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Auspicious Day: 17th Dec - Amavasya
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  • GOLD SAVINGS SCHEME

    Gold
    Gold
    Gold

    TERMS AND CONDITIONS

    11 MONTHS

    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.

    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.