Savings scheme: rules and redemption

1. Who runs the scheme

The savings scheme is run by Jay Gold (proprietor: JAIN AMITHA), GSTIN 37ANRPA6788P1ZW, from our store at Shop No 1, Door No 17/441/1, Ground Floor, Achari Street, Nellore, Andhra Pradesh - 524001.

2. Duration

• The scheme runs for 10 months: 10 monthly payments.
• The jewellery is taken in the 11th month. We do not run any scheme longer than this.

3. Monthly payment

• The smallest monthly amount is ₹10,000. You choose the amount when you join.
• You pay once every month, online (UPI, card or net banking through Razorpay) or at our store.
• You have 30 days after the due date to pay a month.
• Every payment is shown in your account on the website and in the app, with a receipt.

4. The two schemes

• Cash scheme. You save the same amount every month. In the 11th month the full amount you saved is used to buy jewellery, and you pay no wastage on jewellery with wastage up to 15%. Above 15%, only the difference is charged.
• Gold scheme. Every payment is turned into gold at that day's 22K rate. You see the rate and the grams after each payment. In the 11th month the grams you saved are taken off the weight of the jewellery you choose.

5. How you redeem

• Your savings can be used only to buy gold and diamond jewellery from Jay Gold.
• Redemption is done in person at our store. Please bring your scheme number and a photo ID.
• Choose any jewellery. Your savings are adjusted in the bill. If the jewellery costs more, you pay the difference. Making charges, stone charges and GST are charged as per the bill.
• The jewellery is handed over only to the scheme member, or to a person the member names in writing.

6. What the scheme does not give

• No cash refund. The amount saved is not paid back in cash and cannot be withdrawn.
• No interest, bonus or other money return is paid on the amount saved. The only benefit is the one described in point 4, on the jewellery you buy.

7. If payments are missed or the scheme is stopped early

• The no wastage benefit of the cash scheme is given only when all 10 months are paid.
• If you stop early, the amount (or gold) you have saved can still be used to buy jewellery from our store at the normal wastage. It is not paid back in cash.

8. Joining

You can join on this website, in the app or at our store. Your name, mobile number, address and an identity document (Aadhar) are needed. These details are used only for the scheme.