Aditya Birla Money launches Gold Harvest scheme

MUMBAI: Aditya Birla Money, the broking, distribution and wealth management arm of Aditya Birla Financial Services Group, today said it has launched an innovative systematic accumulation plan to invest in gold.

The Gold Harvest scheme offers investors a way to invest in gold, through which they can accumulate 1 kg of the precious metal by paying an initial upfront margin of Rs 3 lakh and the balance in monthly payments spread over 12 to 36 months, the company said in a release.

"From about Rs 9,000 in 2009 to over Rs 22,000 in 2011, gold prices have more than doubled. Gold Harvest is an innovative product to enable customers to easily and systematically accumulate 1 kg gold, the company's Managing Director Sudhakar Ramasubramanian said.

"The product also helps the customer overcome the issue of rising prices and the inability to pay lump sum amounts for such large quantities of this appreciating metal," he said.

The release said delivery of gold will be in demat form, upon payment of the entire amount, adding that through this product, the customers will benefit from any appreciation in its prices.

"Gold's USP as a safe investment, its appeal as a time-tested portfolio diversification option and the increasing investment appetite among the smart global investors, has helped gold prices trade at these historic levels," Aditya Birla Money Head-Commodities Research, Amarsingh Deo said.