Want to save in gold in disciplined manner? You can opt for eSwarna Periodic payment plan
What is Periodic Payment Plan?
You can schedule the payments on monthly basis under “Monthly Gold Savings Plan”. It can be done by selecting
(1) The amount you wish to save in Gold every month (Minimum amount of Rs. 100 and further in multiples of 100)
(2) The Period for which you want to save (minimum of 6 months and in multiples thereof with max period of 30 months) &
(3) Convenient date for monthly debit.
You can also create multiple “Monthly Gold Savings Plans” at the same time and service the payments. You can have a maximum of 3 Plans active at any given time.
Customers can cancel the Plan anytime directly through their banks or via eSwarna platforms; but customers cannot modify the Payment Amount or Date or Period during the course of an active plan. (T&C apply)
Gold grams shall be credited to the customer's account as per mentioned above. In case of payments made in cash at Muthoot branches, gold shall be credited instantly as per live gold prices.
For the convenience of our customers, eSwarna offers the option to make fixed, recurring purchases of gold via monthly auto-debit directly from customer bank accounts or through debit/credit cards. This Monthly Gold Savings Plan is a completely voluntary scheme for eSwarna customers. The Plan is intended to benefit the customers by allowing them to save in fixed amounts of gold and also benefit from price averaging and reduce the impact of price fluctuations by making periodic purchases of gold within a fixed budget every month. The plan would also help customers to develop a habit of disciplined savings.
eSwarna offers customers complete flexibility where they can create a plan for as low as Rs 100 per month for a minimum investment period of 6 months.
Example:
Customer Mr. Jack wants to buy Rs.500 worth of Gold every month for the next 2 years without the hassle of making payment transactions each time.
For doing so, he can create a Monthly Gold Savings Plan with eSwarna to invest Rs. 500 every month towards purchase gold,along with the defined period of 24 months. The same shall be debited from Mr. Jack’s bank account automatically every month and equivalent grams of 24 karat gold shall be credited to Customer’s eSwarna digital gold account. The gold is purchased at the prevailing Gold Price within a few hours of receiving customer payment confirmation.
1. eSwarna Monthly Gold Savings Plan is an option to facilitate convenient automated payments and is not an investment scheme.
2. Customers can also create multiple “eSwarna Monthly Gold Savings Plan” at the same time and service the payments.A customer can have a maximum of 3 Plans active at any given time.
3. Under eSwarna Monthly Gold Savings Plan, customer can make fixed, recurring purchases of gold via monthly auto-debit from their bank accounts or through debit/credit cards.
4. Customer can schedule their monthly payments by selecting their amount and the period. The date of debit shall be selected by the customer from within the available options.The date will be fixed for all subsequent debits for the period selected by customer.
5. Under eSwarna Monthly Gold Savings Plan, the minimum amount a customer can enroll is Rs 100 and subsequently in multiples of Rs 100. The maximum amount per eSwarna Plan is limited to Rs 100000/-.
6. The minimum period for eSwarna Monthly Gold Savings Plan is 6 months and subsequently in multiples of 6 months upto a maximum of 30 months.
7. The following are the charges levied by the banks for the auto debit service.
| SI on Credit Cards | NIL |
| SI on Debit Cards | NIL |
| E-mandate | NIL |
8. On every purchase, Gold will be purchased and credited only after deducting charges stated above.
9. For Customers opting for purchase under e-Mandate net-banking option for bank account debit, the gold shall be purchased and credited to the Customer's account within 24 hours of the receipt of payment confirmation.
10. Customer opting purchase under auto debit from debit/credit card, the gold shall be purchased and credited to the customer's account within few minutes of the receipt of payment confirmation.
11. Customers can cancel the Plan anytime directly through their banks or via eSwarna platforms; but customers cannot modify the Payment Amount or Date or Period during an active plan.As per latest guidelines, customers may receive a notice via SMS from their respective banking partners every month before the due date; customers are therefore requested to authorize the transactions whenever required, to continue with their Plans.
