Jeweller Gold Scheme Calculator
What a monthly jeweller gold savings plan really pays: the effective yearly return, the bonus in rupees, and the bank RD rate you would need to match it.
On ₹5,000 a month, Tanishq Golden Harvest's discount of 75% of one instalment (₹3,750 on ₹50,000 paid) works out to about 12.14% a year; a bank RD would need 11.63% to match. Malabar's Golden Glitz instead takes 75% off making charges, so its value depends on the piece: at a 12% making charge it saves ₹4,950 on ₹55,000.
Jeweller gold schemes take a fixed amount every month and, at the end, let you buy jewellery with a bonus: a discount, a free instalment or a cut in making charges. Because your money goes in gradually, the bonus is worth more as a yearly return than it looks. This calculator works that out, with each plan's published terms filled in.
What ₹5,000 a month earns in each plan
| Plan (₹5,000 a month) | You pay | Benefit | Effective yearly return | Bank RD needed to match |
|---|---|---|---|---|
| Tanishq Golden Harvest: 10 payments, 75% of one instalment off, buy on day 366 | ₹50,000 | ₹3,750 | 12.14% | 11.63% |
| Malabar Golden Glitz: 11 payments, 75% off a 12% making charge, buy on day 330 | ₹55,000 | ₹4,950 | 19.08% | 17.85% |
| A plan that adds one instalment free: 11 payments, buy on day 365 | ₹55,000 | ₹5,000 | 15.94% | 15.06% |
The effective yearly return treats each monthly payment as money lent to the jeweller until the day you buy. The matching RD rate is what a bank recurring deposit, compounding quarterly, would need to pay to end with the same amount on the same day. RD interest is taxable; a jeweller's discount comes off a bill instead.
The published terms
Tanishq Golden Harvest (tanishqgoldenharvest.co.in, enrolments from 12 August 2020): ten fixed monthly instalments, minimum ₹2,000 in multiples of ₹1,000. After 366 days you get a discount of 75% of one month's instalment on jewellery; redeem before 400 days. Gold is priced at the company's rate on the day you buy. No partial purchase and no cash refund; early closure after 180 days and six instalments earns a reduced discount.
Malabar Gold & Diamonds Golden Glitz (malabargoldanddiamonds.com): a fixed 330-day plan of eleven instalments, minimum ₹1,000 in multiples of ₹500. Gold is credited at the average rate of your payment dates. After eleven payments you get 75% off making charges on gold ornaments (60% after nine, 40% after six); settle before 360 days, no cash refund during the tenure.
Terms as read from each jeweller's website on 26 October 2026. Jewellers can change them; confirm in store.
The catches
The money comes back only as jewellery from that jeweller, usually in a single purchase. Missing an instalment or closing early shrinks the bonus. Making-charge discounts are worth more on intricate pieces and little on plain ones. And a jeweller scheme is not a bank deposit: there is no deposit insurance.
These plans run under a year for a reason: under the Companies (Acceptance of Deposits) Rules, 2014, as commentators read them, an advance for goods is not treated as a deposit only if the goods are supplied within 365 days.
We compared Tanishq's and Malabar's plans in detail, including how each one's gold-rate rule changed the grams a saver got this past year: Tanishq vs Malabar gold plans: what your ₹5,000 a month really earns.
Key takeaways
- Tanishq Golden Harvest on ₹5,000 a month: about 12.14% a year as a discount on jewellery.
- Malabar Golden Glitz: 75% off making charges, so the benefit depends on the piece.
- The bonus is only usable as jewellery from that jeweller; there is no cash refund.
Frequently asked questions
Is Tanishq Golden Harvest worth it?
If you were going to buy jewellery from Tanishq anyway, its discount works out to about 12.14% a year on ₹5,000 a month; a bank RD would need 11.63% to match. The catch is that the money comes back only as Tanishq jewellery.
How does the Malabar gold scheme work?
Golden Glitz takes eleven monthly payments over 330 days, prices your gold at the average rate of your payment dates, and gives 75% off making charges on gold ornaments. Settle before 360 days.
Is a jeweller gold scheme safe?
It is not a bank deposit and has no deposit insurance. Large jewellers run these plans under a year so they count as advances for jewellery, not deposits.
Can I get cash back from a jeweller gold scheme?
Usually not. Tanishq and Malabar both say no cash refund; the balance is used for jewellery.
What happens if I miss an instalment?
Tanishq allows a seven-day grace period a month; beyond that the discount is reduced. Fewer payments in Malabar's plan lower the making-charge discount.