GRT Gold Schemes for Gold Jewellery

Updated on Jul 12, 2020

GRT Jewelers, popularly known as G.R. Thanga Maligai, is one of India's most famous jewellery companies. The firm is based in Chennai. The company was established in 1964 and ever since it has been the fastest-growing company in India. They have showroom branches in several cities like Chennai, Hyderabad, and Bangalore, etc. The firm is known for giving delicate and beautiful designs at reasonable prices with excellent quality. However, they also provide two exclusive schemes for their customers as described below.

GRT Golden Eleven Flexi Plan

Under this particular plan, you can buy gold jewellery at a more reasonable price. For this scheme, you will have to make eleven advance instalment payments every month. After the completion of eleven months, you can use the deposited amount to buy any gold jewellery of your preference without paying for any extra charges or value-added costs. However, you can't buy some unique items, such as. Platinum, Ruby, Diamond, Emerald, Vintage or Ethnic Jewellery, Puja Items, Uncut Diamonds, silvers, etc.

Features and Benefits

  • The least amount for the monthly instalment is INR 500 and more. You can also choose a higher deposit amount. They also provide a passbook to keep you updated with your transactions.
  • You must make eleven advance payments under the time of eleven months.
  • You can choose from the two given options: Gold Weight and Value-Based.
  • If you didn't make any purchase after twelve months, then the total deposited money will be given back to the individual.

Terms and Conditions

  • It is mandatory to pay the installment each month for eleven months.
  • After the completion of payments, the individuals can buy jewellery as per the said value but only at the end of eleven months.
  • Refunding cash is not allowed.
  • The members who will default will be allowed to choose for the ''discount after purchase" only after clearing the payments for installments. The eligibility for purchasing will be extended after checking the number of months defaulted for by the customer.
  • If the customer decides to discontinue the scheme after seven months of subscribing, they cannot use the '' discount on purchase'purchase' option.
  • If the customer decides to terminate the program during the 8th and 10th months, the members can ask for a refund, which is equivalent to 60% of the whole installment amount.
  • The making and wastage charges might be charged based on the kind of jewellery acquired.
  • The signature of the member is necessary to verify after the maturity of the scheme.
  • The member will have to bear the VAT and Government Taxes.
  • The terms and conditions are allowed to modified, altered, deleted, or amended as per the decisions made by the GRT Jewellers.
  • Any disputes will be solved in the Chennai courts.

GRT Golden Seed Savings Scheme

This is another scheme by the GRT Jewellers.

Features and Benefits

  • You are supposed to pay installments every month, and gold shall be credited to the account as per the current gold rate.
  • It would be best if you bought gold each month in the place of maturity.
  • The fluctuating gold prices will not affect the investment.
  • You can make online payments through credit, debit, and net banking.

Terms and Conditions

  • The customer must pay the installments before the time of 15 months.
  • The payments should be given on the showroom where the customers had subscribed to the scheme, but they could redeem the gold from any of the showrooms.
  • The installments are set, and it will not be changed. 
  • The maturity date shall not be altered or modified,
  • If the cheque had been violated, in those cases, the day of recognition must be measured to set the gold rate. The default payment will expand the maturity date based on the month's numbers as the reason for default occurrence.
  • The customer can convert the equal weight gold, which has been transferred the account for a whole month after reimbursement of the last installment and must be exchanged completely.
  • The refunding of cash is not offered.
  • The customers can apply for gold's rate, which is prevailing the further date of exchange.
  • This scheme is quite than the other scheme projecting in the market.
  • If the purchased gold jewellery goes beyond the accumulated gold's weight, then the making and wastage charge.
  • If the wastage rate of the plain gold goes beyond 18%, then the wastage charge will be paid by the customers.
  • The terms and conditions given under this scheme are allowed to modify by the company.

Frequently Asked Questions

Q. What is the GRT Gold scheme?

GRT Jewellers or popularly known as G.R. Thanga Maligai is one of the most famous jewellery companies in India. The firm is based in Chennai. The company was established in 1964 and ever since it has been the fastest-growing company in India. They also provide several gold schemes for their customers for the secure purchasing of gold.

You can read more about this scheme on the official website.

Q. When was the GRT scheme launched?

The scheme was launched by the GRT jewellers on 22 January 2012.

Q. Where can I visit a GRT Showroom?

The GRT Jewelers are mostly available in south India. They have showroom branches in several cities like Chennai, Hyderabad, and Bangalore, etc.

Q. What is GRT Golden Eleven Flexi Plan?

Under this particular plan, you can buy gold jewellery at a more reasonable price. For this scheme, you will have to make eleven advance installment payments every month. After the completion of eleven months, you can use the deposited amount to buy any gold jewellery of your preference without paying for any extra charges or value-added costs. 

Q. What items are not allowed under the GRT Golden Eleven Flexi Plan?

Some individual items such as Platinum, Ruby, Diamond, Emerald, Vintage or Ethnic Jewellery, Puja Items, Uncut Diamonds, silvers, etc. are not allowed the plan.

Q. What is the Installment period for Golden Eleven Flexi Plan?

The installment period is eleven months.

Q. What are the features of the Golden Seed Savings Scheme?

You have to pay installments every month, and gold shall be credited to the account as per the current gold rate, and you must buy gold each month in the place of maturity.



WRITTEN BYVarsha Verma

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