Individuals SIP Plan
Terms and Conditions: Precious Metals Savings Scheme (SIP)
These Terms and Conditions govern the enrollment and participation in the Gold & Silver Ornaments Systematic Investment Plan (SIP). By enrolling in this scheme, the individual (hereinafter referred to as “The Member”) agrees to abide by the following rules:
1. Scheme Duration and Maturity
- Validity: The scheme is valid for a fixed tenure of 11 months.
- Maturity: The scheme concludes at the end of the 11th month. The accumulated gold/silver value or weight can be redeemed for ornaments starting from the 12th month.
2. Bonus Benefit & Mid-Execution Policy
- Bonus Eligibility: A bonus equivalent to one month’s installment will be credited by the company. This bonus is strictly applicable only at the 12th month upon successful completion of all 11 installments.
- No Mid-Execution: The Member cannot “execute” or redeem the article (ornaments) before the 11-month cycle is complete.
- Early Withdrawal: Should a Member choose to discontinue or withdraw before the 11th month, they will forfeit the bonus amount. Redemption in such cases will be limited to the actual amount paid, subject to company buy-back or redemption policies.
3. Payment Schedule
- Due Date: Each monthly SIP installment must be paid on or before the 10th of every calendar month.
- Defaults: Delay in payments may result in the forfeiture of the bonus or a shift in the maturity date. Consistent late payments may lead to the disqualification of the Member from the bonus benefit.
4. Pricing and Additional Charges
The SIP covers the value of the metal. However, the final product price at the time of redemption will include the following:
- GST: Goods and Services Tax as per prevailing government norms at the time of purchase.
- Making Charges: Labor costs associated with the design and crafting of the chosen article.
- Wastage (VA): Value addition or melting loss charges applicable to the specific ornament chosen.
- Rate Calculation: The gold/silver rate applied will be the prevailing market rate on the date of purchase/redemption, not the rate at the time of enrollment (unless a “weight-based” fix was explicitly chosen at the start).
5. General Provisions
- Identification: Members must provide valid KYC documents (Aadhaar/PAN) at the time of enrollment and redemption.
- Non-Transferability: The scheme benefits are non-transferable and can only be redeemed by the registered Member or their authorized nominee.
- Discretion: The management reserves the right to alter the terms or close the scheme, ensuring all existing Member contributions are protected or refunded as per the law.
Terms and Conditions: Precious Metals Savings Scheme (SIP)
These Terms and Conditions govern the enrollment and participation in the Gold & Silver Ornaments Systematic Investment Plan (SIP). By enrolling in this scheme, the individual (hereinafter referred to as “The Member”) agrees to abide by the following rules:
1. Scheme Duration and Maturity
- Validity: The scheme is valid for a fixed tenure of 11 months.
- Maturity: The scheme concludes at the end of the 11th month. The accumulated gold/silver value or weight can be redeemed for ornaments starting from the 12th month.
2. Bonus Benefit & Mid-Execution Policy
- Bonus Eligibility: A bonus equivalent to one month’s installment will be credited by the company. This bonus is strictly applicable only at the 12th month upon successful completion of all 11 installments.
- No Mid-Execution: The Member cannot “execute” or redeem the article (ornaments) before the 11-month cycle is complete.
- Early Withdrawal: Should a Member choose to discontinue or withdraw before the 11th month, they will forfeit the bonus amount. Redemption in such cases will be limited to the actual amount paid, subject to company buy-back or redemption policies.
3. Payment Schedule
- Due Date: Each monthly SIP installment must be paid on or before the 10th of every calendar month.
- Defaults: Delay in payments may result in the forfeiture of the bonus or a shift in the maturity date. Consistent late payments may lead to the disqualification of the Member from the bonus benefit.
4. Pricing and Additional Charges
The SIP covers the value of the metal. However, the final product price at the time of redemption will include the following:
- GST: Goods and Services Tax as per prevailing government norms at the time of purchase.
- Making Charges: Labor costs associated with the design and crafting of the chosen article.
- Wastage (VA): Value addition or melting loss charges applicable to the specific ornament chosen.
- Rate Calculation: The gold/silver rate applied will be the prevailing market rate on the date of purchase/redemption, not the rate at the time of enrollment (unless a “weight-based” fix was explicitly chosen at the start).
5. General Provisions
- Identification: Members must provide valid KYC documents (Aadhaar/PAN) at the time of enrollment and redemption.
- Non-Transferability: The scheme benefits are non-transferable and can only be redeemed by the registered Member or their authorized nominee.
- Discretion: The management reserves the right to alter the terms or close the scheme, ensuring all existing Member contributions are protected or refunded as per the law.
Declaration: I have read and understood the above terms and conditions and agree to enroll in the SIP for Gold/Silver ornaments.