Enrolling in jewellery saving scheme signifies an advance being given for purchase of jewellery at a later date. This advance for purchase of jewellery, paid by Jewellery saving Scheme Account Holder shall be acknowledged by SKTM. by issuance of a passbook to the SKTM account holder containing his or her individual account number.
10 months installments to be paid by the account holder and the 11th will be paid by SKTM. The flexibility to choose from 500 rupees per month to 45000 rupees per month.
Voucher equivalent to your monthly installment which will be redeemed against purchase of kundan polki and diamond jewellery only. This is an additional benefit given to account holders. Purchase of gold coins or plain gold jewellery is not valid against this voucher.
GOLD SAVING SCHEME scheme can be enrolled by individuals only and enrollments is not permissible for companies, partnership or proprietorship firms. On enrollment, every SKTM / GSS account holder will be given a passbook which he/she is required to carry and keep under safe custody, at all times. The GOLD SAVING SCHEME account holder should ensure that all payments made by them are correctly entered in the passbook and any, discrepancy should be immediately brought to our notice, for suitable rectification.
At the time of enrollment, the GOLD SAVING SCHEME account holder should ensure that the passbook is signed by him/her and by the store manager/cashier, in the space provided, to ensure the validity of passbook and for proper reference at the time of maturity/purchase under scheme.
This passbook is the only document to identify the GOLD SAVING SCHEME account holder. lncase of any change in contact and address details, GOLD SAVING SCHEME account holder i.e. the bearer of the passbook should intimate SKTM immediately. GOLD SAVING SCHEME shall be denominated and utilized/redeemed in Indian rupees only. Any scheme once selected cannot be converted into any other scheme. The maturity date shall be strictly calculated according to the first payment date and type of scheme selected by the GOLD SAVING SCHEME account holder at the time of his/her enrollment.
At the time of every monthly advance/installment payment, the GOLD SAVING SCHEME account holder should get his/her passbook updated by SKTM. The Account Holder should also collect his/her duly computerized receipt, from the store after making payment.
Receipt of GOLD SAVING SCHEME will be made, only after clearance of payment in case of cheques. Scheme cannot be closed prior to maturity date . Payment monthly installments should be made by cash, Cheque, DD, Card in favour of SKTM. The monthly payments should reach not later than one month from the due date of the installment. SKTM will not be responsible or liable to send payment reminders.
Non payment for more than six months will result in suspension of account. Reactivation for payments will take upto three working days. GOLD SAVING SCHEME account holder shall be eligible for purchase of jewellery with incentive, only on the maturity date as per the scheme and not earlier.
At the time of utilization/purchase on maturity of the scheme, the GOLD SAVING SCHEME account holder has to personally come with his/her original passbook and effect the utilization of his/her GOLD SAVING SCHEME advances by the way of jewellery purchase.
At the time of utilization of the advance paid, the passbook has to be submitted by the GOLD SAVING SCHEME account holder to the store with specimen signature in passbook. Original copy of Photo Id Proof should be produced at the time of utilization for authentification, by GOLD SAVING SCHEME accont holder.
In addition to the gold and stone charges, all jewellery purchased under the GOLD SAVING SCHEME will be subject to labor charges, making charges, wastage charges, sales tax or value added tax or surcharges as may be applicable.
lncase of partial utilization of the GOLD SAVING SCHEME account towards purchase of jewellery, the balance amount can be transferred to new saving scheme or can be adjusted to the subsequent purchases.
lncase of premature closure of the GOLD SAVING SCHEME Account holder may purchase jewellery at SKTM equal to the value of advances accumulated in his or her GOLD SAVING SCHEME account as on day.
However no incentives on purchase of jewellery will be given in case of premature closure of the GOLD SAVING SCHEME account under any circumstances.
In the event of loss of GOLD SAVING SCHEME passbook, the GOLD SAVING SCHEME Account Holder has to intimate the concerned store immediately in writing, to enable SKTM to block the account. lncase of any delay or non intimation, he/she shall be personally responsible for any loss or utilization/purchase by any other person.
The event of loss of the original passbook, new passbook can be issued only if the account holder provides valid Photo Id Proof for authentication by SKTM.
In case the GOLD SAVING SCHEME passbook is brought to SKTM by any other person who is the bearer or holder of the passbook, then SKTM will not be responsible for the utilization and maturity/closure proceeds being handed over to such holder/bearer of the passbook. Therefore, all GOLD SAVING SCHEME account holders are advised to keep their passbooks in safe custody.
In the event of death of the account holder, the GOLD SAVING SCHEME account is transferable to the nominee as filled by the GOLD SAVING SCHEME account holder at the time of opening the account.
SKTM reserves the right to alter, amend, add or delete part or whole of the privileges of the scheme or suspend without prior notice to the GOLD SAVING SCHEME account holder. In any such event, the account holder may purchase any item at the SKTM store equal to the value of advances accumulated in his or her account, as on day.
Disputes if any are, will be subject to the courts in Punjab jurisdiction only, to the exclusion of any other courts jurisdiction.
In case of any change in existing laws, rules, acts, etc. by any regulatory authority, necessary requirements as per the same have to be complied by the SKTM account holder.
Conditions which are explicitly not covered above, would be the discretion of the company at the time of transaction. The decision of the company in this regard would be deemed as irrevocable and final.
Amount deposited by the account holder will get converted into 22kt Gold (in grams) according to the rate prevalent on the day of installment paid. 22kt gold will get accumulated in grams for 10 months and the 11th installment will be paid by SKTM.
At the time of purchase, the 11th installment will get converted into 22kt gold in grams according to the gold rate prevalent on that day.
GSS account holder cannot cancel the scheme and has to understand that gold rate can either increase or decrease than his average rate of purchase of 11 months.
At the time of maturity the accumulated gold will get multiplied by the prevailing 22kt rate as on day and that will be the total amount of the account holder deposited with SKTM as advance. The GSS account holder can purchase gold jewellery, kundan jewellery or diamond jewellery at the time of maturity of his/her plan.
In GSS scheme all conditions and rules are same as per the SKTM scheme and the only difference is, monthly installment will get converted into 22kt gold (in grams) on the prevalent rate on the day of payment of installment.
Gold and Silver coins cannot be purchased against any SKTM Scheme. Utilization of monthly advance/installments paid under SKTM Scheme can be made only against the purchase of jewellery at SKTM. No cash refunds will be allowed before or after the maturity of Gold Saving Scheme.
11th installment shall be provided by SKTM. only if monthly advance installments are paid by the SKTM account holder till the maturity date.
Customers are advised to utilize the advance paid under the SKTM accounts for purchase of jewellery within 6 months, from the date of maturity. If the account remains inactive for 6 months or more than the account shall be suspended. Reactivation will take 3 working days.
SKTM account holder should provide a copy of his photo ID Proof like Passport/Driving License/Pan Card/Voter ID etc. at the time of joining and at the time of maturity of the scheme.
Any purchase for Rupees Five Lacs and above will require PAN Card copy to be submitted by the customer at SKTM store. The rate of gold shall be based as per the gem and jewellery federation gold rate prevailing on the day of purchase. The SKTM account holder is requested to thoroughly read the terms and conditions as mentioned in the brochure and passbook before enrolling.
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Jewellery means the jewellery that is predesigned or jewellery set with diamonds and/ or gemstones that are available for sale on our website. Please note that all Jewellery is sold on as is basis. Mounts are defined as designs that hold a diamond(s)/ gemstone(s) in place, which may or may not have diamonds/ gemstones. Members can select Mounts and diamonds separately to create customized Jewellery. Loose Diamonds are individual diamonds that can be bought without being set on Mounts.
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