Ponmagal Scheme – Terms & Conditions | SMJ Senthil Murugan Jewellers

Please read these Terms & Conditions carefully before participating in the Ponmagal Gold Saving Scheme. By making payments under the scheme, you agree to the terms below.

1. Goods and Services Tax (GST)

GST is compulsory by law and will be charged on the total invoice value at the time you redeem your scheme. This means that when you pick up your jewellery or silver items, GST will be calculated on the full bill amount (including making and wastage charges, if applicable).

2. Payment Timeliness & Scheme Termination Policy

Pay on Time: You must make your monthly payments on or before the due date to enjoy the full benefits of the scheme.
Late Payment Effect: If you pay late, some or all benefits may be reduced, and in certain cases, you might lose them completely.
Minimum Payments for Benefits: You need to pay at least 9 out of the 11 monthly instalments within the 12-month period to be eligible for all scheme benefits.
If You Pay Less Than 9 Months: The scheme will be terminated, and you will need to visit our showroom to redeem the gold weight saved so far. In this case, full making and wastage charges will apply on the redeemed items.
No Payment for Over 90 Days: If no payment is made for more than 90 consecutive days, the scheme will be automatically terminated. The same redemption terms apply—redemption in-store with full making and wastage charges.

3. Redemption Rules & Restrictions

No Cash Refund

Under no circumstances will the money you have paid into the scheme be refunded in cash. Redemption can only be done in the form of gold or silver ornaments. Making and wastage charges (if applicable) will be charged fully at the time of redemption.

Ready-made Items Only

You can redeem your accumulated gold weight only for ready-made jewellery or silver items available in the showroom. Custom orders or special manufacturing requests are not allowed under this scheme.

No Offer Applicability

Any ongoing showroom discounts, promotions, or offers will not be applicable to purchases made through scheme redemption.

No Sales Return

Products purchased through scheme redemption are final. They cannot be returned or exchanged under any circumstances.

4. Documentation & Compliance

PAN Card Requirement: If the total value of your payments (across all months) is more than ₹2,00,000, you must provide a valid PAN card at the time of redemption. This is a legal requirement as per Indian Income Tax regulations.

5. Other Terms

Market Rate Risk

SMJ is not responsible for changes (increase or decrease) in gold or silver prices during your saving period. Your gold weight accumulation is calculated strictly based on the prevailing board rate at the time and date of each monthly payment.

Policy Changes

All terms and conditions mentioned here are subject to change at any time at the sole discretion of the company’s management. Any changes will be updated in our showroom notices and, where possible, on our website/app.

Example: Save ₹2,000 when the 22kt board rate is ₹6,000/g → credit ≈ 0.333 g for that month. Your grams add up over 11 months and can be redeemed for eligible ready-made items in store.