It is a gold weight based monthly saving scheme. Under the scheme gold gets credited to your account against your monthly instalment amount. Instalment amount is fixed. The instalments cannot be carried over or paid in advance. At the end of 15 months you are eligible for purchase of plain gold jewellery with No Wastage (up to 18%) and No Making Charges.
What is the monthly instalment amount?
Minimum Rs. 1000/- and in multiples of Rs. 1000/- only.
What is the duration of the scheme?
15 Months.
How do I pay monthly instalments?
Payment can be made by Cash / DD / Money Order / Electronic Clearing System (ECS) / Post Dated Cheques (PDC) / At Par Cheques / Local Cheques / any ICICI Bank Branch (Cash or at par cheques). Monthly instalments should be paid on or before the 10th of every month.
What if I don’t pay continuously?
No problem. Your scheme is still valid. Your redemption period will get delayed accordingly.
What if I discontinue?
If you discontinue before 12 months, you can buy jewellery for the instalment amount accrued. But you lost the benefits of gold weight accumulation, no wastage (VA) and no making charges. If you discontinue after 12 months you will be eligible for weight based accumulation for the months you have paid and the benefits of no wastage (VA) and no making charges.
Can I interchange my existing schemes?
No.
While purchase / redemption, will I be eligible for any special / discount offers?
This scheme is unique and will not be linked to any other offers.
Can I buy Diamond / Platinum / Ruby / Emerald / Ethnic / Silver Jewellery / Article?
Yes. With paying full wastage (VA) & making charges as applicable.
Can I buy Gold Coins?
Yes. You can buy 22 Ct. Gold Coins.
Can I buy 24 Ct. Gold Coins?
After completion of this scheme the accumulated weight is converted into amount (Accumulated weight x 22 Ct. gold rate on the date of purchase) for that amount, 24 Ct. Gold Coin can be purchase without paying wastage (VA).
Will there be VAT?
No. VAT will be borne by GRT, up to accumulated weight.
What if I buy jewellery exceeding my accumulated weight?
Wastage (VA) will be charged on excess weight.
What if I buy jewellery with wastage (VA) higher than 18%?
The difference in wastage (VA) will be charged.
What if I buy jewellery with wastage (VA) lesser than 18%?
The member is not entitled for difference in wastage (VA) value.