Future Plus Flexi scheme is a savings scheme offered by Thangamayil Jewellery Limited. The scheme allows customers to make a one-time payment and redeem it as gold jewellery or gold coins, saving money on waste and charges.
The minimum amount required to enroll in this scheme is Rs.15,000. This is a one-time payment scheme, meaning the entire amount must be paid at the time of enrollment.
The scheme duration is 300 days, after which it can be redeemed for gold jewellery or a gold coin. This means that the scheme matures after 300 days, and the customer can choose to either redeem it for gold jewellery or gold coin.
The amount paid by the customer is converted into gold weight using the 22kt gold rate on the date of joining or maturity, whichever is lower. For example, if a customer enrolls in the scheme with Rs.100,000 and the gold rate on the date of joining is Rs.5,000 per gram, then the weight of gold that the customer will be entitled to is 100,000/5,000 = 20 grams.
However, if the gold rate on the date of maturity is Rs.4,800 per gram, then the weight of gold that the customer will be entitled to is 100,000/4,800 = 20.83 grams (since the lower of the two rates will be used).
Only the person whose name was used at the time of enrollment can redeem the Scheme. In case the person who enrolled in the Scheme is disabled or expired, the nominee can redeem the Scheme by submitting relevant ID proofs with relevant certificates.
If any gifts were given at the time of enrollment and if the customer terminates the Scheme before maturity, the value of the gift will be deducted from the scheme value.
Once the scheme matures, the customer can choose to redeem the gold as jewellery or a coin. The weight of gold that the customer is entitled to will be converted into the value of the chosen product, and 75% of the wastage and making charge for the product selected will be discounted.
The customer will have to pay the remaining 25% of the wastage and making charge. Other charges such as hallmark and GST will also be borne by the customer.
If the customer wants to redeem the gold before the maturity date, the rate at the date of joining will be used for purchase, and no benefits will be given. This means that if the gold rate has increased since the date of joining, the customer will not benefit from the increase in rate.
The paid amount will not be refunded under any circumstances. This means that if the customer changes their mind after enrolling in the scheme and decides not to redeem the gold, they will not be able to get a refund of the amount paid.
For saving over Rs. 1.75 Lakhs, users will be required to submit their PAN as per the prevailing income tax regulations, and a PAN copy will be required at the time of redemption for investments over Rs. 2 Lakhs.
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