Terms and Conditions
- The monthly installment amount is fixed a the monthly installment amount is fixed at the time of enrollment and cannot be
altered at a later date - The monthly installment must be paid for 11 consecutive months. The installment should be paid on the same date of every month (a grace period of +/- 5 days is acceptable under special circumstances)
- On payingall installments on time, the beneficiary is entitled to No making charges and No wastage upto 19% VA on 22kt Gold weight accumulated.
- Beneficiary will not be entitled to 'No making charges and No wastage upto 19% VA on 22Kt Gold weight accumulated' in case of any irregularity in the payment of installments.
- All payments are to be made towards 'Nikhaar Jewels Private Limited'.
- The installments cannot be carried over or paid in advance. Preponing or postponing of the maturity date is not permitted.
- Following methods of installment payments are accepted by us:
- Cash
- Demand Draft (DD)
- Post Dated Cheques (PDC)
- Online bank transfer. - All relevant bank charges for collection or dishonour of instrument shall be borne
by the customers. - Beneficiary's Name and Plan Number should be mentioned clearly in all modes of payment.
- For payments via bank-cheque, online transfer or demand-draft, the date of credit of payment into our account will be considered as the date of transaction for all purposes including application of gold rate for conversion purposes.
- At the time of maturity of this plan, the beneficiary can make purchases from any ready stock items. No orders will be undertaken.
- The beneficiary is entitled to redemption of total weight of gold (calculated in 22kt) that is credited to his/her account on completion of 350 days from the start of the scheme in the form of jewellery/22kt gold coins. This accumulated gold weight should be redeemed in full. Partial redemption is not allowed.
- The beneficiary can also purchase diamond, platinum, uncut diamond, gemstones and other stones jewellery in varying gold purity if they wish to do so. In such an instance, instead of no making and no wastage (Zero VA), the accumulated gold weight will be converted to a value (amount) as per the day's 22kt gold rate plus an additional 9% VA will be the total amount available for such purchases.
- This Svarna Labha gold purchase plan is unique and cannot be linked or interchanged with any other, existing or future plans/schemes/offers
- The daily gold rate announced by Nikhaar Jewels Private Limited, for selling of 22 Kt gold, will be the rate applicable for calculating the weight of gold as per every installment paid. In rare circumstances there may be multiple rates in a day. You are requested to confirm the applied rate at the time of payment
- Deposited amount will not be refunded under any circumstances
- All diamonds/gem stones and other charges have to be borne by the plan beneficiary at the time of their purchase
- If the beneficiary wishes to purchase jewellery exceeding in gold weight to the weight of the gold accumulated through this plan, the difference in the amount and the Value Addition on the excess weight is to be borne by the beneficiary
- If the beneficiary's purchase of jewellery has higher than 19% Value Addition (VA), the difference in Value Addition (VA) between the purchased jewellery and 19% VA on the gold weight accumulated under this scheme together with VA on the excess weight will be calculated
- If the applicable VA on the jewellery purchased is less than 19% the beneficiary is not entitled to any refund of the difference in the Value Addition (VA) amount
- GST and other government levies on the total invoice will be paid by the beneficiary
- Any pre-closure of the plan will result in surrender of all benefits. The beneficiary will only be entitled to redemption of the weight of gold accumulated at the time and date of pre-closure. No other benefits will accrue
- Mandatory KYC documents as per government regulations will have to be provided as required
- Redemption can only be done by the original beneficiary. The beneficiary's signature will be verified at the time of redemption/maturity. The plan card has to be presented for redemption
- It is at the sole discretion of the Nikhaar Jewels private Limited to alter, amend, modify, add or delete any of the 'Terms and Conditions' to this plan, if & when deemed necessary.
- All disputes are subject to Bangalore Court jurisdiction.