CMR Gold Scheme Review

By Team Gullak

Nov 13, 2024

4 min read

Gold saving schemes are rapidly growing in popularity in India. This is mainly due to their systematic and flexible approach to buying gold. One such scheme that is widely known in Southern India is the CMR Gold Scheme. In this article, we will understand how the CMR gold scheme works, how to open an account, its pros and cons and compare it with alternative gold schemes.

What is the CMR Gold Scheme?

The CMR Gold Scheme is a structured savings plan that allows customers to save money on a monthly basis with the goal of purchasing gold jewellery at the end of the scheme’s tenure. The scheme typically lasts for 10 months. After the 10th month, users are eligible for discounts on VA on their jewellery purchase.

CMR Gold Scheme Details:

Minimum monthly advance amount: ₹5000/month

Benefit: 25% to 50% discount on VA if you continue for 6 months and above

Payment Terms: Monthly advances that get invested in gold during the time of purchase

Tenure: 10 months

Withdraw options: Gold jewellery

How to open CMR gold Scheme online?

Follow the below steps to open a CMR gold scheme account:

1. On the online portal, fill out the form provided by CMR.

2. Select the monthly amount.

3. Select between the value based or the weight based plan & set up.

4. At the end of the 11th month, you will be able to buy gold jewellery of choice.

Gullak Gold+ as an alternative to CMR Gold Scheme

Gullak Gold+ is a gold saving scheme that allows you to grow your gold every year. With Gullak Gold+, your gold quantity grows by 5% every year. So, 100 gms invested in Gullak Gold+ becomes 105 gms in 1 year and 148 gms in 8 years. Imagine just increasing your gold quantity by 50%!

The entire 148 gms benefit from gold price increase as well.

You can set up daily/weekly/monthly SIPs that get invested in 24K Gold. There are no lock-in periods. You can withdraw your amount in cash or gold coins or redeem gold jewellery at Gullak’s partner stores like CaratLane by Tanishq or Kalyan.

Key Features of Gullak Gold+:

Only place in India where your Gold quantity increases by 5% every year.

No lock-in periods

Withdraw options: cash or gold coins or redeem gold jewellery at CaratLane by Tanishq stores.

When withdrawing as jewellery, you also get additional discount on gold price

Payment Terms: One time investments or daily/weekly/monthly instalments

Minimum investment: ₹150

Comparative analysis: CMR Gold Scheme vs Gullak Gold+

In this section, we will compare the CMR Gold Scheme with Gullak Gold+ under a variety of parameters.

Table: CMR Gold Scheme vs Gullak Gold+

Concluding thoughts on CMR Gold scheme

While the CMR gold scheme is a lucrative gold scheme to slowly accumulate money for future gold purchase, if you want to make the most out of your gold investments you should definitely check out Gullak Gold+. The extra 5% gold pa on Gullak Gold+ gives you a massive advantage over most gold schemes. That being said, the decision on which scheme to choose ultimately lies with you as an investor.