Only Swarnanidhi Scheme accounts can be enrolled online.GHS accounts can only pay for their installments online. Please read the Terms and conditions before signing up.
Key Conditions for the Swarnanidhi ( SNS ) customers:
Customer can pay any number of installments every month till 8 months from joining the Scheme.
Every installment the customer pays, TITAN will book the corresponding gold grams in 22kt for the customer by taking into account the gold rate on the date of payment. On redemption day, the customer's fixed grams will be multiplied by the prevalent gold rate and a credit note will be generated with which the customer can buy jewellery only from Tanishq stores.
For example, if a customer pays '9,000 as the installment amount and the 22 Kt gold rate is '3,000 per gram (for assumption only), then 3 grams of gold will be booked for the customer on that day.
By the end of the Scheme if the customer has booked 50 grams of gold in 8 months and on the redemption date the 22 Kt gold rate is '4,000 per gram (for assumption only), then '2 Lakh would be generated as a credit note. Please note in the event the 22 Kt gold rate falls to '2,000 per gram (for assumption only) on the redemption day, then '1 Lakh would be generated as credit note.
All the different gold rates assumed above are for giving example only and the actual gold rates will differ.
TITAN is not responsible for changes in the gold rates. Customers are requested to be fully cognizant of the risks that rise or fall in gold rates can affect the value of the grams booked by them. TITAN will not be responsible for decrease in credit note value of the grams booked at the time of redemption due to fall in gold rates.
Customer can pay any number of installments in 8 months. Post 8 months, no more installments would be accepted and the redemption must be done before 10 months from joining the SNS.
Gold coins and silver coins cannot be purchased under the Scheme.
In the event of the customer not purchasing the jewellery against the installments paid within 300 days of joining the Scheme, the customer will be refunded the entire installment amount paid by him/her without any benefits/interest. TITAN will need a copy of the customer’s PAN card for refunding the installments. Hence customers are requested to provide a copy their PAN card at the start of enrolling in the Scheme.
Customers of the Scheme shall not be eligible for any bonus, interest or any discount on the advance paid by them.
Customer is mandatorily required to submit his/her ID Proof at the time of joining the Scheme.
Cash, cheque, debit & credit card and online payments are allowed as the mode of payment for freezing grams.
Gold grams will be frozen at the applicable 22kt gold rate on the date when the customer is making the installment payment.
Making charges/labour charges/wastage/ stone cost/ sales tax etc. has to be paid separately on maturity.
A customer needs to pay a minimum of '3,000 every month. After '3000, payment can go up in multiples of '1,000 only.
This account statement and the same ID proof mentioned are the only documents to identify the customer.
The customer shall provide a copy of his/her photo ID proof like ration card/Driving licence/Passport/PAN card/Voter ID, at the time of redemption of the installments, for authentication by the Tanishq store.
SNS account shall be redeemed by Tanishq stores only after the customer has selected the product(s) for purchase; only then a credit note would be generated by the Tanishq Store cashier for the gold grams redeemed/utilized under the Scheme and adjusted against the invoice.
In the event of any change in the contact details, the customer is required to intimate the Tanishq Store or email to email@example.com within 7 days from the date of change.
For SNS accounts opened with monthly installments of more than '35,000, a copy of the PAN card is mandatorily required for enrolment; any purchase of '5 (five) Lakhs or above on a single day will also require a copy of the PAN card to be submitted by the customer at the Tanishq Store.
Non-payment of monthly installments for more than 6 months will result in "suspension" of the SNS account. Reactivation for payment will take up to 3 working days from the date of request in writing with valid photo ID proof, submitted at the respective Tanishq Store by the SNS account holder.
Other Terms and Conditions:
SNS is purely a jewellery purchase scheme that helps you to freeze only gold grams at the prevailing gold rate as on the date of payment of the installment and can be utilized only for purchase of jewellery at a future date. Our stores shall accept only cash, debit & credit card payments, online payment for gold quantity and rate freezing, under the Scheme.
Titan will not be responsible for any online payment failure and money being debited from the customer's account. In case of any payment failure, the customer is requested to check with their banks or other service providers. It is the responsibility of the account holder to enter details correctly.
A customer needs to pay a minimum of '3,000 every month. Thereafter, installments can be paid in multiples of '1,000.
