AKSHAYA GOLD SAVINGS SCHEMES
TERMS AND CONDITIONS
On successful completion of the 11-month Akshaya Savings Scheme, the member will be entitled to purchase the gold jewellery equivalent to the weight accumulated in their account without value addition up to a maximum of 15%.
If the weight of the selected jewellery is more than the weight accumulated in the scheme, the difference weight will be valued at the gold rate prevailing on the date of redemption, plus the value addition that is applicable will be collected from the member.
If the value addition on the selected piece exceeds 15%, the difference will be collected from the member.
Benefits of the scheme will not be applicable if discontinued within 7 months. Members shall be entitled to a waiver of Value Addition of up to 5%, if discontinued during the 8th, 9th or 10th month. In both the cases, if jewellery is not purchased but refund is required, refund will be provided after deducting the value of the free gift (MRP).
In case the member would prefer to buy diamond jewellery on the successful completion of 11 months, member would be entitled to purchase for the value of gold accumulated in the scheme. The gold rate on the day of redemption shall apply and the member will also be eligible for a discount of 8% on the per carat price on diamonds weighting less than 0.30 carats.
In case the member would prefer to buy platinum jewellery on the successful completion of 11 months, member would be entitled to purchase for the value of gold accumulated in the scheme. The gold rate on the day of redemption shall apply and the member will also be eligible for a discount of 8% on the value of the platinum jewellery. In case of diamond studded platinum jewellery, the offer is valid only for diamonds below 0.30 carats.
Monthly instalments can only be made at the showroom where the members have enrolled for the scheme or online at www.vummidi.com
The scheme can be redeemed at any VBJ showroom as Gold ( Coins or Jewellery), Diamond or Platinum jewellery.
Monthly instalments should be paid regularly on or before the 10th of every month. Prepayment of instalments and advancement of maturity date are not permitted. Payment made after the 10th of the month will be considered as delay in payment and will be adjusted as following month’s payment. Hence, the maturity date will be delayed by a month. Online payments should be paid before 6 PM on the 10th of every month. Payments received after 7 PM will be accounted for next month.
The Akshaya Savings Scheme passbook must be presented at the time of payment to enable the entry of payment.
Monthly instalments can be paid by cash, at-par cheques, demand drafts, ECS or online (2% service charge additional). Member’s name and membership number should be clearly mentioned at the time of payment. For cheque/demand draft payments, the gold rate on the date of receipt of payment will be applied. For ECS, the date committed by the member will be the date on which the gold rate is applied.
All cheques and demand drafts should be made in favour of Vummidi Bangaru Jewellers. For ECS, please contact the showroom counter. In case of dishonour of the cheque, the date of realisation will be considered for fixing the gold rate.
Delay in payments will automatically extend the maturity date by the number of months delayed.
The members are entitled to redeem the equivalent total weight of the gold that is credited to their account at the time of maturity and should be redeemed in full.
The gold rate as announced by the Madras Jewellers and Diamond Merchants Association for the sale of 22kt (916) will be the rate applied for calculating the equivalent weight of gold. Members are entitled to the gold rate prevailing on the day of their purchase/redemption.
Cash will not be refunded under any circumstances.
Making charges, stone charges, VAT and any applicable Government levies will be borne by the member at the time of redemption/purchase.
The right to enrolment will be at the discretion of the management.
VBJ reserves the right to modify, amend, alter, add or delete any of these terms and conditions from time to time without notice.
The conduct of the scheme is subject to the terms and policies laid down by the Central and/or State Government from time to time. All disputes are subject to the jurisdiction of the competent court in Chennai.