The Plan is NEITHER a financial product NOR a deposit but a method of accumulating gold for the personal needs of the customer.
E.g. Start monthly sip of Rs. 2,000. Gold rate will be declared on all working days except Saturday, sunday or holidays. So working day will be 20. They will divide yr sip amt by 20. So it will come to Rs.100/- per day (2000/20). They will purchase Gold of Rs.100/- everyday & credit the same into your a/c. Gold quantity will be accumulated every day & u will get Physical delivery of Gold at the end of your selected period. You will get the benefit of averaging the price of Gold. Its basically a "Systematic way to purchase a GOLD"
About MY GOLD PLAN :
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. However the physical gold market in India is highly unorganized. Therefore, to assist in the development of a mature gold market in India Reliance Gold along with World Gold Council as its Marketing Associate has launched the MY GOLD PLAN. This revolutionary new plan lets customers buy gold conveniently in small amounts, based on a Daily Average Pricing Methodology. The Daily Average Pricing Methodology splits the monthly subscription amount into equal parts, spread over 20 working days of a month, thereby insulating the customers from the daily price volatility
Product Objective:
Reliance My Gold Plan (R-MGP) is offered by Reliance Money Precious Metals Pvt. Ltd. (RMPM) to enable systematic accumulation of gold grams by customers for their personal requirements. R-MGP enables customers to accumulate physical gold in small quantities on a daily basis through the benefit of "daily rupee average pricing"
What is My Gold Plan:
Similar to conventional savings plans
A medium to accumulate physical gold in small quantities at periodic intervals
A customer puts aside a fixed sum of money every month
The fixed sum then buys gold every trading day in that month
Save gold through a process of daily rupee averaging of the price of gold over a sustained period in time
At the end of the term exchange in the form of Gold Coins
Product Features
Accumulation of Gold Grams: Customers can accumulate gold grams through small subscriptions over a sustained
period to meet objectives like daughter's wedding, planned gifting, to name a few.
Affordable: Low entry level with a minimum payment of `1000/- and in multiples of `500/- thereafter
Cost Averaging/Daily Pricing: For all "Clear Funds" from purchases (First time / Monthly / Additional) gold grams would be purchased over the next 20 successive business days in equal tranches and gold micro grams allotted at "Beginning of Day" prices declared by RMPM.
Gold Rates Benefit: More gold grams credited when the price of gold is low
Guaranteed Purity: 24 Karat with 99.5% purity
Flexibility of Fulfilment: Choice of obtaining accumulated gold grams in the form of coins
100% Secure: Security Trustee appointed for the benefit of customers. Accumulated gold is kept in safe custody with professional custodians in insured professional vaults. Delivery of gold to end customers under an insured mechanism through coin fulfillment partners
Gold Gram Benefit: Credit of physical gold grams in 4 decimals rounded down
Multiple Modes of Payment: Cheque / DD / Pay Order / Cash / Direct Debit / ECS
Gold - A wealth creator
For centuries, gold has been considered a symbol of security & prosperity. Indians buy or present gold extensively on important occasions, be it a wedding or some religious festival. It is considered to be one of the safest forms of storing wealth. These aspects of Indian culture has made India the world's largest consumer of gold (source: World Gold Council). Gold is considered as a safe haven for the future as it is valued as a savings vehicle and is one of the preferred investment avenues.
Why invest in gold?
Safe Haven:
Gold is considered as one of the most pure, safe and secure form of storing wealth. Infact, Gold can also be used as a mortgage against a loan or can be sold to sail through uncertain times.
Consistent asset class:
Gold as an investment asset has given positive returns (in USD) for each calendar year during the last decade outpacing most of asset classes.
Hedge against other asset class:
Gold, as an asset class has low correlation with other asset classes like equity and bonds. It has low correlation with economic downturn in volatile times and is a good hedge against inflation. Coupled with strong appreciation for over a decade, Gold has emerged as an important asset class for investments in one's portfolio.
Diversification:
Easy and convenient way to diversify one's portfolio.
Comparison with Prevailing Products
| Features | Reliance
My Gold Plan | Gold ETF | Gold SavingsFund | Jeweller |
| Backed by Physical Gold | Yes | Yes | No | No |
| Fulfilment Mode | Gold Coins / Jewellery* | Cash | Cash | Own Jewellery
only |
| Allotment | Price of Gold at each Subscription | Net Asset Value | Net Asset Value | Price of Gold at the end of the tenure |
| Mode of Subscription Average Pricing | Cheque / DD / ECS / Cash** | Stock Exchanges | ECS / Cheque / DD | Cash |
| Methodology | Yes | No | No | No |
| Impurity Risk | No | Not Applicable | Not Applicable | Yes |
| Default Risk | No | No | No | Yes |
| Flexibility to buy gold from other Jewellers | Yes | Not Applicable | Not Applicable | No |
| Fulfilment Centres | Across India | Not Applicable | Not Applicable | At his outlet |
Kindly find the attached details of the press coverage in Economic Times, Business Standard, Indian Express, Zee News, Moneycontrol and many more on 22nd Nov 2012:
http://articles.economictimes.indiatimes.com/2012-11-22/news/35300950_1_gold-market-tonnes-gold-pure-gold
http://www.business-standard.com/generalnews/ians/news/reliance-targets-dominant-share-in-gold-marketnew-plan/82271/
http://zeenews.india.com/business/bullion/bullion-news/reliance-money-targets-rs-2-trillion-gold-market-with-new-plan_64881.html
We are enclosing herewith for your reference.
1. Gold Price since last 86 years
2. Frequently Asked Questions (FAQ)
3. Reliance Gold Plan Features
For More details, clarification & forms, Contact us.
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Nikhil Vadia : 98197 55658
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