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  • Heriloom Gold Savings Scheme
    heriloom

    TERMS & CONDITIONS

    12 MONTHS

    • Redemption of this saving scheme can be done after 30 days of payment of last instalment. Successful completion of 12 months’ payments will entitle the member to purchase gold jewellery equivalent to the weight 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 scheme, the difference in weight will be valued at the prevailing rate as on the date of redemption plus the value addition that is applicable will be collected from the member.
    • In case the value of jewel selected exceeds 15%, the difference in value addition will be collected from the member.
    • In case the member would prefer to purchase diamond jewellery on successful completion of 12 months, member would be entitled to purchase for the value of gold accumulated in the chit.
    • The rate on the date of redemption shall apply plus the member will be eligible for a discount of 8% on the per carat price of a diamond below 0.30 carats.
    • In case the member would prefer to purchase platinum jewellery on successful completion of 12 months, the member would be entitled to purchase for the value of gold accumulated in the scheme. The rate on the date of redemption shall apply plus the member will be eligible for a discount of 8% on the value of platinum jewellery. In the case of diamond studded platinum jewellery, this offer is valid only for diamonds below 0.30 carats.

    15 MONTHS

    • Redemption of this saving scheme can be done after 30 days of payment of last instalment. Successful completion of 15 months of payment, will entitle the member to purchase gold jewellery equivalent to the weight accumulated in their account without value addition upto a maximum of 19%.
    • In case the selected jewellery weighs more than the weight accumulated in the chit, then the difference in weight will be valued at the prevailing rate as on the date of redemption plus the value addition that is applicable will be collected from the members.
    • In case the value of jewellery selected exceeds 19%, the difference in value addition will be collected from the member.
    • In case the member prefers to purchase diamond jewellery on successful completion of 15 months, member would be entitled to purchase for the value of gold accumulated in the chit. The rate on the date of redemption shall apply plus the member will be eligible for a discount.
    • In case the member prefers to purchase platinum jewellery on successful completion of 15 months, member would be entitled to purchase the value of gold accumulated in the chit. The rate on the date of redemption shall apply plus the member will be eligible for a discount of 10% on the value of platinum jewellery. In the case of diamond studded platinum jewellery, this offer is valid only for diamonds below 0.30 carats.
    • Monthly instalment will be accepted at any VBJ showroom where the members have enrolled for the scheme. However, members are entitled to redeem their gold at any of the VBJ showrooms as Gold (jewellery or coins), Diamond or Platinum jewellery. Monthly instalment should be paid regularly on or before the 10th of every month. Prepayment of instalments and advancement of the maturity date are not permitted. Payment made after 10th of a month will be considered as delay in payment and will be adjusted as following month’s payment and hence the maturity date will be delayed by a month. Membership card must be produced at the time of payment to enable the entry of the payment in the card. The amount can be paid by cash, at par cheques, demand drafts or ECS mode. Member’s name and membership number should be clearly written in all modes of payment. For payments through cheques/ demand drafts the date of receipt of payment will be the date on which the gold rate will be applied. For ECS mode, the date committed by the members will be the date on which the gold rate will be applied.
    • Cheques/demand drafts should be drawn in favour of Vummidi Bangaru Jewellers. For ECS details, please contact the counter. In case the cheque is dishonoured, the date of the realization will be considered for fixing gold rate. Delay in payments will automatically extend the maturity date by the number of months delayed. Members are entitled to redeem the equivalent total weight of the gold that is credited to their account on maturity and should be redeemed in full. 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. Payments 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. Provide registration number while doing online payment.
    • Online payment should be made before 6 PM on the 10th of every month. Payments received after 7 PM will be accounted for next month. The gold rate as announced by Madras Jewellers & Diamond Merchants Association for selling of 22 Kt (916) will be the rate applied for calculating the equivalent weight of gold. Members are entitled to apply the rate of gold prevailing on the date of their purchase/ redemption. Cash will not be refunded under any circumstances. The stone charges, making charges and GST will be borne by members as applicable at the time of purchase/redemption. VBJ reserves 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.

    OTHER TERMS & CONDITIONS

    • The monthly installment will not be paid continuously for 12/15 months.
    • Members are entitled to reedem their gold online or at any of the VBJ showrooms as gold (jewellery or coin), diamond or platinum jewellery.
    • Monthly installments should be paid regulary on or before 10th of every month.
    • Prepayment of installments and advancement of maturity dates are not permitted.
    • Payments made after 10th 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.