Reliance Money and World Gold Council launch My Gold Plan
Published 22 November, 2012
RELIANCE MONEY AND WORLD GOLD COUNCIL LAUNCH RELIANCE MY GOLD PLAN
INDIA’S FIRST-OF-ITS-KIND GOLD ACCUMULATION PLAN BACKED BY PHYSICAL GOLD
ALLOWS CUSTOMERS TO ACCUMULATE GOLD FOR AS LOW AS RS.1000 PER MONTH
REDEMPTION IN PURE GOLD COINS OR JEWELLERY ACROSS INDIA
TENURES FROM 1 YEAR TO 15 YEARS DAILY AVERAGE PRICING INSULATES AGAINST PRICE VOLATILITY
Mumbai, November 22, 2012: Reliance Money Precious Metals Pvt. Limited (RMPM), a Reliance Capital company, and World Gold Council, the market development organisation for the gold industry, today announced the launch of Reliance My Gold Plan.
This first-of- its-kind gold accumulation plan was launched by Mr. Vikrant Gugnani, CEO, Broking and Distribution Business, Reliance Capital, and Mr. Stephen Richardson, Director-Investment, World Gold Council.
Reliance My Gold Plan offers customers the unique opportunity to start accumulating physical gold using a daily average pricing methodology. A minimum subscription of Rs.1000 per month translates to accumulation of gold for as low as Rs. 50 per day.
“Reliance My Gold Plan will change the way consumers accumulate gold and we expect it to be the most preferred way of saving in gold. We have been witnessing a distinct increase in the demand for physical gold backed saving products in the last few years. This change in the gold buying pattern provided us an opportunity to offer Reliance My Gold Plan, the next generation gold savings product”, said Mr. Gugnani.
The plan is 100 percent backed by physical gold which is held with a vaulting agency and is controlled by an independent trustee thereby offering maximum security and safety.
Reliance My Gold Plan is available at a minimum subscription of Rs.1000 per month and can be subscribed for a tenure ranging from 1 year to 15 years. Daily average pricing methodology splits the monthly subscription into equal parts and allots gold grams over 20 successive business days.
Customer can avail their statement of holding on a daily basis detailing the amount of gold accumulated and the purchase price of gold in a transparent manner.
At the end of the selected term of the plan, customers have the option to exchange their accumulated gold grams into 24 Karat gold coins or jewellery at designated fulfilment outlets across India.
"RMPM has over 100 fulfilment locations across India to ensure hassle free delivery of physical gold to the customers. We plan to expand this network to over 1000 locations in the next few months", said Mr. Gugnani.
The World Gold Council is the marketing partner for Reliance My Gold Plan and is providing marketing and promotional support whilst the product will be managed by RMPM.
"The growing demand for gold to mark life events and special occasions, along with its significance in Indian society, called for a plan which made savings in gold convenient, simple and secure. The World Gold Council has successfully launched similar products in China and Japan. Reliance My Gold Plan makes gold accumulation transparent and straightforward, allowing customers to convert accumulated gold grams into coins or jewellery at multiple outlets across India. Reliance Money's distribution network and extensive experience in handling gold products in India makes them the ideal partner for us", said Mr. Richardson.
The accumulation of gold starts on the day after the realisation of funds and can be tracked using a unique Customer ID. The plan has an administrative charge of 1.5 percent on each subscription, a lock-in period of 6 months and a pre-maturity charge of 2.5%.
Customers can subscribe to the product by filing an application form which is available online or offline through a network of over 1800 distributor locations across India. Enrolment can also be done by calling on Toll Free Number 1800-3000-2267 or sending a SMS <RELIANCE> to 53636. The application form needs to be submitted along with supporting documents.
More details are available on www.reliancemgp.com
About Reliance Money Precious Metals Private Limited:
Reliance Money Precious Metals Private Limited (RMPM), a Reliance Capital company, offers a range of innovative products and services related to precious metals. The company endeavors to make a paradigm shift in the way people save in precious metals, especially gold, by making it available to a larger set of consumers at convenient price points. The company is registered with leading Gem and Jewellery associations. RMPM products and services are sold under the brand name of Reliance Money.
Reliance Money, a brand owned by Reliance Capital, provides a single window for transacting in a wide range of asset classes such as Equities, Commodity Derivatives, and Gold Savings. It also offers an array of financial services including Wealth Management, Investment Banking, Money Transfer; and distribution of financial products such as IPO's, Mutual Funds, and Insurance (Life & General)
Reliance Capital, a part of the Reliance Group, is one of India's leading private sector financial services companies. It ranks amongst the top four private sector financial services and banking groups, in terms of net worth. The company is a constituent of CNX Nifty Junior and MSCI India.
About World Gold Council:
The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold. We develop gold-backed solutions, services and markets, based on true market insight. As a result, we create structural shifts in demand for gold across key market sectors.
We provide insights into the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society. Based in the UK, with operations in India, the Far East, Europe and the US, the World Gold Council is an association whose members include the world's leading and most forward thinking gold mining companies.
For media queries please contact:
World Gold Council
T +91 99870 45485
T +91 9324984296