Golden Tree Plans
Weight Accumulation Saving Plan (Gram Plan)
Is an investment saving plan that allows you to invest a minimum of 1 gram (or multiples of 1 gram) of gold every month* at prevailing gold rates and deposit the same into your account with us. The term for this investment plan is for 15 months*. An illustration of how this plan works in given below:
01How Does It Work
|Serial No||Month||Monthly Deposit||Assuming Gold Rate^||Your Account|
|1||January||1 Gram||Rs 2750||1 Gram|
|2||February||1 Gram||Rs 2780||2 Gram|
|3||March||1 Gram||Rs 2830||3 Gram|
|4||April||1 Gram||Rs 2780||4 Gram|
|5||May||1 Gram||Rs 2720||5 Gram|
|6||June||1 Gram||Rs 2660||6 Gram|
|7||July||1 Gram||Rs 2680||7 Gram|
|8||August||1 Gram||Rs 2790||8 Gram|
|9||September||1 Gram||Rs 2740||9 Gram|
|10||October||1 Gram||Rs 2800||10 Gram|
|11||November||1 Gram||Rs 2860||11 Gram|
|12||December||1 Gram||Rs 2930||12 Gram|
|13||January||1 Gram||Rs 2960||13 Gram|
|14||February||1 Gram||Rs 2880||14 Gram|
|15||March||1 Gram||Rs 2850||15 Gram|
|April Redeeming Month||Rs 2800 (Avg Rate)|
^ The Gold rates shown above in the table is an illustrative example and for explanatory purpose only.
02How Much Do I Save
After the end of the term, on 16th month* you can redeem your accumulated weight of gold from your account with any jewellery or gold coin of your choice from our store. And for the weight of gold you have accumulated in your account** by the end of the term, we will charge you No making charge and No wastage up to 18% (in total) **.
In other words your savings on making charges and wastages may be:
15 Grams X 2800 avg rate X upto 18% wastage and making (in total) = Rs. 7560/-*** of saving in total.
03How Can I Redeem
You may wish to buy jewellery more than your accumulated weight of gold in your saving account and the piece of jewellery you choose may bare more than 18% of wastage and making charge in total, in that case your method of redemption will be:
|Your Saving Gold Weight**||15 Gms||15 Gms||15 Gms||15 Gms|
|Gold Jewellery Selected By You||15 Gms||20 Gms||20 Gms||20 Gms|
|Difference in Weight||NIL||5 Gms||5 Gms||5 Gms|
|Actual Wastage and Making charge (in total) of selected jewellery||18 %||18 %||13 %||22 %|
|Members Eligibility in total||18 %||18 %||18 %||18 %|
|Difference in Wastage and Making charge (in total) to be paid by the member||NIL||18 % on 5 Gms||13 % on 5 Gms||4 % on 15 Gms + 22 % on 5 Gms|
|VAT||As Applicable||As Applicable||As Applicable||As Applicable + 22 % on 5 Gms|
04Terms & Conditions
1. Monthly installments must be paid for 15 months and only 1 installment will be accepted in a month.
2. Monthly installment should be paid on or before the 7th of every month. The installment cannot be carried over or paid in advance.
3. This is an online saving plan and the payments are recommended to be paid online, however if a member wishes to pay his installment at the store, he can. It will take at least 2 working days to update his payment into his online account.
4. For any payments made towards your online saving plan, a reference number must be entered. This reference number will be generated after you have remitted the amount from your bank into Inder Jewellery’s bank account. No payments will be accepted if the reference number has not been entered into the online savings account. To know more how to make a payment please refer (how do I make a payment?).
5. Outstation cheques and credit/debit cards are not accepted under any circumstances.
6. If any payment made through cheque at the store and is dishonored, then relevant bank charges will be collected from the customer and only cash will be accepted against the dishonored cheques.
7. Defaults in payments will automatically extend the maturity date by the number of months defaulted.
8. Cash will not be refunded under any circumstances.
9. The member is entitled to redeem the equivalent total amount/weight of gold that is credited to his/her account on completion of 30 days from the last installment paid and should be redeemed in full. No part purchase will be allowed for the saving plan.
10. Gold bullion, gold coins and gold jewellery can be redeemed after completion of your saving plan. The customer is entitled for No making charge and no wastage up to 18% in total for their completed saving plan. The jewellery selected by the customer has any wastage and making charges exceeds 18% in total, then the difference of the wastage and making charges must be paid by the customer. Also if the jewellery selected by the customer bares stone charges or any other charges then the customer must pay them in full.
11. Diamonds, uncut diamonds and platinuim jewellery are not included in this plan, and full cost of wastage and making charges and any other charges will be borne by the member as applicable at the time of maturity/redemption.
