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SAVING SCHEMES

SAVING SCHEMES

VBJ's Gold Savings Scheme is well received by domestic and international customers. saving gold by small investments every month helps fulfill needs of future.

Keeping this concept in mind, VBJ has introduced online Gold Savings Scheme for our esteemed customers in india and overseas.



CHOOSE FROM OUR BEST SAVING'S SCHEMES

GOLD SAVING SCHEME

-INVESTMENT PLAN 12 MONTHS & 15 MONTHS

  • Installment starts from Rs.2,500,Rs.5,000,Rs.10,000 & Installment upto Rs.25,000
  • Up to 15% discount on wastage on gold jewellery in 12 months scheme.
  • Up to 19% discount on wastage on gold jewellery in 15 months scheme, this means no wastage on almost all jewellery.
  • Diamond and platinum jewellery can also be bought.
  • Discount on diamonds below 30 cents carat price and platinum value.

GENERAL
INSTRUCTION

  • Anyone can join online and need not come to showroom in person.
  • Payment can be made online every month using credit/debit card or net banking or NEFT
  • Jewellery can be purchased online and offline.
  • Money accumulated can be checked in website under "MY Account" after login.
  • Discount on diamonds below 30 cents carat price and platinum jewellery value.

Many members have joined already online and joined every month. Welcome you too. Avail this opportunity and benefit greatly.

GOLD SAVINGS SCHEME

                  

TERMS AND CONDITIONS

 12 MONTHS

  • Redemption of this saving scheme can be done after 30 days of payment of last installment.
  • 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.
  • If the value addition of selected jewellery exceeds 15%, the difference in value addition will be collected from the member.
  • If the member prefers to purchase diamond or precious stone 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 10% on per carat price of a diamond below 0.30 carat, up to the redemption value.
  • The member will be eligible for a discount of 6% on per carat price of a diamond weighing 0.30 carat or above, up to the redemption value.
  • If the member prefers to purchase diamond studded platinum jewellery, they will be eligible for a discount of 10% on the value of platinum jewellery up to the redemption value. This offer is valid only for diamonds below 0.30 carat, up to the redemption value.
  • If the member prefers 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 10% on the value of platinum jewellery, up to the redemption value.
  • If discontinued on or after 8th installment, customers can avail up to 9% off on VA against redemption of gold jewellery and 7% off on diamonds / precious stones / platinum jewellery.
  • There would not be any benefit in VA, if discontinued on or before 7th installment.

15 MONTHS

  • Redemption of this saving scheme can be done after 30 days of payment of last installment.
  • 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 up to 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.
  • If the value addition of jewellery selected exceeds 19%, the difference in value addition will be collected from the member.
  • If the member prefers to purchase diamond or precious stone 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 the redemption shall apply plus the member will be eligible for a discount of 12% on price per carat of a diamond below 0.30 carat, up to the redemption value.
  • The member will be eligible for a discount of 8% on per carat price of a diamond weighing 0.30 carat or above, up to the redemption value.
  • If the member prefers to purchase diamond studded platinum jewellery, they will be eligible for a discount of 12% on the value of platinum jewellery up to the redemption value. This offer is valid only for diamonds below 0.30 carat, up to the redemption value.
  • If the member prefers to purchase platinum 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 of 12% on the value of platinum jewellery, up to the redemption value.
  • If discontinued on or after 8th installment, customers can avail up to 9% off on VA against redemption of gold jewellery and 7% off on diamonds / precious stones / platinum jewellery.
  • If discontinued on or after 12th installment, customers can avail up to 15% off on VA against redemption of gold jewellery and 12% off on diamonds / precious stones / platinum jewellery up to the redemption value.
  • There would not be any benefit in VA, if discontinued on or before 7th installment.

OTHER TERMS & CONDITIONS

  • Customers who enroll in the online saving scheme will not receive a physical pass book.
  • Online customers will be presented with their free gold coin and other benefits only at the time of maturity of ' VBJ Gold savings scheme'.
  • Redemption of this saving scheme can be done after 30 days of payment of last installment.
  • Monthly installment will be accepted at any VBJ showroom as well as through ECS or through our website (www.vummidi.com).
  • Members are entitled to redeem their gold at any of the VBJ showrooms as gold (jewellery or coins), diamond or platinum jewellery.
  • Monthly installment should be paid regularly on or before the 10th of every month.
  • Prepayment of installments 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.
  • Only one entry per month.
  • Membership card must be produced at the time of payment to enable the entry of the payment in the card.
  • The chit amount can be paid by cash, at par cheques, demand drafts, online payments or ECS mode. Member’s name and membership number should be clearly written in all modes of payment.
  • The date of receipt of payment 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 total weight of the gold credited to their account on maturity.
  • Members can use their registered login ID and password to make online payment.
  • Online payment should be made before 6 PM on the 10th of every month, payments received after 6 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 redemption value, for diamond jewellery and platinum jewellery.
  • 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 enrollment 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.