Top Gold Saving Schemes in India by Jewellers

Gold has always held a special place in Indian homes. It’s not just about the shine or the value; it’s tied to our traditions, festivals, and big life events like weddings. Many people save up for gold jewellery over time, and that’s where gold saving schemes from jewellers come in handy. These plans let you put away a little money each month, building up to buy that perfect piece without feeling the pinch all at once. Plus, they often come with perks like discounts on making charges or extra bonuses.

In this guide, we’ll dive deep into the best gold saving schemes offered by top jewellers in India. We’ll cover what these schemes are, how they work, and which ones might suit you best. We’ll also look at how they stack up against other ways to invest in gold, like digital gold or bonds. By the end, you’ll have a clear idea of how to pick the right plan for your needs. Whether you’re saving for a daughter’s wedding or just want to grow your gold collection steadily, these schemes can make it easier.

Let’s start with the basics. Gold saving schemes aren’t new. They’ve been around for decades, evolving from simple chit funds or informal savings groups in villages to structured plans run by big jewellery chains. Back in the day, people would trust local jewellers to hold their monthly payments, and in return, they’d get jewellery at a fixed rate. Today, with regulations and technology, these schemes are more transparent and accessible. You can even sign up online or through apps, making it convenient for busy folks.

Why do people love gold in India? Well, it’s seen as a safe haven. When the economy wobbles, gold prices often go up. As of October 2025, gold prices are hovering around ₹75,000 per 10 grams, up from last year due to global tensions and inflation. But buying gold outright can be expensive, especially with added costs like making charges (which cover the labor to craft the jewellery) and GST. That’s where saving schemes shine—they help spread out the cost and sometimes cut those extra fees.

Understanding Jeweller Gold Saving Schemes

So, what exactly is a jeweller gold saving scheme? Think of it as a layaway plan for jewellery. You pick a jeweller, decide on a monthly amount you can afford—say, ₹2,000 or ₹5,000—and commit to paying it for a set number of months, usually 10 or 11. At the end, instead of getting cash back, you use the total amount you’ve saved to buy gold jewellery from that jeweller. The big draw? They throw in benefits like waiving part of the making charges or giving you a bonus amount to spend.

These aren’t like bank fixed deposits where your money earns interest. No, they’re purely for buying jewellery. If you’re looking for returns, you might want to explore other options. But for those who plan to buy ornaments anyway, it’s a smart way to lock in savings. Let’s break down how they typically operate.

First, you enroll. This could be in-store, online, or via an app. You’ll need basic ID proof, like Aadhaar or PAN, to comply with KYC rules. Once signed up, you make your monthly payments. Most schemes allow flexibility—if you miss a month, there’s often a grace period, but too many misses might cancel the plan or reduce benefits.

Payments can be in cash, cheque, or digital modes like UPI, which is super handy these days. Some jewellers even auto-debit from your bank account. As you pay, your account builds up. At the end of the tenure, you visit the store (or sometimes order online) and pick your jewellery. The jeweller calculates the gold rate on that day, applies your saved amount, and adds the scheme’s perk.

For example, if the scheme offers a discount on making charges, you might save 10-20% on those costs, which can add up to thousands of rupees for bigger purchases. But remember, GST (3% on gold and 5-18% on making charges depending on the item) still applies at the time of purchase. Also, these schemes are regulated loosely compared to banks, so stick to reputable jewellers to avoid any hassles.

One key thing: these plans are non-transferable and usually can’t be cashed out. If you back out early, you might get your money back minus penalties, but no benefits. That’s why commitment is important.

Top Gold Saving Schemes from Leading Jewellers in India for 2025

India has no shortage of jewellers, but a few stand out for their reliable saving schemes. We’ve picked the most popular ones based on customer feedback, network size, and benefits. Keep in mind, terms can change, so always check the latest at your local branch or website. As of now, in 2025, these are the frontrunners.

Tanishq Golden Harvest Scheme

Tanishq, part of the Tata group, is one of the most trusted names in jewellery. Their Golden Harvest scheme is straightforward and popular across the country. It’s a 10-month plan where you pay a fixed amount each month. The highlight? At the end, you get a discount equal to up to 75% of your first installment’s value. For instance, if your monthly payment is ₹4,000, that first ₹4,000 could translate to a ₹3,000 discount on your jewellery purchase.

What makes it great? Tanishq has over 400 stores nationwide, so accessibility is top-notch. You can enroll online via their app, track payments digitally, and even get reminders. They also offer flexibility—if you pay all installments on time, you might qualify for extra perks during festivals like Diwali.

But it’s not all perfect. The discount applies only to jewellery, not coins or bars, and GST is extra. Also, if gold prices spike at maturity, you might need to top up if your savings fall short for the piece you want. Customer stories? Many say it’s reliable; one user shared how they saved for a necklace over 10 months and saved ₹5,000 on making charges, making the wedding gift more affordable.

Malabar Gold and Diamonds Gold Purchase Plan

Malabar, with roots in Kerala but stores everywhere, offers robust plans. Their Gold Purchase Plan runs for 11 months. You pay monthly, and at maturity, you can buy jewellery with up to 18% exemption on making charges, depending on the weight and category.

They have variations too—like plans for diamonds or specific collections. For example, if you’re eyeing a heavy bridal set, the cap might allow discounts up to 20 grams of gold weight. Malabar emphasizes transparency; their website lists full terms, including how payments are converted to gold grams to hedge against price changes.

