Best Gold Saving Scheme by Jewellers in India

Gold saving schemes offered by leading jewellers are a disciplined way to plan your jewellery purchases. By contributing a fixed amount every month, you can accumulate savings that are later redeemed for gold ornaments, often with added benefits like discounts on making charges or value addition. For many households, these schemes also become a first step in understanding gold as an investment, since they combine the emotional value of jewellery with the practical approach of systematic saving. If you are exploring different ways to save in gold whether through traditional jewellery purchase plans, digital gold platforms, or even investment products like Sovereign Gold Bonds, understanding how jeweller schemes work is essential. In this guide, we explain the most popular schemes in India, their features, and how they compare, so you can choose the right option for your goals.

What is a Jeweller Gold Saving Scheme

A jeweller gold saving scheme is a structured purchase plan. You deposit a fixed amount monthly for a set tenure. At maturity, you buy jewellery using your total deposits plus the gold scheme benefits, which is usually a discount on making charges or a bonus applied at redemption. These are purchase plans meant for jewellery buying, not investment products that pay interest.

How these schemes usually work

1. You enroll at a participating jeweller and choose a monthly amount and tenure.

2. You pay the amount every month for ten or eleven months in most plans.

3. At maturity, you purchase jewellery and receive the scheme’s stated benefit, such as a discount on making charges or value addition.

4. Terms like missed payment grace, premature redemption, and exclusions vary by jeweller, so always read the fine print.

Best Jeweller Gold Saving Schemes in India in 2025

Below are popular, well known plans with headline features. Always verify final terms at your local store before enrolling because benefits, eligibility, and exclusions can differ by city and season.

Tanishq Golden Harvest

A ten month plan where you deposit a fixed amount monthly and get a special discount at maturity. Tanishq advertises a discount of up to seventy five percent of the first installment value paid, applied when you buy jewellery after completing the tenure. Enrolment is available online, on the app, and in stores.

Malabar Gold and Diamonds Gold Purchase Plan

Malabar runs multiple plans. Under its purchase plan example, after paying eleven monthly installments, you can buy jewellery at prevailing rates and receive gold scheme benefits, such as exemption up to eighteen percent on making charges up to a certain weight, per plan terms.

Joyalukkas Easy Gold Scheme

A simple monthly pay plan, typically ten months, where you accumulate payments and redeem for jewellery with scheme specific benefits that may include offers on making charges during campaign periods.

GRT Jewellers Golden One and Golden Eleven

GRT offers jewellery purchase plans such as Golden One Flexi and Golden Eleven with typical eleven month contributions and benefits like discounts on value addition within stated caps. GRT clarifies that cash refunds are not offered and government levies like GST apply at delivery.

Kalyan Jewellers Dhanvarsha and Other Saving Plans

Kalyan runs monthly savings plans over eleven months that let you purchase gold, diamond, and precious jewellery at maturity, along with promotional benefits announced by the brand.

Senco Gold and Diamonds Swarna Yojana

Senco’s Swarna Yojana is a monthly jewellery saving scheme with city wise terms and conditions. The scheme’s T and C pages detail eligibility, redemption rules, and dispute jurisdiction.

Comparison Table of Popular Gold Saving Schemes

How to Choose the Best Gold Saving Scheme

Compare the benefit structure

Check whether the benefit is a discount on making charges, a value addition waiver, or a bonus equivalent. Note the cap, the eligible product categories, and any weight limits to which the benefit applies.

Understand rupee versus gram accumulation

Some plans track your deposits in rupees to be used at the prevailing gold rate at maturity. Others convert installments into grams each month. The second type helps reduce the effect of price swings, but availability depends on the jeweller and plan variant.

Read redemption and exclusion rules

Confirm if coins, bars, or silver are allowed, whether special collections are excluded, and if custom orders or certified diamonds are eligible. Many plans do not permit refunds and are strictly for jewellery purchases.

Check purity and hallmarking

Prefer jewellers that provide BIS hallmarked jewellery and clear invoices showing purity, weight, and value addition.

Confirm taxes and levies

GST is charged at billing on gold value and on making charges as per law. Plans do not pay interest. You are simply advancing payments to buy jewellery later. Always budget for taxes at redemption.

Assess store network and digital access

If you travel or plan a destination wedding purchase, choose a jeweller with a wide store network and convenient online account access for payments and tracking.

Also Read: Digital Gold vs Gold ETF: Which is the Best Investment Option?

Worked Example

Illustration with a monthly budget

1. You commit five thousand rupees per month for ten months.

2. Total deposit equals fifty thousand rupees.

3. At maturity, you select jewellery and the jeweller applies the scheme benefit. For example, a discount on making charges up to a stated percentage or weight cap depending on the plan rules.

4. You pay the invoice balance plus applicable GST at billing.

Risks and Safety Checklist

Key limitations to remember

1. These are not bank deposits and do not earn interest.

2. Benefits are redeemed only against jewellery purchases, and cash refunds are usually not allowed.

3. Your benefit can be limited by caps on value addition discounts or eligible collections.

4. Keep every receipt, enrolment document, and maturity certificate safe.
   

Who Should Consider a Jeweller Scheme

Best gold scheme options are ideal for shoppers planning weddings, festivals, or milestone purchases within a year who value disciplined saving and immediate benefits on making charges at redemption.

If you want long term exposure, compare with other gold investment scheme options like Sovereign Gold Bonds, ETFs, or digital gold, which can serve as the best gold investment plan depending on your horizon.

Also Read: Best Gold Mutual Funds in India for 2025

FAQs:

What is the best gold saving scheme by jewellers in India

The best scheme depends on your city, budget, and product choice. Popular options include Tanishq Golden Harvest, Malabar Gold purchase plans, Joyalukkas Easy Gold, GRT Golden Eleven, Kalyan saving plans, and Senco Swarna Yojana. Compare benefit type, caps, and redemption rules before joining.

How many months do gold saving schemes usually run

Most well known jeweller plans run for ten or eleven months. You pay monthly, then redeem the total for jewellery at maturity with the scheme benefit as per the jeweller’s terms.

Do these schemes give zero making charges

Some plans offer partial or full making charge benefits within limits, often up to a specified percentage or weight. Always check the cap and eligible categories because the offer rarely applies to every product.

Can I get a cash refund instead of jewellery

These plans are structured for jewellery purchases only. Leading jewellers clearly state that cash refunds are not provided, and government taxes will apply at billing.

Is BIS hallmarking guaranteed

Reputed chains highlight that they sell BIS hallmarked gold jewellery. Even so, verify the hallmark and invoice details at purchase for purity and weight transparency.

Are there any taxes when I redeem my scheme

Yes. GST applies on the gold value and on making charges at the time of billing. Plan benefits reduce value addition or making charges as per the scheme but do not remove applicable taxes.

Which monthly gold scheme is best?

The best monthly gold scheme depends on your needs. Tanishq Golden Harvest is popular for nationwide buyers, while Malabar Gold Purchase Plan offers strong making-charge benefits.