In a bid to carve a big slice of the Rs 2.3-trillion gold
market in the country, Reliance Money Precious Metals Pvt Ltd today announced a
gold accumulation plan under which customers can invest as little as Rs 1,000 a
month.
The subscription tenure for the scheme, called Reliance My
Gold Plan, ranges from one to 15 years.
Customers can start accumulating the yellow metal using a
daily average pricing methodology. Daily average pricing methodology splits the
monthly subscription into equal parts.
At the end of the selected term of the
plan, customers have the option to exchange their accumulated gold grams into
24-carat gold coins or jewellery at designated outlets across India.
While the accumulation of gold will start on the day after the
realisation of funds, it can be tracked using a unique customer ID.
The plan
has an administrative charge of 1.5 per cent on each subscription, a lock-in
period of six months and a pre-maturity charge of 2.5 per cent.
The World Gold Council is the marketing partner for the plan.