12. Muthoot Exim shall not levy any penal charges to the customers for any missed payments.
13. The customer’s bank may however debit nominal charges against the customer if the auto-debit fails due to lack of funds.
14. If a customer fails to honor their scheduled payment for one month, the corresponding Plan may be put on hold till customer requests to reactivate the same.
15. The purchased gold shall be treated at par with other purchases of gold on eSwarna; all relevant terms and conditions shall continue to apply.
16. These terms shall be governed by and interpreted and construed in accordance with the laws of India. The Courts in Mumbai shall have the exclusive jurisdiction to deal with any disputes arising out of this arrangement.
17. Any disputes, queries or complaints shall be addressed to help desk section on website or in the alternative the customer may contact the tollfree number 18001021616 or email at eswarna@muthootexim.com.
18. Customer hereby consents that the bank account details mentioned by me may be validated by Muthoot Exim through a third-party service provider before the payment of sales proceeds is initiated.
1. What is eSwarna Monthly Gold Savings Plan?
eSwarna Monthly Gold Savings Plan is an option for customers to conveniently automate their eSwarna purchases on monthly basis.
2. How does the eSwarna Monthly Gold Savings Plan work?
In eSwarna Monthly Gold Savings Plan, a customer can automatically make fixed, recurring purchase of Gold via monthly auto debit from their bank accounts or through debit/card.
3. Is there any fixed amount and period for this scheme?
Under eSwarna Monthly Gold Savings Plan, the minimum amount a customer can enroll is Rs 100 and subsequently in multiples of Rs 100. The maximum amount per eSwarna Plan is limited to Rs 100000/-
The minimum period for eSwarna Monthly Gold Savings Plan is 6 months and subsequently in multiples of 1 month, up to a maximum of 30 months.
4. Is the date fixed by Muthoot Exim for making the payment?
No, the date can be selected by you from an available list of options. Debit would be done only after the acceptance of mandate by respective bank and NPCI. Subsequent debits would continue on the selected date every month.
5. Do I need to register separately for eSwarna Monthly Gold Savings Plan?
To avail the same, you must select Monthly Plan and fill the requisite information and agree to TnC of this plan. All purchases under this plan shall be treated at par with the other purchases of Gold under eSwarna account.
Customers can also create multiple “Monthly Gold Savings Plans” at the same time and service the payments.A customer can have a maximum of three Plans active at any given time.
A customer can have a maximum of 3 Monthly Gold Savings Plansactive at any given time under one customer Id.
6. Is there any extra charge for the eSwarna Monthly Gold Savings Plan?
The following are the charges levied by the banks for the auto debit service. On every purchase, Gold will be purchased only after deducting such charges.
| SI on Credit Cards | NIL |
| SI on Debit Cards | NIL |
| E-mandate | NIL |
7. What time of the day will the gold be purchased on the specified date?
Customer opting to purchase under e mandate for direct bank account debit, the gold shall be purchased and credited to the customer's account within 24 hrs of the receipt of payment confirmation.
Customer opting purchase under auto debit from debit/credit card, the gold shall be purchased and credited to the customer's account within few minutes of the receipt of payment confimation.
8. Will there be any charge if the payment is defaulted?
Muthoot Exim shall not levy any penal charges to the customers for any missed payments. The customer’s bank may however debit nominal charges against the customer if the auto-debit fails due to lack of funds.
9. Can the payment terms be changed during an active Plan?
No, customers cannot modify the payment amount or date or period during an active plan.
10. Will the customer be able to cancel his eSwarna Monthly Gold Savings Plan?
Yes, Customers can cancel the Plan anytime directly through their banks or via eSwarna platform.
If a customer fails to honour their scheduled payment for 1 month, the corresponding Plan may be kept on hold till reactivation request is received from the customer.
11. What happens to my gold once I cancel the plan?
Your gold continues to lie in your account till you redeem/ sell it.
12. Will there be any cancellation charges at the time of cancelling the Plan?
No, there are no cancellation charges for this Plan.