SYSTEMATIC INVESTMENT PLAN

1. Any individual (above 18 years) can join the scheme by paying fixed monthly advances. No other entities such as Companies/Partnership Firms etc. are permitted to join the scheme.
2. MIG Scheme is designed with three plans with different tenures of 3 month / 6 month / 10 month.
3. Minimum advance is restricted to as applicable for each plan.
4. Monthly payments should be made by way of Digital modes.
5. Premature withdrawal of the remitted amount is not possible. However due to unavoidable circumstances if the remitter wishes to withdraw from the scheme the customer can do so only if the customer has completed 6 months advance payments. If any member opts out of the scheme midway, gold ornament to the value of the total amount paid till opting out can be realized only at the end of the full scheme period.
6. The customer has to choose the ornament of his choice at the time of paying final instalment. The value of the ornament selected should be of equivalent or higher to the amount accumulated in his/her A/C. The customer is not permitted to select an ornament having less value than the amount available at his credit. The rate of gold shall be the Muthoot "INDIVARA" rate of gold prevailing on the date of payment of last instalment.
7. Ornaments purchased under MIG Scheme will be subject to labour charges, making charges, wastage charges, material charges, GST or surcharges, levies as may be applicable/ prevailing at the date of purchase. The date of purchase shall be the date of invoice generated at the time of delivery of ornament to the customer.
8. On successful completion of the scheme, the customer joined in 10 months scheme is entitled for a discount @ 40% of one installment on the total amount of ornament purchase. In case of 6 months scheme, the customer is entitled for a discount @ 10% of one installment and 4% of one instalment in 3 months scheme. At the end of the scheme period the customer will get gold for the amount remitted at Muthoot gold price with a bonus (half of the monthly advance amount/discount as per the scheme) as prescribed for the scheme. Discount available under the scheme is for the nearest denomination of the total amount fixed at the time of joining. 50% bonus is applicable only if all installments are paid through online modes. Discount applicable for 6 month scheme will be 2%, 1.75% and 1.50% based on the installment payment method.
9. The customer has to pay the first advance amount at the time of joining and all future advance instalments shall be paid on the same day of subsequent months, failing which the customer shall be deemed to have defaulted the payment. Five days grace period will be allowed to the customer for making defaulted payment(s). If not paid within the grace period, a delayed charge @ 1 per 1000/- per day will be levied for the number of days delayed from the due date of instalment.
10. Final settlement of scheme will not be made in the form of cash but will be in the form of gold ornaments only.
11. If there is any balance amount after selecting the gold ornament at the time of paying final advance payment, such amount will be adjusted in the final advance.
12. If the customer desires to purchase ornaments having a value more than the amount available at his credit, then the customer need to pay the remaining amount and do so.
13. Account holder is required to provide a copy of photo ID and address proof at the time of enrolment.
14. In the event of death of the customer, MGBC shall handover the gold ornament equal to the entire amount paid by the customer to his/her declared nominee after verifying all required documents. In the absence of nominee, legal heir/any person authorized by customer on joining the scheme can claim the scheme proceeds.
15. The customer is deemed to have read, understood and agreed to these terms and conditions at the time of joining.
16. Customer has to visit the branch which they have selected at the time of joining to collect the gold ornaments on successful completion of the scheme. We recommend visiting the branch to select the required ornaments by using the measuring tools available at the branch. No change in selected ornaments are permitted at the time of taking delivery.
17. Customer has to show original id proof which is updated in the account at the time of joining while receiving gold coin from the branch
18. If the account is not closed successfully by paying full instalments, balance available in the account can be redeemed only in the form of gold. For this customer has to visit the select branch and submit the closure request after the completion of the maturity date.

1. Minimum advance is restricted to as applicable for each plan.
2. Monthly payments should be made by way of Bank Remittance
3. Premature withdrawal of the remitted amount is not possible. However due to unavoidable circumstances if the remitter wishes to withdraw from the scheme the customer can do so only if the customer has completed 6 months advance payments. If any member opts out of the scheme midway, gold to the value of the total amount paid till opting out can be realized only at the end of the full scheme period.
4. At the end of the scheme period the customer will get gold for the amount remitted at Muthoot gold price with a bonus (half of the monthly advance amount/discount as per the scheme) as prescribed for the scheme. Discount available under the scheme is for the nearest denomination of the total amount fixed at the time of joining. 50% bonus is applicable only if all installments are paid through online modes. Discount applicable for 6 month scheme will be 2%, 1.75% and 1.50% based on the installment payment method.
5. The customer has to pay the first advance amount at the time of joining and the future advance amounts shall be paid on the same day of next month, failing which the customer shall be deemed to have defaulted the payment. Five days grace period will be allowed to the customer for making defaulted payment(s). If not paid within the grace period. overdue interest @ ` 1 per `1000/- per day will be levied for the number of days delayed from the payment date will be charged.
6. Final settlement of scheme will not be made in the form of cash but will be in the form of gold coin/bars only.
7. Gold coin worth the amount paid will be given to the applicant at the Muthoot Gold rate prevalent on the date of remittance of final advance payment.
8. If there is any balance amount after selecting the gold coin(s) at the time of paying final advance payment, such amount will be adjusted in the last advance.
9. Amount if any lying unclaimed in customers account for more than 12months after expiry of the scheme period will be forfeited.
10. All taxes and duties prevalent on the date of purchase will be applicable as per rules.
11. If the customer desires to take coins with an amount more than the maturity value then the customer need to pay the remaining amount and can take the coin/bar.
12. If the total amount remitted is more than 2 lakhs, the payment shall come through Bank/Cheque.
13. The decisions of the management of M/s Muthoot Aurum shall be final with respect to the scheme. If any dispute arises, the Legal jurisdiction will only be at Ernakulam.
14. The period of this plan, due date of advance payment, final date for payment, maturity date of this plan and the minimum advance amount for each customer is separately attached as payment schedule based on the date of joining and will be treated as a part of this agreement.
15. The payment schedule shall be treated as a part of this agreement.
16. M/s Muthoot Aurum, reserve all their rights to alter the terms and conditions of this agreement without prior notice to the customer will be bound by the alterations thus made.
17. Customer has to visit the branch which they have selected at the time of joining to collect the gold coin on successful completion of the scheme
18. Customer has to show original id proof which is updated in the account at the time of joining while receiving gold coin from the branch
19. If the account is not closed successfully by paying full instalments, balance available in the account can be redeemed only in the form of gold. For this customer has to visit the select branch and submit the closure request after the completion of the maturity date.
20. The customer is deemed to have read, understood and agreed to these terms and conditions at the time of joining.