There is good news for all of you who save small amounts every month but can't buy gold jewellery because of high gold prices. Rs 500 is all you need to buy gold jewellery now.

Yes, you heard that right. For Tansihq, that trusted jeweller promoted by the Tatas has started a 'Golden Harvest Saving Scheme' that lets you do just that. The scheme has now more than 1,25,000 customers who deposit monthly cash that ranges from a minimum of Rs 500 to a maximum of Rs 3,00,000, informs K Lakshana from Nagpur, who looks after Tanishq's operations in Central India.  

"Housewives, young professionals and people belonging to any age group who are gainfully employed and have idle funds with them after budgeting for their monthly household expenses are our potential customers," says Sunil Raj, Tanishq's plain gold category head from Bangalore.

The scheme

As per Tanishq's 'Golden Harvest Saving Scheme', a customer can deposit a minimum of Rs 500 for a 12-month period (annual plan) or for 18-months (extended plan). To attract customers the scheme offers a one-time bonus of 60 per cent on your monthly installment at the end of the 12-month scheme and 130 per cent of monthly installment at the end of the 18-month scheme.

• Why you should invest in gold?

Here's how the numbers work out for you.

Let's assume that you are depositing Rs 500 every month. At the end of 12 months you will have deposited Rs 6,000 in this scheme. The bonus amount that Tanishq will give you will be Rs 300 (calculated as 60 per cent of your monthly installment of Rs 500). Including the bonus you will have Rs 6,300 at the end of the 12-month period. You can use this amount only to buy branded gold and diamond jewellery worth the amount from Tanishq's showroom.

If you deposit Rs 500 in the 18-month scheme then you will get a bonus of Rs 650 (130 per cent of your monthly installment of Rs 500) that can be added to Rs 9,000 (Rs 500 multiplied by 18) and buy jewellery worth that amount from Tanishq.

The starting range for gold jewellery at Tanishq is Rs 2,000-3,000 and diamond jewellery begins at Rs 3,000, according to K Lakshana. That makes this scheme affordable even to those who can deposit a maximum of Rs 500 every month.

Who's interested?

Parents who have young daughters and are planning their marriage come immediately to mind, says Lakshana. Even parents with 10-year-old daughters come to us and deposit money under this scheme, she adds.

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Interestingly, it is not only parents with daughters to be married off who are Tanishq's customers. The broad age profile of customers who have opted for this scheme falls in the 18-65 range and this includes fathers as well as grandfathers.

If you are interested in buying jewellery that costs you a bomb then even this scheme is for you. Jewellery prices are determined by the amount of gold used, make charges, extensive workmanship involved and intricate hand crafted designs. "However, the value of such jewellery goes high as the value-add increases," Raj informs.

Special seasonal offer

To add zing to their 'Golden Harvest Saving Scheme', Tanishq showrooms also launch special offers where Tanishq pays the last installment as a bonus. Simply put, under this scheme, if you put Rs 50,000 every month for 11 months then the last installment of Rs 50,000 is deposited by Tanishq in your account as a bonus. In other words, you don't have to pay the last installment.

• How to buy gold bars?

Rs 50,000 did I say? Well, if you think I am joking this is what Lakshana says about this offer.

"We have a customer who deposited Rs 3,00,000 for 11 months in this special offer scheme and we paid the last installment of Rs 3 lakh."

However, such special seasonal offers are announced only when Tanishq stores witness an important milestone. A lot of Tanishq stores offer this special scheme during their anniversary celebrations.

So what are you waiting for guys?