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.
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.