Silver Palace Gold and Silver Saving Plan has been created exclusively to plan and buy the jewellery that you always wanted to buy. All you have to do is fill in a simple form and join Silver Palace Gold and Silver Saving Plan.
On enrolling, you can select an amount of your choice as a monthly advance payment. There are various slabs starting from Rs. 500 onwards. You will also get a passbook to keep track of your payments. All you have to do is pay eleven equal monthly advance payments. After making the advance payment for the last month, you can buy your favourite jewellery. The customer can opt for either the value-based or the gold/silver weight-based option. The customer is entitled to buy the jewellery on the 12th month and “if the member does not purchase jewellery within the 12th month from the date of enrolment”, the company may opt to refund the total advance amount paid without any benefit and the same will be sent directly to the member’s registered address by cheque or through bank transfer
What if I don’t pay continuously?
- The advance payment cannot be extended beyond the 11 months period. The plan will be discontinued as per the terms mentioned above in the event of any default in the monthly advance payments. Hence you must pay the advance payments continuously without fail. In the fact of the member not making anyone advance payment during the tenure, the plan will be discontinued automatically from that month, and the member will not be entitled to ‘No Wastage (VA)’ as per the terms mentioned above.
What if I discontinue?
- Members who choose to discontinue within 7 months of enrolment will not be eligible for No Wastage (VA) on purchase. However, if the member discontinues during 8th 9th & 10th month of registration, the member will be entitled to discount equal to 60% of Wastage (VA) value on the accumulated advance amount only.
What if the member does not purchase jewellery at the end of the 12th month?
- If the member does not purchase jewellery at the end of the 12th month from the date of enrollment the total advance amount paid by the member during the scheme will be refunded without any benefit directly by the company through a cheque or bank transfer. The same will be delivered to the address provided in the membership form at the time of enrolling.
Will there be GST?
- Yes, GST (currently at 3%) and any other Government levies will be borne by the member at the time of delivery.
In what other ways can this savings scheme help me?
- As mentioned earlier, the Silver Palace Gold & Silver Saving Plan helps you get more jewellery than you could have expected. The Silver Palace Gold & Silver Saving Plan helps you plan to buy jewellery for weddings and other auspicious occasions.
What if I buy jewellery exceeding my advance payment?
- Wastage will be charged on the excess amount. For instance, if you choose Rs. 5000 as your monthly advance payment, the advance amount accumulated over the 11 months will be Rs. 55000. If the selected jewellery item’s value is Rs. 1,12,000, the member is eligible for ‘No Wastage (VA)’ on Rs. 55,000 only and wastage (VA) as applicable will be payable on the balance amount of Rs. 57,000.
Will wastage (VA) be charged on special items?
- Yes. Wastage (VA) will be charged on special items like Diamond, Platinum, Uncut Diamonds, Ruby, Emerald, Ethnic, Vintage Jewellery, Pooja items, Silver articles & Silver jewellery and other special items not included in this list. Precious stones / Semi-precious stones / Zircon / birth stones and other stone charges will be applicable.
Will cash be refunded?
- Cash will not be refunded under any circumstances, as per Government regulations.
How do I know the WT. of gold accumulated?
- This will be updated in the pass book on a monthly basis at the time of making the advance payment.
Can the member pay all the monthly payments in advance?
- The monthly payments cannot be carried over, or paid in advance.
Can the member buy Gold Coins?
- Yes, the member can purchase gold coins without wastage (VA) and making charges.
Is the monthly advance amount fixed or variable?
- The monthly advance payment amount is fixed.