gold savings scheme

TERMS AND CONDITIONS


12 MONTHS

Successful completion of 12 months payments
  • Members will be entitled to shop for gold jewellery equivalent to the weight of gold accumulated in their account, without value addition, up to a maximum of 15%.
  • In case the selected jewellery weighs more than the weight accumulated in the savings scheme, then the difference in weight will be valued at the prevailing rate of gold as on the date of redemption. In addition members of the scheme will also be liable to pay the value addition as applicable.
  • In case the value of the jewellery selected exceeds 15%, members will be liable to pay the difference in value addition.
  • In case members would prefer to shop for diamond jewellery, they will be entitled to shop up to the value of gold accumulated in the savings scheme. The rate on the date of redemption will apply. Members will be eligible for a discount of 8% on the per carat price of a diamond below 0.30 carat.
  • In case members prefer to shop for platinum jewellery, they will be entitled to shop up to the value of gold accumulated in the savings scheme. The rate on the date of redemption will apply and members will be eligible for a discount of 8% on the value of the platinum jewellery.
  • In case members wish to shop for diamond studded platinum jewellery, this offer will be valid only for diamonds below 0.30 carats.

15 MONTHS

Successful completion of 15 months payments
  • Members will be entitled to shop for gold jewellery equivalent to the weight of gold accumulated in their account without value addition up to a maximum of 19%.
  • In case the selected jewellery weighs more than the weight accumulated in the savings scheme, then the difference in weight will be valued at the prevailing rate as on the date of redemption. In addition members of this scheme will also be liable to pay the value addition as applicable.
  • In case the value of the jewellery selected exceeds 19%, members will be liable to pay the difference in value addition.
  • In case members prefer to shop for diamond jewellery, they will be entitled to shop up to the value of gold accumulated in the savings scheme. The rate on the date of redemption will apply. Members will be eligible for a discount of 10% on the per carat price of a diamond below 0.30 carat.
  • In case members prefer to shop for platinum jewellery, they will be entitled to shop up to the value of gold accumulated in the savings scheme. The rate on the date of redemption will apply and members will be eligible for a discount of 10% on the value of the platinum jewellery.
  • In case members wish to shop for diamond studded platinum jewellery, this offer will be valid only for diamonds below 0.30 carats.

OTHER TERMS & CONDITIONS

  • The monthly instalment will need to be paid continuously for 12 / 15 months.
  • Members are entitled to redeem their gold online or at any of the VBJ showrooms as gold (jewellery or coin), diamond or platinum jewellery.
  • Monthly instalments should be paid regularly on or before 7th of every month.
  • Prepayment of instalments and advancement of maturity dates are not permitted.
  • Payments made after 7th of the month will be considered as delayed payment and will be adjusted against the following month's payment, thereby delaying the maturity date by a month.
  • Members enrolling online will receive their membership number by mail and their electronic membership ledger will be maintained at VBJ's Anna Salai Branch.
  • The amount can be paid online using credit card, debit card and net banking. The member's name and membership number should be clearly mentioned in the payment form before submission.
  • The date of payment made online will be considered as the date to determine the gold rate applicable.
  • Delay in payments will automatically extend the date of maturity by the number of months it is delayed.
  • Members are entitled to redeem an equivalent total weight of the gold that is credited to their account on maturity. This should be redeemed in full. Partial redemptions are not allowed.
  • The gold rate announced by Madras Jewellers and Diamond Jewellers Association for selling of 22 Kt (916) will be the rate applicable for calculating the equivalent weight of gold.
  • The gold rate prevailing on the date and time of redemption or purchase will be applicable.
  • Cash will not be refunded under any circumstances.
  • Stone charges, making charges and VAT will be borne by the members as applicable, at the time of purchase/redemption.
  • VBJ reserves the rights to alter, amend, modify, add or delete any of the terms and conditions from time to time.
  • The right to enrolment will be at the discretion of the management.
  • 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.