Redemption Policy - Schemes Central

Redemption Policy

Enrolling in the Jewellery Saving Schemes on signifies an Advance being given for purchase or placement of order for Jewellery at a later date (without any gold rate fixation).

  1. Gold coins and Silver coins cannot be redeemed/utilised against any scheme under the unless the specific scheme allows it. Only jewellery from the Jeweller to whose scheme one has subscribed to, can be redeemed under the scheme.
  2. Jewellery Saving Schemes can be availed by individuals (above 18 years) only. Companies, partnership or proprietorship firms are not allowed to enrol in the scheme.
  3. At, late payments will also be considered as defaults for the month, this will extend the scheme for another month. 
  4. Bonus will not be given at the time of purchase if the customer closes the account before the end of the subscription period even though the customer might have paid all the instalments. e.g in a 12 month subscription plan, even if the customer has paid all the 11 instalments, under the 11+1 scheme, he cannot get the bonus if he does not wait for the 12th month is over.
  5. No cash refunds (in full or partial) would be entertained for accounts, before or after the maturity of the schemes.
  6. The store for redemption can be selected or re-selected only upto 15 days before the maturity date. After that, the last selected showroom shall automatically receive the account for redemption/utilization. This is valid for Jewellers with multiple stores.
  7. Customers are advised to redeem/utilise their accounts within 6 months from the date of maturity. After that, it will get blocked and will have to be unblocked from the central system (which will be done only on a written request).
  8. The customer shall have to authenticate his identity by providing a copy of his photo ID such as the Ration Card/ Passport/ Driving License/ PAN Card/ Voter ID at the store at the time of redemption. The redemption or the utilisation of the scheme will not be allowed without a valid photo ID.
  9. Gift Vouchers cannot be purchased on utilisation/redemption against any Scheme.
  10. At the time of redemption/premature utilisation/closure, the account holder will have to personally come to the store with a photo ID and the details of the account (a print-out of the account details), and start the desired process.
  11. All jewellery purchased under the schemes will be subject to labour, making charges, wastage, sales tax or VAT, and other applicable surcharges besides the cost of gold and stones.
  12. If the member wishes to pay all the instalments in advance, he/she will still be eligible for the discount only on, or after, the maturity date, which is calculated as per the duration and terms of the scheme.
  13. Gold rate booked or charged on the final invoice (on redemption of account at the boutique) will vary as per the city. The rate of gold will be based on the rate of gold prevailing on the date of purchase or redemption, whichever is later. This will not be valid if the customer has subscribed to a grammage based scheme.
  14. The payment and maturity value under the scheme shall be denominated in Indian rupees only. The maturity date shall be strictly calculated according to the first payment date and the type of the scheme selected by the member, after considering all the delays in payment - if any.
  15. Schemes, once selected, cannot be converted into any other scheme (existing or new) which may be introduced by SchemesCentral sometime in future.
  16. The account opened by the customer is non-transferable. Account/balance cannot be transferred to any other person by the account holder.
  17. In the event of the death of the account holder, the account will be transferable only to the person(s) who is/are nominated by the account holder. In case the account holder does not wish to nominate anyone, any claim(s) made by any other person(s) on behalf of the account holder will not be entertained. The nominee(s) claiming the balance in any account shall avail the amount only on submission of adequate identity proofs to the jewellery store.
  18. Discounts shall be given at the time of purchase, only if all payments are made as per the scheme and only after the maturity date as per the scheme.
  19. In case a account holder wants to make a purchase for the money accumulated in the account before the maturity date, he/she will have to inform the SchemesCentral team by writing to us at In such an event, he will not be eligible for any discount/bonus under the scheme.
  20. Any conditions which are explicitly not covered above would be the discretion of the company at the time of the transaction. The decision of the company in this regard would be deemed as irrevocable and final.
  21. Disputes, if any, will be subject to the courts in the Bangalore jurisdiction only to the exclusion of any other court’s jurisdiction.
  22. reserves the right to effect forfeiture on the amount in any member’s account in case the member(s) does not purchase or redeem the amount even after the expiry period of six months from the date of maturity or default.
  23. In case of any change in existing laws, rules, acts, etc by any regulatory authority, necessary requirements as per the same will have to be fulfilled by the customer.