My Tanishq Golden Harvest plan has matured. I’m thinking of taking a 24-carat gold coin instead of an ornament. Is this a good idea, or do I lose out on some value?
You cannot redeem your Tanishq Golden Harvest Scheme balance for gold coins at all. The scheme is exclusively for purchasing jewellery. Therefore, you would “lose” the entire benefit of the scheme, including your bonus, as you would not be able to use your accumulated funds for that purchase.
The ‘Jewellery Only’ Redemption Rule of the Golden Harvest Scheme
My friend was in this exact situation after his plan matured. He went to a Tanishq store with the intention of buying a gold coin for investment. He was informed by the staff that the Golden Harvest Scheme is a jewellery purchase plan. As per the scheme’s terms and conditions, the entire accumulated amount, including the bonus from Tanishq, can only be used to buy gold or diamond ornaments.
Why Gold Coins and Bars are Excluded
I was discussing this with a Tanishq employee, and she explained the company’s reasoning. The scheme, with its attractive bonus, is designed as a loyalty program to encourage the purchase of Tanishq’s primary product, which is designed jewellery. Gold coins are considered a pure investment or bullion product and are therefore kept separate from the benefits of this specific savings scheme.
The Consequence: You Cannot Use Your Scheme Balance for Coins
The practical outcome for my friend was that he was unable to use his matured GHS balance of over ₹1 lakh to pay for the gold coin he wanted. If he was set on buying the coin, he would have had to pay for it separately using new money from his bank account. The funds accumulated in his GHS account were simply not applicable for that type of product.
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