Golden Eleven Amount (GEA)
This scheme starts by fixing a particular amount which the customer can pay every month till 11 months.
Every month customer can pay that fixed amount on any date in that particular month.
In this scheme the amount will be accumulated and kept as amount till the customer finishes the 11 months payment.
This scheme starts by fixing a particular amount which the customer can pay every month till 11 months.
Once the scheme is completed the accumulated amount will be converted to gold using the gold market rate prevailing at the time of account closure.
Main benefit of this scheme is customer can buy any gold ornaments in the shop for the weight accumulated in the scheme without any wastage and making charges.
Only gst will be paid by the customer.
Every monthonly one payment can be made.
Any other offers cannot be combined with the scheme offer
At any point no cash refunds will be given
Amount starts from Rs.500 and any amount in multiples of 500 can be paid…eg…500,1000,1500,2000,2500….and so on
Gold rate will be fixed daily based on MJDTA website.
Scheme matures only after 30 days from the last monthly payment date.
Example illustration of the scheme
If the customer joins in a fixed amount of rs.1000 per month the scheme schedule will be as follows
| Monthly Payment | Total Amount Accumulated | |
| Jan 2024 | 1000 | 1000 |
| Feb 2024 | 1000 | 2000 |
| Mar 2024 | 1000 | 3000 |
| Apr 2024 | 1000 | 4000 |
| May 2024 | 1000 | 5000 |
| June 2024 | 1000 | 6000 |
| July 2024 | 1000 | 7000 |
| Aug 2024 | 1000 | 8000 |
| Sep 2024 | 1000 | 9000 |
| Oct 2024 | 1000 | 10000 |
| Nov 2024 | 1000 | 11000 |
Once the customer makes payment on 1stnov 2024 then scheme matures on 1st dec 2024, on that day customer can come and purchase any gold ornament of their wish.
If the gold market rate is Rs. 6750 on that day then 11000/6750 = 1.630 grams of gold ornamnets can be purchase without any wastage or making charges.
Only gst 3% for rs.11000 which will be rs.330 will be paid by the customer.