Why "Bonus %" Isn't the Same as "Return"
Every gold chit brochure leads with a headline number — "18% wastage waived," "get your 12th installment free." None of that tells you the annualized return, because it ignores how long your money was locked up and when each rupee actually went in. This calculator converts any scheme's bonus into an XIRR — the same metric a mutual fund factsheet uses — so you can compare a gold chit against an FD or SIP on equal footing.
1. How Each Scheme's Bonus Actually Works
- GRT Golden Eleven — 11 monthly installments, no interest. At completion: no wastage/making-charge (VA) up to 18%, or 50% off VA up to 18%. Gold is purchased at each month's prevailing rate, not a locked-in rate.
- Kalyan Dhanvarsha — 11 installments from as little as ₹500. 100% of one installment credited as a bonus — effectively a free 12th month.
- Malabar Gold Purchase Plan — 11 installments. Stacks two benefits: a 100% one-installment bonus plus up to 25% off making charges — the combined structure usually produces the highest computed return of the group.
- Joyalukkas Easy Gold — around 10–11 installments (published duration varies by source — confirm with your branch), 100% of one installment as bonus plus making-charge benefits on select items.
- Senco Swarna Yojana — 11 installments; terms are city-specific since Senco's presence is concentrated in East India. Treat the 18% waiver default here as illustrative, not a guarantee for your branch.
On Tanishq Golden Harvest instead? Its 10-month, flat-bonus structure works differently enough that it gets its own dedicated calculator — check it out here →
2. GRT's Early-Exit Discontinuation Table
GRT is the one brand here with fully published early-exit terms — useful as a reference even if you're on a different scheme with similar structure:
| Stop in month | % of full waiver you get |
|---|---|
| 1 – 5 | 0% (no benefit) |
| 6 | 50% |
| 7 | 60% |
| 8 | 70% |
| 9 | 80% |
| 10 | 100% |
| 11 (completion) | 100% |
Enter the matching percentage into the "Redemption" field above to see what stopping early actually does to your annualized return.
3. Why the Gold Rate Isn't Locked
Most of these schemes don't lock in a gold rate on the day you enrol. Each installment buys gold at that month's prevailing rate — it behaves like a monthly SIP into gold rather than a single purchase. That's why this calculator projects (or backtests) a rate for every installment month instead of using one flat number for the whole scheme.
4. Why This Uses Real Prices, Not a Guess
Rather than asking you to guess where gold is headed, this calculator uses real 22K gold-rate history stored from the Chennai market for the exact months your scheme window covers — shown row by row in the price table above — to work out what you'd genuinely have paid each month. It runs entirely offline, with no live price feed to depend on. It's still an estimate: Chennai's market may differ from your own city's jeweller-counter rate, so treat the final number as directionally accurate rather than exact to the rupee.
Frequently Asked Questions
Is the GRT gold chit scheme profit or loss?
It depends on whether you complete all 11 installments. GRT pays no cash interest — your "return" is entirely the wastage/making-charge waiver (up to 18%) you get at redemption. Completed on time, that waiver is usually a solid positive annualized return; stopping before month 6 forfeits the benefit entirely, which is a real loss versus just saving the cash yourself.
What's the real annualized return on Kalyan Dhanvarsha?
Kalyan's Dhanvarsha scheme credits 100% of one installment as a bonus after 11 months — effectively a free 12th installment. Converted to an annualized return (XIRR) rather than a simple bonus percentage, this usually lands meaningfully higher than a bank FD, but the exact number depends on your installment amount and gold price movement during the scheme.
How does Malabar's gold scheme compare to GRT or Kalyan?
Malabar stacks two benefits: a 100% one-installment bonus (like Kalyan) plus up to 25% off making charges (like GRT's wastage waiver). Stacking both usually produces a higher computed return than either benefit alone, which is why it's modeled as a combined bonus in the calculator rather than picking one.
Does the gold rate lock in when I join a gold chit scheme?
No — in most schemes including GRT, each month's installment buys gold at that month's prevailing rate, not the rate on your enrolment day. It behaves like a monthly SIP into gold rather than a single locked-in purchase, which is why the calculator projects (or backtests) a rate for every installment month, not just one.
What happens if I stop paying my gold chit scheme early?
Most schemes reduce or eliminate the bonus/waiver if you stop early. GRT publishes an exact schedule: 0% benefit for months 1–5, then 50/60/70/80/100% of the full waiver for months 6 through 10. Other brands don't always publish an equivalent table — check with the jeweller directly, then enter the reduced percentage into the calculator's redemption field to see the resulting return.
Ready to check your own scheme?
Scroll back up, pick your jeweller, and enter your installment amount.