I was told that the main benefit of the Tanishq Golden Harvest plan is a 10% discount on making charges. Is this a genuine saving, or is there a catch?
This is a common misunderstanding of the plan. The Tanishq Golden Harvest plan does not offer a direct percentage discount on making charges. Instead, its benefit is a bonus added to your savings. While this bonus provides a real, tangible saving on your final bill, whether it’s the best deal depends on the making charges of the jewellery you choose.
Understanding the True Benefit: A Bonus, Not a Making Charge Discount
My friend was about to join the scheme under the impression that she would get a fixed discount on making charges. I had to clarify that the scheme’s benefit is structured differently. It’s a bonus-based savings plan. After you complete your 10 installments, Tanishq adds a bonus amount, which is a percentage of your first installment, to your total saved money.
How the Bonus Provides a Real, Tangible Saving
I showed my friend how this bonus translates to a genuine saving. She planned to save ₹10,000 per month. After 10 months, she would have ₹1,00,000 of her own money. Tanishq would then add a bonus of up to 75% of her first installment, which is ₹7,500. Her total redeemable value would be ₹1,07,500. This bonus is a real financial discount on the final price of the jewellery she buys.
High Making Charges Can Negate the Benefit
My financial advisor pointed out the potential catch that one must be aware of. He said that the making charges at Tanishq can sometimes be higher than at other jewellers. For example, the ₹7,500 bonus might be offset if the Tanishq piece has a 25% making charge, while another trusted jeweller offers a similar piece with only a 15% making charge. The plan truly saves you money
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