Description

* 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 916 gold jewellery equivalent to the weight accumulated in their account with zero wastage, zero making. * Members are entitled to redeem their gold in the form of gold coins, plain gold, Ethnic, Bridal, Synthetic, Ruby, Emerald or diamond jewellery. * In case the selected jewelry 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 member prefers to purchase diamond or precious stone jewelry on successful completion of 12 months, member would be entitled to purchase for the value of gold accumulated in the chit, @ 100% discount on making charge/wastage. Diamond rate equivalent to the rate of gold redemption shall apply. * Monthly installment starting from 25000/- should be paid regularly on or before the 7th of every month. * Payments are converted into 22 karat gold weight based on the prevailing rates on payment day. * Cash will not be refunded under any circumstances. * There would not be any benefit in VA, if discontinued on or before 12th installment.