The offer is open to all Indian citizens. To become eligible for the P. C. Chandra Swarna Sanchay scheme the customer will have to fill up an application form, enclosing photograph, any identity and address proof as listed below along with the first installment of payment for purchase of gold.
Documents required for Identity Proof
- Passport Copy
- Voter’s ID Card
- Employer’s Photo ID card
- Driving License (laminated card)
- PAN Card
- Photo Credit Card
For Address Proof
- Passport Copy
- Voter’s ID Card
- Gas Connection Receipt
- Latest Telephone Bill
- Latest Electricity Bill
- Statement of account from existing bank account
Payment for purchase of gold by monthly installment(s) hereinafter referred as ‘Monthly Payment’ can be chosen by the customer, in multiples of Rs.1000.00. This amount of Monthly Payment cannot be changed during the tenure of the scheme.
Customers who enroll in the P. C. Chandra Swarna Sanchay Scheme will hereinafter be referred to as “Members” of the P.C.Chandra Swarna Sanchay Scheme.
Maturity Date refers to the closure date of the scheme, which in normal circumstances will be on the first date of the 16th month from the date of opening of the account. However, in case of a default in payment the Maturity date will be extended by one month i.e. the first date of the 17th month from the date of opening of the account. More than two defaults will result in automatic foreclosure of the scheme and the member will not be entitled to any bonus.
Monthly Payment should be made by cash/DD/cheque/Debit/Credit card in favour of the concerned P C Chandra outlet, payable in Kolkata.
Outstation cheques will not be accepted.
Cash can only be accepted if the Monthly Payment is upto Rs. 5000.00 (Rupees Five Thousand only) and Monthly Payment amounting to Rs.6000.00 and above will necessarily have to be through a cheque or Credit/Debit card or Pay Order or Draft payable in the name of the respective P. C. Chandra show room where the account is held.
‘Enrolment date' here means in case of cash or credit/debit card payment – the day on which customer's first Monthly Payment is received at our cash counter. In case of cheques or DDs, the customer's gold savings will begin from the day that money is credited in the customer's account with us.
The Monthly Payment towards the purchase of gold should reach the showroom not later than the enrollment date, which is the ‘Due Date’ of every month. However, a maximum of 5 days will be permitted as grace period for the payment to reach the respective show room. Payment for the purchase of gold reaching beyond this will be treated as default for that particular month and the Maturity Date will get postponed by one month.
Monthly Payment in the form of cheques/DD may also be dispatched by registered post acknowledgement due, well in advance so as to reach the showroom before the latest due date as per clause above. Any postal delay or failure to deliver the post/courier by the postal authorities/ courier agency within Due date will be treated as default(s) for that particular month.
The Monthly Payment paid by the member will be converted into gold at the rate of gold declared and prevailing in the respective show room on the day of such payment. This gold would be credited to the members account held with the respective show room and the pass book issued to the member (as mentioned in point number 15) will be updated accordingly.
In the event that Monthly Payment is made by either cheque or demand draft or pay order, the gold will be booked in the members account at the rate of gold declared and prevailing on the date of receipt of the banking instrument towards the purchase, but will be credited to their account only once the instrument is cleared by the bank concerned and the effects have been credited to our bank account. Should however the instrument be returned unpaid, for whatever reason, the gold booked in the members name will stand as cancelled, null and void. The member is free to make fresh payment towards that Monthly Payment provided that the payment reaches the respective P. C. Chandra Jewellers show room within the due date as mentioned in point 9 above. The member shall inscribe their name, account number and cell number at the back of the cheque/draft prior to submission at the cash counter.
The company is not liable to inform the member about bounced cheques, if any, and default thereof and it is the sole responsibility of the member to ensure that the Monthly payments are received by the Due date.
An amount of Rs.500.00 will be levied on the member for cheques that bounces or are returned unpaid from the bank for whatever reason.
At the time of joining the scheme, each member will be supplied with a passbook which he/she is required to carry / keep under his / her safe custody at all times. Member should ensure that all gold purchases made by them are correctly entered in the passbook and any discrepancy should be immediately brought to the respective showroom manager’s notice for suitable rectification.
Bonus will be credited to the members account on the Maturity Date. The grammage of gold to be credited, as bonus, will be calculated by dividing the value of one installment of Monthly Payment by the rate of gold declared and prevailing on the day of the Maturity Date.
In the case of loss of passbook, the member will lodge a FIR with the concerned Police Station and also inform the respective show room manager about the loss of passbook. A copy of this FIR will have to be submitted along with an written application and an indemnity bond for the issuance of a duplicate passbook.
In the event that the first payment towards the purchase of gold is made by cheque and the bank returns the cheque unpaid, for whatever reason, the offer for the concerned member shall stand withdrawn, cancelled, null and void.
Payment for all jewellery purchased under the scheme will be subject to actual weight of the jewellery and levy of, making charges, wastages, as applicable at the time of purchase of jewellery, and other Government levies as may be applicable from time to time. In case the actual weight of the ornament selected by the member is higher than the weight of gold credited to the members account, the member shall pay for the extra gold at the rate of gold declared and prevailing in the respective show room on the date of purchase.
Redemption (with bonus thereon) will not be allowed before indicated Maturity Date. If the member wishes to prepay all the installments, he/she will be eligible for bonus only on the maturity date, as mentioned in their pass book issued under the scheme and not before.
Redemption will only be in favour of the member who has to sign on the passbook and related documents.
Gold Coins cannot be purchased under the Swarna Sanchay Scheme.
Default in payment: Payments made beyond grace period will be treated as default for that particular month and the members eligibility for redemption will just get postponed by the number of defaulted months. More than two defaults will result in automatic foreclosure of the scheme and the member will not be entitled to any bonus.
Payments towards clearing of arrears, if any, will be not be permitted.
Foreclosure of the scheme shall not be permitted under normal circumstances. Should a member want to wind up before the scheme period is over, for reasons beyond their control, they may approach the respective show room manager and apply for the foreclosure clearly stating the reason in writing for the same. Under these extra ordinary circumstances, the member may be permitted, at the discretion of the show room manager, to wind up and close their account. Should this ever happen, the member will be allowed to purchase jewellery according to the grammage of gold they have accumulated till then. Such purchase will be subject to the conditions listed above in clause 19. However they will not be entitled to any bonus since they did not complete the scheme tenure.
Under no circumstances, any cash refund will be made.
Post-dated cheques shall not be accepted under any circumstances.
P. C. Chandra reserves the right to alter, amend, add or delete any part or whole of the priviledges of the scheme without prior notice. P. C. Chandra reserves the right to suspend the scheme at any time without prior notice. In such case the member may purchase any item in the store equal to the value of gold accumulated in the account till that day.
Disputes, if any, will be subject to the jurisdiction of Kolkata Courts only.
Please refer to http://www.pcchandraindia.com/ for the detailed terms and conditions.