Jewellery Saving Scheme

The Scheme enables customers to invest their monthly savings and get the accrued amount to purchase Gold Jewellery.
Four groups are introduced - (Viz.) Rs. 500/-, Rs. 1000/-, Rs. 2000/-, Rs. 4000/-

Members who wish to join the scheme have to subscribe Rs.500/-, Rs.1000/-, Rs.2000/-. Rs.4000 (as instalment) every month, according to the group chosen continuously for 11 (Eleven) Months. On the beginning of the 12th (Twelve) Month members will be permitted to buy Gold / Diamond / Platinum/ Silver Jewellery or Silver / Gift Articles of their choice with applicable VA/MC (Value addition & Making charges) for the value as stated below:

Monthly Instalment Total Amount Payable Incentive Value of Gold Jewellery
Eligible to buy (12 Month)
Rs.500 Rs.5500 Rs.500 Rs.6000
Rs.1000 Rs.11000 Rs.1000 Rs.12000
Rs.2000 Rs.22000 Rs.2000 Rs.24000
Rs.4000 Rs.44000 Rs.4000 Rs.48000
It should be noted that those who join the scheme and become members will be allowed to buy/get only Gold/Diamond/Silver Jewellery or Silver/Gift Articles of the value (with applicable VA/MC) for the respective group . No cash payment will be made under any circumstance.

Payments of Monthly Instalments : Monthly instalment should be paid not later than the 10th of each month. Payment may be made by Cash or Cheque (payable at Chennai) favoring The Legend New Saravana Stores Bramandamai Jewellery. Card (Debit/Credit) payment accepted (subject to terms and conditions). Only one instalment will be accepted per month.

Defaults : According to the scheme, members will become eligible to the terminal benefit (ie : for the value of Jewellery / Articles stated above), only when they pay the monthly instalments for 11 months continuously without default. Members who default would become eligible for the benefit (incentive) only after, they pay all the 11 instalments. In other words, their eligibility period would got postponed by the number of months they have defaulted.

Discontinuance : In respect of members who discontinue the Scheme midway, or defaulting (consecutive 3 months) will be allowed to buy/get Jewellery/ Articles only for the amount they paid. No incentive will be eligible for them.

Passbook : At the time of joining the Scheme, each member will be issued with a Pass Book. Members should ensure that the payments are correctly entered in the Pass Book. Any discrepancy in the entries should immediately be brought to the notice of our chit section and get rectified. Members making online remittance can get their pass book entries even later at any time. Members should come in person with the Pass Book at the time of Maturity / buying of Gold Jewellery / Silver / Gift Articles.

The management has the right to alter / amend / change / add or delete any of the Terms & Conditions of this scheme at any time without prior notice.

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