Gold Savings Scheme
Gold jewellery has long been cherished not only for its beauty but also for its value as a solid investment. As a tangible asset, gold jewellery provides a hedge against inflation and currency fluctuations, making it a reliable form of savings.
Over time, the value of gold tends to appreciate, offering potential financial security. Additionally, gold jewellery can be easily liquidated or passed down as a family heirloom, ensuring that its worth is preserved across generations. Investing in gold jewellery is not just about style; it's a smart way to safeguard your future.
Swarna Sampathya Yojana is a popular gold saving scheme by installment payment programme, ideally suited for monthly salaried families. Every time the installment amount is deposited, it is credited in the scheme account. On successful completion of the installments, gold ornaments worth the accumulated amount is given to the customer with special discounts on making charge.
Click here to download brochure
To enable UPI Autopay select branch below.
Chungath Swarna Sampadhya Yojana - Frequently Asked Questions
1. What is the Chungath Swarna Sampadhya Yojana?
It’s a monthly payment scheme designed to help you save systematically and buy gold jewelry without making charge (upon scheme conditions). Please note, it’s not an investment or lottery scheme.
2. Why should I join this scheme and invest in gold?
This scheme helps you save systematically for gold purchases. Gold is a stable investment, protecting against inflation and economic fluctuations. It ensures a disciplined approach to accumulating gold within your financial means.
3. Who can join the scheme?
Anyone over 18 years old can join. You’ll need to bring a copy of your ID (like Aadhaar) for registration.
4. What is the minimum monthly payment?
You can start with a minimum payment of Rs. 500 or multiples of it.
5. How often can I make payments?
You can make any number of payments of any amount during the first 5 months of the scheme. After the 5th month, you can only make payments up to your committed scheme amount or the average amount of the first five months, whichever is higher.
6. How do I make payments to scheme?
You can make payments using the following methods:
a. Visit the specially assigned scheme counter at respective Chungath Jewellery branch.
b. Use our app (available on the Play Store or App Store) for digital payments or enable autopay.
c. Visit our website www.chungathjewellery.com, scroll down to the "Webpay" link, and follow the instructions.
7. What if the amount paid online using mobile app, is not reflected in my scheme?
This may occur if the app is closed before auto-confirmation. If the amount is deducted, it will either be credited to our account or back to yours. If the payment reaches us, we will update it in your scheme within 3 bank working days. Otherwise, the amount will be credited back to your bank by the payment gateway or bank.
8. Why do UPI payments sometimes fail?
UPI payments may fail due to security measures taken by banks during non-banking hours to prevent phishing threats. It is recommended to make payments during banking hours. If a transaction fails, wait 3–5 minutes before retrying.
9. Is there UPI AutoPay, and how do I set it up?
Yes, UPI AutoPay is a convenient and secure automatic payment system linked to your bank account via the Unified Payments Interface (UPI). To set up:
Self-Service: Visit our website or download the app, and link your preferred UPI ID to enable AutoPay.
Assisted Setup: Visit a branch or contact us, and our staff will assist you with the setup process. You can also request to enable UPI AutoPay while joining the scheme.
10. Are there agents for collecting payments?
No, use authorized payment channels only.
11. What is the scheme duration?
The scheme lasts for 11 months.
12. What can I buy at the end of the scheme?
Upon maturity, you can purchase Kerala jewelry (without stones) or jewelry with up to 18% making charges using the total amount in your account. The purchase will be based on the gold price on the day of purchase.
13. Are there extra charges for special jewelry?
Yes, the price and tax for stones will be charged separately. Extra making charges apply for jewelry types such as Singapore, Antique, Traditional, etc
14. What if I miss a payment?
Committed monthly instalments must be paid on or before the joining date each month. If not, you will have to pay the making charges for jewelry purchases.
15. Can I pay more than my committed amount?
Yes, you can pay more than the committed amount until the 5th instalment. After the 5th instalment, you cannot exceed the average amount of the first five instalments.
16. Is there a maximum amount I can invest?
The total investment in one financial year should not exceed Rs. 1.70 lakh.