Gold coins and silver coins cannot be redeemed under the Scheme.
Gold rate frozen, booked or charged on the invoice will vary from city to city, depending on the Tanishq Corporate Gold Rate applied by TITAN. The rate of gold will be based on the rate prevailing in online on the date of freezing. At the time of purchase gold rate applicable will be the showroom gold rate, where the customer will purchase.
Once a customer has opted for the Scheme, it cannot be converted into any other scheme (existing or new), which may run from time to time.
At the time of redemption/closure/utilization, the SNS account holder has to personally come to effect the maturity/redemption/ closure.
Redemption of accumulated gold grams would be allowed till 300 days from the date of opening of the SNS account, post which Titan would refund the amount paid by the customer without any bonus, interest or discounts.
Redemption can be made only against the purchase of jewellery at our Tanishq Stores.
No partial redemption or utilization of the credit note shall be allowed and only full redemption of accumulated gold grams till date of redemption will be done by the Tanishq stores.
The maturity value payable to the customer under the Scheme shall be calculated based on the applicable gold rate on the date of redemption, in Indian Rupees only.
The process of redemption at the Tanishq Stores shall be as follows:
On the date of redemption, the customer shall select his/her jewellery from the available jewellery in display in the Tanishq Store for the purchase against advances made under the Scheme and ensure the product(s) selected shall be equal or higher than the value of the grams frozen till date of redemption.
Customer shall bring his/her SNS account statement to the Tanishq stores for redemption compulsorily; the Account statement shall be returned to the Tanishq Stores on redemption, for Tanishq Store's records.
After selection of the product, customer shall inform Cashier/RSO of his/her intention to purchase the aforesaid product against the redemption of his/her accumulated grams in the 'Swarna Nidhi' Scheme Book.
The customer shall first check if the value of the product to be billed is higher than the value of the 'Swarna Nidhi' credit note and in case it is short, select another product(s) of equal or higher grams.
At the time of billing, the cashier shall first redeem the 'Swarna Nidhi' scheme by way of credit note generation and then adjust the credit note in the invoice of the customer.
Any difference in value has to be paid for by the customer immediately.
All jewellery purchased under the Scheme will be subject to labour, making charges, wastage, sales tax or VAT, surcharges as applicable apart from gold/stone charges.
Reversal of the installments is not allowed in the Scheme. In case of unavoidable circumstances, reversal has to be done within the same day of the installment payment.
In the event of any change in contact details, the customer is required to intimate the Tanishq store or email to
firstname.lastname@example.org within 7 days from date of change.
Tanishq stores or TITAN will not be responsible or liable to send reminders for payments.
In the event of death of the account holder, the account is transferable only to the person(s) whose nomination has been filled by the account holder in the form at the time of opening the account. In case the account holder does not wish to nominate any person, any claim(s) made by any other person(s) on behalf of the account holder will not be entertained. The nominee claiming the balance in any account shall avail the balance only on submission of adequate identity proof and succession certificate to the respective showroom. In the event of any legal heir of the deceased claiming for redemption, the same shall be redeemed only upon production of all following documents:
Death certificate of the deceased.
Survivorship certificate/Legal heir certificate.
NOC from other surviving legal heir for redemption.
Indemnity undertaking to indemnify TITAN from claims.
Will (if any)
TITAN reserves the right to alter, amend, add or delete part or whole of the privileges of the SNS without prior notice to the customer(s).
TITAN is the sponsor of the Scheme and reserves the right to suspend the Scheme at any time. In such event, the customer may purchase any item except gold or silver coins at the Tanishq Stores equal to the value of the grams accumulated in the account as on that date of redemption.
The liability of TITAN or its franchisee under the Scheme, is limited to the gold grams frozen in 22kt, by the account holders, under the terms and conditions of the Scheme and conditions laid thereon, and thus not lead to any other assurance or warranty whatsoever.
Any conditions which are explicitly not covered above would be the discretion of Titan, at the time of transaction. The decision of TITAN in this regard would be deemed as irrevocable and final.
Disputes, if any, will be subject to the courts in Bangalore jurisdiction only, to the exclusion of any other court's jurisdiction.
In case of any change in existing laws, rules, acts, etc., by any regulatory authority, necessary requirements as per the same shall be complied with by the customer.