Reliance My Gold Plan:Â RMGP which is also known as Reliance my gold plan is a monthly savings plan that allows investors to acquire gold in 20 installments over the course of a month for as little as 50Rs each day. This Reliance My Gold Plan is such a unique product that allows you to build a gold SIP on a daily basis and redeem it for a 24k gold coin or jewelry. Though it seems to be a better solution to invest in gold, one must also know the disadvantages which are discussed in detail below. Read on to find out more about reliance gold policy, reliance gold saving.
What is Reliance My Gold Plan?
Reliance Money Precious Metals Pvt Ltd, a Reliance Capital firm, and the World Gold Council have together initiated the Reliance My Gold Plan (RGMP). For any investor who cannot stay away from gold as an investment, one alternative is to look into the Reliance My Gold Plan, a gold plan that allows you to invest in gold in a methodical manner. This RGMP scheme allows the investor to buy the gold scheme in 20 installments over the course of a month for a specified period of time.
How The Reliance My Gold Saving Plan Works?
Reliance golden year plan login can be purchased for a period of one to fifteen years. The plan allows you to pay monthly, and gold prices from the previous 20 business days are averaged and gold is purchased accordingly. The gold gram given will be 24 carat gold with a purity of 995 and will be rounded to the nearest four decimal points.
When you’ve accumulated enough, you can convert it to Gold Grams of 24 Carat Gold with a purity of 995. i.e., after paying the making charges and VAT, reliance my gold plan redemption process is possible in the form of a 24K gold coin or jewelry at particular stores and is available as reliance my gold plan redemption form pdf. RMGP competes with jewelers’ Gold Savings Schemes (GSS). Under the system, you can also buy jewelry from empanelled jewelers.
My Gold Plan Reliance Scheme – Overview
Who Can Buy The Reliance My Gold Plan?
The following people are eligible to but the RMGP scheme:
- Indian Resident
- Non-Indian Residents -NRI
- Minors (where parents / lawful guardians are applying on behalf of Minors), and
- Hindu Undivided Family (“HUF”)
Note: One will have to declare the nominee while buying the Reliance My Gold Plan.
How To Buy My Reliance Gold Plan?
One will have to fill out the application process in order to buy the My Reliance Gold Plan. For an application form of Reliance My Gold Plan, one must visit the nearest RMPM Collecting Centres. At RMPM collecting centers, he/she required to provide a fully completed and signed application form, as well as valid approved KYC proof that has been self-attested and the initial payment. The customer must present valid proof of identity and proof of address to satisfy R-KYC MGP’s standards. For the proof of identity and address, the individual can submit any of the following:
- Photo Identity Proof such as Aadhaar card, Passport, Driving License, etc.,
- Address Identity Proof: Any proof of identity which was Government/Regulatory/Statutory Authorities issue identity cards/documents with addresses.
Advantages of Reliance My Gold Plan
The advantages of my Reliance My Gold Plan are discussed below:
- Surprisingly, you may start with as little as Rs 1000 and work your way up in multiples of 100.
- It permits systematic gold accumulation by splitting subscriptions into 20 daily purchases, removing the risk of market timing.
- After paying the making charges and VAT, the customer’s account is credited with 24K gold of 995 fineness up to four decimals of grams.
- The RMGP gold is housed at Lemuire Secure Logistics Pvt Ltd, and the security trustee is IDBI Trusteeship Services Ltd.
Disadvantages of Reliance My Gold Plan
- Gold prices are greater than those supplied by other monthly jewel schemes
- The plan can be purchased for a period of one to fifteen years. There is a six-month lock-in period after which you can claim gold in the form of coins or jewelry, but there are 2.5 percent early termination fees.
- There will be 1.5 percent administration charges as a mark-up on the daily gold price.
- It does not provide gold trading. At the end of the semester, you must take physical delivery.
- There is no way to get your money back in cash. If you do not take delivery of gold within six months of maturity or the receipt of a fulfillment voucher, you will be charged a 0.5 percent safekeeping fee.
FAQ’s on Reliance My Gold Plan
Question 1.
Can I buy gold jewelry online on EMI through Reliance My Gold Plan?
Answer:
No, you cannot buy gold jewelry online. Through Reliance My Gold Plan Online, you can only choose among jewelers who have been equipped by Reliance.
Question 2.
What is the Reliance my gold plan customer care number?
Answer:
The customers can reach out to the officials through the following toll-free number and email ID for inquiries.
- Customer Care Reliance My Gold Plan Toll-Free Phone Number: 1800 200 2267
- Email ID: customer.support@mygoldplan.co.in
Question 3.
What is the payment mode of Reliance My Gold Plan?
Answer:
Any individual who has enrolled for Reliance My Gold Plan can process the payments through Cheque / DD / Pay Order / ECS / Direct Debit.
Final Thoughts
There are no unique advantages to investing in the Reliance My Gold Plan.  Investors are generally dissatisfied with gold, and they are more interested in chasing stocks. Thus we advise you to read the terms and conditions carefully before investing in Reliance My Gold Plan.