Intro
“Hello everyone. You can also know the complete details of the three types of schemes offered by Lalitha Jewellery, namely Dhana Vandhanam, Free and Flexi, and Jewellery Pre-Booking, through the post.
Lalitha Jewellery Dhana Vandhanam Scheme
In that way, you can now see the complete details of the first Dhana Vandhanam scheme. As far as the Dhana Vandhanam scheme is concerned, it works like our normal monthly payment jewelry slip. Here, you start with a minimum of 1000 and pay a fixed amount in multiples of 1500, 2000, 2500, etc., of 500. This month you pay a small amount, and the next month you pay more.
There is no option to pay the amount in installments for this scheme. So, when you first withdraw the amount, you can put as much as you can into this scheme every month, withdraw only that amount, and pay it every month for 11 months. Complete Guide to the Dhanavandhanam Scheme
Bonus
The amount you can pay for this scheme will come in gold weight and cash. After reaching the maturity period of this scheme, if the price of gold is high when you go to redeem this scheme, then it will be best for you to come in gold and redeem it. If the price of gold is low, then it will be best for you to come in cash and redeem it. In this way, you can pay the price of gold to the mother when you go to redeem. You can redeem it as per your convenience.
Discount
If you have been paying the amount for this scheme correctly for 11 months, then after the completion of 11 months, they have said that a 50% extra bonus will be added to the amount for one month. For example, if you have been putting 2500 rupees in this scheme every month, then 50% of these 2500 rupees will be 1250. This extra bonus will be added to your account after the completion of 11 months.
Discontinuing Scheme
This scheme will mature after 330 days of joining this scheme. After that, when you go to redeem, you will get a 50% discount on the cost of gold jewelry. They have also mentioned that the stone charge is applicable only for certain types of jewelry.
Free & Flexi Scheme
If you join this scheme and redeem it in the 7th or 8th month, then they have told you that they are giving you a 30% discount on the cost of making gold jewelry. If you redeem it in the 9th or 10th month, then they have told you that they are giving you a 35% discount on the cost of making gold jewelry. If you join this scheme and redeem it before the 7th month, then you will not get any discount benefit.
Not only that, but when you go to redeem like this, the weight of the gold will be credited, and you will not be able to redeem it. They have said that they will give you gold equal to the amount you would have paid at the current gold rate. So if you join this scheme and redeem it before 7 months, it is a complete waste.
100% Discount on V.A.
Now let’s look at the Next Free and Flexi scheme. This is also a scheme for 11 months. In this scheme too, you have to pay a fixed amount every month. What is the best thing about this scheme? If so, you do not need to pay a single rupee for gold, uncut diamonds, silver articles, rubies and emeralds. They have said that they give you 100% discount on value-added charges.
As for this scheme, since it gives a 100% discount on VA, if you pay correctly for 11 months in the Dhanavanthanam scheme, then the bonus that can be added extra will not be added to this scheme. There is no bonus here; instead, they give a 100% discount on VA.
Discontinuing Free & Flexi
They have said that if you pay the correct amount for 11 months, you will get a 100% discount on VA; if you discontinue in the 9th or 10th month, you will get a 70% discount on VA; and if you discontinue in the 7th or 8th month, you will get a 60% discount on VA. Apart from this, there is no significant difference between these two schemes.
Jewellery Prebooking Scheme
So far, all we have seen is a monthly payment scheme. Now, what we are going to see is a one-time payment scheme, the Jewellery Prebooking Scheme. There is no requirement for this scheme that you have to pay a fixed amount every month. You can join this scheme by paying Rs. 10,000 or more at a time. Otherwise, you can join this scheme by giving them your old gold.
They have said that the investment you can make in gold or any amount is credited to the mother according to the rate of 22-carat gold as of that date, depending on that rate. If you had joined this scheme by giving gold, then they would have said that 0.5% of the value of the gold you would have given will be melted, and then purification charges will be charged.
Investment Limit
If you have invested in cash and joined this scheme, you can make a maximum cash payment of Rs. 180,000. If you have invested more than that, you can use other payment methods and invest as much as you want. However, if you use other payment methods to make a transaction of more than Rs. 2 lakhs, they will definitely ask you for your PAN card. Not only that, but they have also said that TDS will also be deducted.
This scheme will mature after 330 days of joining this scheme. After that, when you go to redeem it, if you redeem gold jewelry, you will not have to pay a single rupee as a processing fee. They have said that they are giving a 100% discount on VA. They have also said that they are not only giving a 50% discount on VA for diamond jewelry, but they are also giving a discount of Rs. 1000 per carat.
Discontinuing Jewellery Prebooking Scheme
If you join this scheme and redeem within 10 months, they give you a complete discount of up to 10% on the manufacturing cost of gold jewellery. For example, you have a jewellery made. The manufacturing cost is 12%, so you can buy this jewellery by paying only the remaining 2% after deducting this 10%. In this way, if you redeem within 9 months, you can get up to 9%, and if you redeem within 8 months, you can get up to 8%, depending on the amount you redeem. If you have redeemed before 5 months, then you will not get any discount.
Common Rules
Now let’s look at some rules that are common in all these schemes. You can also add a nominee in all these schemes. If you add a nominee, you will have to provide the KYC information of that nominee along with your KYC information. Not only that, but being a minor, you will not be able to join any of the schemes available in this.
After reaching the maturity period of this scheme, when you go to redeem this scheme, you can redeem this scheme at any Lalitha Jewellers showroom in the state from which you enrolled for this scheme.
After Maturity—Without Redemption
The maturity period of all these schemes is 330 days. After reaching those 330 days, you have to redeem this scheme within 35 days. If you don’t redeem it, they will create an invoice in your name, sell you a piece of jewellery, pay GST to the government, close the scheme with you, and keep a piece of jewellery equal to the amount in your account in the safe until you redeem it.
No Cash Refund
They have clearly stated that they will not refund the amount you pay for any of these schemes. If you don’t want it, you can only buy it as a piece of jewellery or a necklace, and they will not give you any cash back.
Perhaps you have added 2.2 grams of gold through some scheme. When you go to redeem it, you see a jewel. Its weight is said to be 1.6 grams. Then, after deducting all the GST and other charges, the remaining amount in your account is only 2 milligrams. If you ask them whether they will give you cash for these 2 milligrams, they will not give you cash. It will be like buying some other metal or silver item with those 2 milligrams.
This problem arises when we do not redeem a jewel at a rate lower than what we have added. If you think that you can buy a jeweler’s jewelry with a higher rate than what we have added, then when you do that, you will have to pay the full VA charges for the excess amount and redeem it.
My Opinion
Even with all these things, I will give my opinion. Even though they give a 100% discount on VA, they do not add any bonus to that scheme. They have only given a 50% discount on VA for the scheme where a bonus can be added. When you look at it, everything is the same. There is not much difference between the scheme they provide and the scheme of other Jewellers.
Whether it is weight or money, the mother you are going to redeem should have a redemption option that suits your profit, whether it is the trust you have in a brand like Lalita Jewellery or whether it is the collection available in Lalita Jewellers. For all this, you can join this Lalita Jewellers’ CHITS scheme if you have any.
No matter which jeweller’s CHITS scheme you are joining, whether you go directly to that jeweller or call him, ask for complete details about that scheme, how much VA charges are, and what the average percentage they charge is, and calculate everything. After that, see if you like all the collections that are available there. It’s best to see all of this and make your own decision.