12. If the gold jewellery bought by the customer exceeds the amount/gold weight accumulated in the plan, the difference amount with wastage and making charge in total on the excess gold weight has to be paid by the member on the current board rate.
13. If the gold jewellery bought by the customer has higher than 18 % wastage and making charge in total, then the difference between the actual wastage and making charge in total of the jewellery and the entitled No wastage and no making charge in total (i.e.) 18 %, must be paid by the member.
14. If the gold jewellery bought by the member has less than 18 % wastage and making charges in total, the member is not entitled for difference in wastage and making charge value.
15. If there is discontinuation or pre-closure of the saving plan, the member is not entitled for benefits of no wastage no making charge in total for their accumulated weight of gold or amount. The actual value paid in rupees/weight will be adjusted towards the purchase of jewellery.
16. In the amount based saving plan, on completion of the saving plan, the accumulated amount will be converted into equivalent weight of gold based on the current board rate on the day of redemption.
17. The gold rates specified by Inder jewellery are final and are based on the local bullion markets. Under any circumstances Inder Jewellery will not entertain other jewellers’ or newspapers or any other institutions’ rates for comparison. Member must transfer their amounts based on the gold rates displayed on the Inder Jewellery’s website. Only then the payments will be accepted and updated into your saving plan account.
18. This gold saving plan is unique and will not be linked to any other offers or promotions.
19. All type of local taxes and Value Added Taxes are applicable on the entire bill value and must be borne by the member only.
20. It is at the sole discretion of the company to alter, amend, modify, add or delete any of the terms and conditions from time to time as felt necessary.
21. All disputes are subject to the jurisdiction of the contempt courts of Bangalore.
22. Wastage and making charges in total refers to the wastage in percentage and making charges in amounts together converted in single percentage value.
05Frequently Asked Questions
1. What is ‘INDER GOLDEN TREE SAVING PLAN’?
It is a weight/amount based monthly saving plan under which, the weight of gold or/and amount gets credited to your account with us. Monthly installment of gold weight or amount is fixed. The monthly installment cannot be carried over or paid in advance. At the end of 15 monthly installments you can buy gold jewellery of your choice for the accumulated gold weight/amount, with No wastage and No making charges in total.
2. What is the Duration of the Plan?
15 Months (Only 1 installment accepted a month)
3. What is the monthly installment weight/amount?
Weight – Minimum of 1 Gram or in addition of multiples of 1 Gram.
Amount – Minimum of Rs. 2000/- or in addition of multiples of Rs. 1000/-.
4. How do I pay my monthly installment?
As this is an online saving account, it is advisable to make your payments through online transfers; however you can also make your payments at store by cash, DD, cheque, PDC.
5. Can I make two payments in a month if I have missed the previous month?
No. We accept only one installment a month. If you have missed a payment, your saving plan will defer by the months of payment you have missed.
6. What if I don’t pay continuously?
No problem. Your saving plan will still be active. You can redeem the benefits of the saving plan once you have completed paying the 15 installments.
7. What if I discontinue?
If you discontinue your saving plan before paying 15 installments, you can still buy the gold jewellery from our store, but you will not get the benefits of No wastage and No making charge.
8. Can I interchange my saving plan?
9. While purchase/ redemption, will I be eligible for any special discounts /offers/ promotions?
This is a unique saving plan and it cannot be linked to any other offers.
10. What can I buy from my Saving Plan?
You can buy Gold Bullion, Gold Coins (22kt or 24kt) and Gold jewellery.
11. What if I buy gold jewellery exceeding my accumulated gold weight/amount?
Wastage and making charges will be charged on the excess weight of gold jewellery you have selected. For more details refer chart 1.
12. What if I buy gold jewellery with wastage and making charges in total higher than 18%?
The difference in wastage and making charges will be charged accordingly. For more details refer chart 1.
13. What if I buy gold jewellery with wastage and making charges in total lesser than 18%?
The member is not entitled for difference in Wastage and making charges. For more details refer chart 1.
14. Can I choose to have multiple saving Plan online?
Yes. You can invest into as many saving plans into your online saving account.
15. How do I redeem my online saving plan?
You will have to take a print out of your online saving plan statement and present it when you purchase your jewellery at store.
16. Where can I contact if I have any quires?
For any quires related to your Online saving Plan kindly contact us on email@example.com.
17. Can I invest into this saving plan if I live outside India?
Yes. For more details please refer to NRI savings page.
18. Do I have to redeem my saving plan immediately after completion?
Not necessary. After completion you can redeem your saving plan whenever you wish and avail the benefits of the saving plan.
19. Can I gift this saving plan to my loved ones?
Yes. You can gift a ‘INDER GOLDEN TREE SAVING PLAN’ for your loved ones. For more details kindly refer to gift a saving plan page.