Today’s Rate :    Gold : ₹ 7,525 / Gm

Today’s Rate :    Gold : ₹ 7,525 / Gm

Ponmagal One

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Ponmagal One

Ponmagal One is your gateway to owning exquisite gold jewellery with ease and flexibility. Perfect for weddings, anniversaries, and special occasions, this one time investment scheme ensures up to 18% wastage (VA) discount, helping you plan ahead and cherish timeless treasures Join Ponmagal One by making a one-time advance payment starting at ₹1,00,000. Customers can also enroll using the value of old gold, which will be melted, valued, and credited under the scheme as per the company’s old gold policy. After 11 months, you can redeem your accumulated value or gold weight and enjoy exclusive benefits. This plan helps you secure your jewellery needs, protects you from price hikes, and offers flexible redemption options tailored to your needs.

benefits of ponmagal one

No wastage (VA) up to 18% on accumulated value or weight

Flexible redemption options based on value or weight

Plan ahead for weddings and special occasions

Protection against gold price hikes.

how it works

Select Your Advance Payment:​

Choose a one-time advance payment starting from
₹1,00,000 or exchange old gold as per the company’s
policy.

Flexible Benefits:

At the end of the 11th month, enjoy 100% wastage (VA) discount up to 18% on the accumulated value or goldweight under the scheme.

Redemption Options Choose between

Weight-based benefit

The discount on wastage (VA) is calculated based on the gold weight accumulated in the plan. At redemption, the customer pays no wastage (VA) for the accumulated gold weight, while any additional weight in the jewellery will be charged the applicable wastage (VA) mentioned on the jewellery tag.

Example

If you have accumulated 13.888 grams of gold (gold rate: ₹7,200 per gram) during the plan, and you wish to purchase jewellery weighing 20 grams with a wastage (VA) of 18%, you will not be charged wastage (VA) for the first 13.888 grams. However, the remaining 6.112 grams will be charged wastage (VA) as per the jewellery tag.

Value-based benefit

The discount on wastage (VA) is calculated based on the advance amount you paid. If the jewellery you select exceeds the advance value, the additional amount will attract the applicable wastage (VA) as per the jewellery tag.

Example

If you paid ₹1,00,000 as an advance and select jewellery worth ₹1,50,000 with wastage (VA) of 18%, you will get the wastage (VA) discount on ₹1,00,000 only. The remaining ₹50,000 will attract the wastage (VA) mentioned in the jewellery tag.

Completion of Scheme Gold Weight Based Discount of Wastage (VA) upto 18% Value Based Discount of Wastage(VA) upto 18%
7th month
None
None
8th month
50%
50%
9th month
70%
70%
10th month
80%
80%
11th month
100%
100%

TERMS AND CONDITIONS

  • Customers must deposit a minimum of ₹1,00,000 to enroll in the Ponmagal One Jewellery Purchase Plan. The program is designed for single accounts, with no flexibility to merge multiple accounts under any circumstance.
  • Once an account is created, it is strictly non-transferable. Ownership remains solely with the individual who initiated the enrollment, irrespective of any unforeseen changes in circumstances
  • Advance payments can be made via cash, demand draft (DD), debit/credit cards, NEFT/RTGS, UPI, or local/at-par cheques favoring the company. Cash payments are capped at ₹1,99,000, per Government of India guidelines. Customers must ensure sufficient funds in their accounts, as bank charges for dishonored cheques will be their responsibility.
  • Customers may enroll using old gold, which will be melted, valued, and treated as advance payment as per the company’s old gold policy. The prevailing gold rate at the time of assessment will apply, and any discrepancies in weight or quality will be clarified during the process.
  • Customers opting for weight-based benefits will receive discounts on wastage (VA) up to 18% based on the accumulated weight under the plan. Similarly, value-based benefits offer discounts of up to 18% on wastage for the paid-up value, calculated at the prevailing gold rate.
  • Customers can redeem their benefits any time after the 8th month of enrollment. However, the percentage of discount applicable on wastage (VA) increases with each passing month, peaking at 100% in the 11th month. The table of benefits must be referred to for precise calculations.
  • At the end of 11 months, customers are entitled to a 100% discount on wastage (VA) up to 18%, either in weight or value, on the accumulated amount. Purchases can include gold coins or jewelry, with the prevailing gold rate at billing time applicable.
  • Customers discontinuing the scheme before the 8th month forfeit all wastage (VA) discounts. Those discontinuing in months 8 through 10 will receive progressively increasing benefits (50%, 70%, or 80% discounts), as per the table.
  • The scheme does not generate interest on advance payments. The primary benefit lies in the discount on wastage (VA), making it a cost-saving plan rather than an interest-earning investment.
  • A nominee can be assigned by submitting KYC documents for both the customer and the nominee. In the case of minors, the guardian’s signature will be mandatory, and the guardian will also act as the nominee.
  • Any legal disputes arising from the scheme will fall under the jurisdiction of competent courts in Chennai. This ensures clarity on where and how disputes will be resolved.
  • Any changes to the customer’s registered address or loss of the receipt must be promptly communicated to the company. Customers will need to reapply for a new receipt with updated KYC details.
  • Customers can open multiple accounts under the scheme, with each account requiring a separate one-time payment. Payments cannot be spread across multiple accounts.
  • Government levies, including GST, applicable at the time of delivery or purchase, will be borne by the customer. This includes purchases made under the scheme as well as any other associated charges.
  • Customers can purchase gold coins under the plan, using either the weight-based or value-based benefits accrued. However, discounts will not exceed 18% on wastage (VA), irrespective of the purchase type.
  • The scheme must be utilized within 1 year from the date of enrollment. Extensions beyond this period are not permitted, and unused balances will only be adjustable against jewelry purchases, not refundable in cash.
  • No refunds will be issued for any unused advance amounts under the plan. Unused balances can only be adjusted toward the purchase of gold or silver jewelry, including coins.
  • The company reserves the right to modify, amend, or update the terms and conditions of the scheme at its discretion. Customers will be notified of changes through official communication channels.
  • For security purposes, the customer’s signature will be verified against the records maintained at the time of enrollment. Any discrepancies may delay the redemption process until resolved.
  • Customers must present and surrender their receipt when purchasing jewelry under the scheme. The receipt serves as proof of enrollment and payment.

Frequently Asked Questions (FAQ)

Will GST apply?

Yes, GST and any other governement levies, if
applicable at the time of delivery

Can I purchase gold coins?

Yes, gold coins can be purchased under this scheme without wastage (VA) or making charges.

What happens if I purchase jewellery exceeding the accumulated value or weight?

The wastage (VA) applicable on the excess amount or weight will be borne by the customer.

Can I combine multiple accounts?

As per government regulations, accounts with cash payments exceeding ₹1,99,000 cannot be combined.

Is the advance payment refundable?

No, the advance payment is non-refundable. It can only be adjusted for jewellery purchases.

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