17. Can I terminate the scheme early?
No, early termination is not allowed. If inactive due to missed payments, making charges will apply when purchasing jewellery.
18. When should I purchase jewellery after the scheme matures?
Purchase within 20 days after maturity. After that, the scheme will be closed and converted into a booking order based on the current gold price.
19. Is there a cash refund option?
No, refunds are not provided.
20. Can I get my money back if I close the scheme early?
No, the amount will only be adjusted towards jewelry purchases with applicable making charges.
21. What happens if I don’t turn up after the scheme matures?
If you don’t purchase jewelry within 20 days after maturity, your scheme will be closed and converted into a booking order based on the current gold price.
22. What do I need to close the scheme?
Bring the original ID submitted at registration. The applicant or nominee (if specified) must be present for the jewellery purchase.
23. Can this scheme be combined with other discounts/offers?
No, it cannot be combined with special offers or discounts.
24. Where can I buy jewellery under this scheme?
Jewelry can only be purchased at the branch where you joined the scheme.
25. Is there a customer care number?
Yes, call our IVR at 8943431234 and select the "Scheme" option for assistance.
Terms & Conditions of Swarna Sampadhya Yojana
1) This scheme is known as Chungath Jewelery "Chungath Swarna Sampathya Yojana" (hereinafter referred to only as Scheme). This is a scheme designed to buy gold jewellery by monthly payments.This is not a lottery or interest-bearing investment plan. The scheme does not include slogan competition or lottery.
2) Only those above 18 years of age can join this scheme. Members are required to provide a copy of their identity Card (Adhaar Card) at the time of joining the scheme.
3) You can opt to pay minimum of Rs.500 per month or its multiples. Accordingly, the amount paid as installments will deposited in your scheme account. Upon joining the scheme, each member receives a "Chungath jewellery" membership card. You will need to bring your membership card with you. Every time you pay at our counter and make sure that each time is accurately entered on the card.
4) Monthly payments can be made in the form of cash / credit card / debit card at our stores or by using our mobile application. Cheques/DD are not accepted.
5) The term of this scheme is 11 months.
6) Upon maturity of the scheme, jewellery [Kerala jewellery (without stones) as well as any jewellery with an estimate making charge of upto 18%] can be bought for the total amount in your account at the gold price on the day of purchase day (without jewellery making charge.)
7) The price and tax of the stone will be charged in addition to the applicable rate. For certain types of jewelery with higher making charges (eg: Singapore, Antique, Traditional, Sairandhri, Calcutta etc) the extra making charge has to be paid.
8) Committed Installment amount must be paid monthly on or before the scheme joining date.
9) Scheme members can pay more than committed amount, multiple times, till 5th installment. Afterwards, it is not possible to pay more than the average amount of the first 5 installments from the sixth installment.
10) The total amount invested in a scheme in a financial year should not exceed Rs 1.70 lakh.
11) It is not possible to terminate the scheme before the expiry date. Schemes that has no regular remittance will have to pay making charges for buying jewellery.
12) Jewellery must be purchased within 20 days after maturity of the scheme. Otherwise, on 21st day, scheme will be closed and will be transferred to the booking order in the name of the customer according to the current gold price
13) Cash refund is not included in this scheme. In any special case, when the amount paid is to be returned as cheque, no interest or other additional benefits are received.
14) During the closure of the scheme, the members have to produce the original identity card submitted at the time of joining the scheme. The person who had signing the application form should come directly to buy the jewellery. In case the signatory member is unable to attend due to any reason, the jewellery can be purchased in person by the nominee mentioned in the application form as per the terms and conditions of the "Chungath jewellery".
15) This scheme may not be availed along with any special offers and discount offers.
16) Through this scheme, you can get gold jewelery only from the branch where you joined & paid.
17) There are no agents to collect money.
18) The terms and conditions of this scheme is subjected to change from time to time according to the legal provisions & change in rules of the Management / State / Central Government of India. All complaints regarding this scheme will be under the jurisdiction of Ernakulam / Kollam.