Pros: Wide range of products, including international designs, and a strong presence in South India. Cons: Benefits have caps, so for very large purchases, the discount might not cover everything. A friend of mine used this for her anniversary ring and appreciated the easy online payments, but she wished the tenure was shorter.

Joyalukkas Easy Gold Scheme

Joyalukkas, known for their massive showrooms, keeps it simple with the Easy Gold Scheme. It’s usually 10 months long. You accumulate payments and redeem with discounts on making charges, especially during promotional periods.

They often tie in offers with festivals, like extra bonuses during Onam or Akshaya Tritiya. If you join during a campaign, you might get zero making charges on select items. Enrollment is quick, and they accept small monthly amounts starting from ₹500, making it accessible for beginners.

Downsides? Offers vary by season and location, so what you see in ads might not match your store. Still, it’s a solid choice for those in urban areas with Joyalukkas outlets.

GRT Jewellers Golden One and Golden Eleven

GRT, a Chennai-based giant, has two main plans: Golden One (flexi) and Golden Eleven. The latter is 11 months, with benefits like discounts on value addition up to certain limits. They stress no cash refunds—it’s all for jewellery.

GRT converts your payments into grams monthly, protecting against rate fluctuations. This is a big plus in volatile times. Their network is strong in Tamil Nadu, but expanding. Users praise the hallmarking and purity guarantees.

Kalyan Jewellers Dhanvarsha and Other Plans

Kalyan, endorsed by stars like Amitabh Bachchan, offers Dhanvarsha over 11 months. You can buy gold, diamonds, or platinum at maturity with promotional discounts.

They frequently update benefits, like cashback equivalents or free gifts. Great for variety seekers.

Senco Gold and Diamonds Swarna Yojana

Senco, big in East India, has Swarna Yojana with city-specific terms. It’s 11 months, with discounts varying by location. Good for regional buyers.

Comparing the Top Gold Saving Schemes

To make it easier, here’s a detailed comparison table. We’ve expanded it with more factors like minimum monthly amount and network size.

This table shows how they differ. For nationwide access, Tanishq wins. For flexible minimums, Malabar or Joyalukkas.

How to Pick the Right Gold Saving Scheme for You

Choosing isn’t one-size-fits-all. Start by assessing your budget. Can you commit to ₹2,000 monthly without strain? Next, think about what you want to buy. If it’s heavy gold for a wedding, look for plans with high discount caps.

Compare benefits: Is it a flat discount or gram-based? Gram accumulation is better if prices rise, as your savings buy more gold. Check rules—can you redeem early? What if you move cities?

Purity matters. Always go for BIS-hallmarked gold (916 for 22K). Taxes: Budget 3% GST on gold plus more on charges.

Store network: If you travel, pick chains like Tanishq or Kalyan.

Finally, read reviews. Sites like Mouthshut or Google have real stories. One tip: Start small to test the waters.

Also, compare with alternatives. Digital gold (like Paytm Gold) lets you buy fractions and sell anytime, but no jewellery perks. Sovereign Gold Bonds give 2.5% interest plus tax benefits, ideal for investors. Gold ETFs track prices without physical storage hassles. If your goal is pure investment, these might beat jeweller schemes. But for emotional buys, schemes win.

A Real-Life Example of How It Works

Let’s say you’re a young professional in Mumbai saving for earrings. You join Tanishq’s plan with ₹3,000 monthly for 10 months. Total saved: ₹30,000.

At maturity, gold is ₹7,500/gram. You pick earrings worth ₹35,000 (including charges). Scheme discount: 75% of first ₹3,000 = ₹2,250 off. You pay ₹32,750 plus GST (about ₹1,000). Savings: ₹2,250!

If prices rise, you might need extra cash, but the discipline pays off.

Potential Risks and How to Stay Safe

No plan is risk-free. These aren’t insured like bank deposits, so if the jeweller faces issues (rare for big ones), your money could be at risk. Always keep receipts.

Benefits have limits—don’t assume zero charges on everything. Price volatility: If gold drops, you might overpay compared to spot buying.

Safety tips: Choose certified jewellers. Avoid unknown local shops promising high returns—they could be scams. Verify terms in writing. If something feels off, walk away.

Who are these for? Families planning purchases within a year. Not for long-term investors—opt for bonds or funds there.

FAQs on Gold Saving Schemes

What makes a scheme the best?

It depends on location and needs. Tanishq for reliability, Malabar for benefits.

How long do they run?

Mostly 10-11 months, but some flexi options exist.

Zero making charges?

Partial, with caps—rarely full.

Cash refund?

No, jewellery only.

Hallmarking?

Yes from reputed ones—always check.

Taxes?

GST at purchase.

Best monthly scheme?

Tanishq or Malabar, based on reviews.

Can I join multiple?

Yes, but manage commitments.

What if I miss payments?

Grace periods, but penalties possible.

Are they safe?

With big brands, yes—avoid shady deals.

How do they differ from chit funds?

More structured, focused on jewellery.

In 2025, with digital push, many now offer app-based tracking, making them modern.

Conclusion 

Gold saving schemes bridge tradition and practicality. They encourage saving while rewarding with perks. If you’re eyeing jewellery soon, they’re worth it. But weigh against other investments.

Remember, gold’s allure is timeless, but smart planning makes it affordable. Consult a financial advisor if unsure. Happy saving!