Terms & Conditions
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1. Monthly Savings Payment
Minimum ₹1,000/- contribution. Contributions can be increased in multiples of ₹1,000/- only. The monthly contribution amount selected at enrollment shall remain fixed throughout the tenure of the scheme.
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2. Membership Enrollment
The scheme can be enrolled on any date of the month.
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3. Monthly Payment Due Date
Subsequent monthly payments shall be made on or before the enrolled date of each month.
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4. Tenure of the Scheme
The tenure of the scheme is 12 months.
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5. Silver Weight Accumulation
For every monthly contribution, the equivalent silver weight shall be credited to the customer's account based on the prevailing silver rate on the date the payment is received.
Example:If a customer contributes ₹1,000 and the silver rate on the payment date is ₹100 per gram, then 10 grams of silver shall be credited to the account.
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6. Accumulation Method
The silver weight accumulated each month shall be calculated separately based on the prevailing silver rate on the respective payment date. The total accumulated silver weight at the end of the scheme shall be the sum of all monthly credits.
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7. Redemption of Accumulated Silver
Upon completion of the scheme tenure and fulfillment of all payment obligations, customers may purchase silver articles or jewellery equivalent to the total silver weight accumulated, subject to stock availability.
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8. Special Benefit
Customers completing all scheme requirements shall be eligible for a 50% discount on making charges of selected silver articles, subject to the store's prevailing making charge structure.
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9. Missed Payments
If a monthly payment is missed, it may be paid subsequently. The maturity date shall be extended by the number of months delayed.
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10. Default Limit
A maximum of two (2) monthly defaults shall be permitted during the scheme tenure. Customers exceeding this limit may forfeit scheme benefits at management discretion.
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11. Discontinuation
The accumulated silver weight shall remain credited to the account. However, customers shall not be eligible for the 50% making charge discount unless all terms have been fulfilled.
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12. No Cash Refund
Under no circumstances shall the accumulated value, silver equivalent, or payments made under the scheme be refunded in cash, bank transfer, or any other monetary form.
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13. GST and Other Taxes
Applicable GST and statutory taxes shall be borne by the customer at the time of final purchase or redemption.
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14. Redemption Period
Customers shall redeem their accumulated silver within 30 days from the date of maturity. Failure to do so may result in forfeiture of scheme benefits, including the 50% making charge discount.
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15. Product Availability
Redemption is subject to the availability of silver articles and jewellery in stock at the time of purchase.
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16. Rate Finalization
The silver rate applicable for accumulation shall be the rate declared by the company on the date the monthly payment is received.
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17. Transferability
Scheme membership is non-transferable unless approved in writing by the management.
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18. Management Rights
Management reserves the right to modify, suspend, or discontinue the scheme in compliance with applicable laws and regulations. Such changes shall not affect already accumulated silver weight.
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19. Disputes
All disputes arising out of or in connection with this scheme shall be subject to Bangalore jurisdiction only.
