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 “Periodic Payments Plan”. It can be done by selecting
(1) Monthly amount (Minimum amount of Rs. 100 and further in multiples of 100)
(2) Tenure (minimum of 6 months and in multiples thereof with max tenure of 30 months) and
(3) Payment date (Any date as per your convenience).
You can also create multiple “Periodic Payment Plans” at the same time and service the payments.A customer can have a maximum of 3 Periodic Payment 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 Tenure 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 Periodic Payment Plan is a completely voluntary scheme for eSwarna customers. The periodic payment plan is intended to benefit the customers by allowing them to save fixed amount in 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 you 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 Periodic Payment 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 Periodic Payment Plan is an option to facilitate convenient automated payments and is not an investment scheme.
2. Customers can also create multiple “Periodic Payment Plans” at the same time and service the payments.A customer can have a maximum of 3 Periodic Payment Plans active at any given time.
3. Under eSwarna Periodic Payment 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 payment by selecting their amount and the tenure. The date of debit will be within 2 days of the acceptance of e-mandate and this date will be fixed for all subsequent debits for the tenure selected by customer.
5. Under eSwarna Periodic Payment Plan, the minimum amount a customer can enroll is Rs 100 and subsequently in multiples of Rs 100. The maximum amount per eSwrana Periodic Plan is limited to Rs 100000/-.
6. The minimum tenure for eSwrana Periodic Payment 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 | 2% + GST per debit/transaction |
| SI on Debit Cards | 1% + GST per debit/transaction |
| E-mandate | Rs. 7 for registration + GST Rs. 7 per debit + GST |
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 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 Tenure during an active plan.
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 Periodic Payment Plan shall 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. I hereby consent 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 Periodic Payment Plan?
eSwarna Periodic Payment Plan is an option for customers to conveniently automate their eSwarna purchases on monthly basis.
2. How do the eSwarna Periodic Payment Scheme work?
In eSwarna Periodic payment Scheme, 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 tenure for this scheme?
Under eSwarna Periodic Payment Plan, the minimum amount a customer can enroll is Rs 100 and subsequently in multiples of Rs 100. The maximum amount per eSwarna Periodic Plan is limited to Rs 100000/-
The minimum tenure for eSwarna Periodic Payment Plan is 6 months and subsequently in multiples of 6 months, up to a maximum of 30 months.
4. Is the date fixed by Muthoot Exim for making the payment?
No, the date of debit will be within 2 days of acceptance of e-mandate by NPCI and the same date will be applicable for all subsequent debits for the tenure selected by customer.
5. Do I need to register separately for eSwarna Periodic Payment Plan (PPP)?
To avail PPP, you must select periodic payment 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 “Periodic Payment Plans” at the same time and service the payments.
A customer can have a maximum of 3 Periodic Payment Plans active at any given time under one customer Id.
6. Is there any extra charge for the eSwarna Periodic Payment 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 | 2% + GST per debit/transaction |
| SI on Debit Cards | 1% + GST per debit/transaction |
| E-mandate | Rs. 7 for registration + GST Rs. 7 per debit + GST |
7. What time of the day will the gold be purchased on the specified date?
Customer opting to purchase under e mandate for 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 tenure during an active plan.
10. Will the customer be able to cancel his eSwarna Periodic Payment 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 PPP plan 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.