Gold prices are generally higher for bankers in the range of 0.8% – 2% means indirectly banks adding management charges in gold prices itself..as what I can understand…

          Reply

  10. Dear All,
    Correct me if I am wrong, but I had observed that The Gold Price declared by reliance is Much Higher than the Gold Price in Open Market
    For Example:
    Gold price today (4/12/12) in India
    (Rs/10gm) is 31241.00
    as per http://www.marketonmobile.com/Gold-Price-India. But buying Price for Reliance MGP Customers today is 33535.
    More Price means less gold for customers. What is the reason. What is the Catch ?
    I asked reliance on their Facebook page but they simply deleted my comment.
    Is something big cooking there ?

    Reply

  11. What is the making charge for the gold coins/gold jewelery? Is there an option to sell the gold back after maturity?

    Reply

    1. I don’t have exact idea about coin making charges.
      I don’t think there is facility to sell gold coins back to them..as similar to banks .
      But it can be used to get gold loan..I think.

      Reply

      1. Coin Making Charges:
        0.5 Gm – Rs.75/-
        1 Gm – Rs.100/-
        5 Gm – Rs.160/-
        8 Gm – Rs.200/-
        10 Gm – Rs.200/-
        20 Gm – Rs.300/-
        50 Gm – Rs.450/-

        Reply

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