Saving Scheme

Saving Schemes

Monthly Instalment Total Amount Incentive Value of Gold Jewellery Eligible to buy (12th month)
1000 11000 1000 12000
2000 22000 2000 24000
4000 44000 4000 48000
8000 88000 8000 96000

The Scheme enables customers to invest their monthly savings and get the accrued amount to purchase Gold Jewellery. Four groups are introduced – (viz.) Rs. 1000/-, Rs. 2000/-, Rs. 4000/-, Rs . 8000/-. Members who wish to join the scheme have to subscribe Rs. 1000/-, Rs. 2000/-, Rs. 4000/-, Rs. 8000/- (as instalment) every month, according to the group chosen continuously for 11(Eleven) Months. On the beginning of the 12th (Twelth) Month, members will be permitted to buy Gold / Diamond / Platinum / Silver Jewellery or Silver / Gift Articles of their choice with applicable VA/MC(value addition & Making charges) for the value as stated below:

Payments of Monthly Instalments

Monthly instalment should be paid not later than the 10th of each month. Payment may be made by Cash, D.D. or Cheque (payable at Chennai) favoring “SARAVANA STORES THANGA NAGAI MALIGAI”. Card (Debit/Credit) or Online payment also accepted (subject to terms and conditions). Only one instalment will be accepted per month.


According to the scheme, members will become eligible to the terminal benefit (ie : for the value of Jewellery / Articles stated above), only when they pay the monthly instalments for 11 months continuously without default. Members who default would become eligible for the benefit (incentive) only after, they pay all the 11 instalments. In other words their eligibility period would got postponed by the number of months they have defaulted.


In respect of members who discontinue the Scheme midway, or defaulting (consecutive 3 months) will be allowed to buy/get Jewellery / Articles only for the amount they paid. No incentive will be eligible for them.


At the time of joining the Scheme, each member will be issued with a Pass Book. Members should ensure that the payments are correctly entered in the Pass Book. Any discrepancy in the entries should immediately be brought to the notice of our chit section and get rectified. Members making online remittance can get their pass book enteries even later at any time. Members should come in person with the Pass Book at the time of Maturity / buying of Gold Jewellery / Silver / Gift Articles. The management has the right to alter / amend / change / add or delete any of the Terms & Conditions of this scheme at any time without prior notice. VAT will be applicable.
Conditions Apply *

Item Weight Wastage Excess Weight Excess Wastage
Chain 16g 6% 10g 10.80%
Casting Necklace 24g 14% - -

In This My gold Eleven Saving Scheme , you can pay according to the 22ct gold rate on that day, credit in your account in terms of gold weight in 0.500gm, 1 gm, 2 gm, 4 gm, 8 gms.

In this scheme, you can credit any weight (0.5 gram to 8 grams) of gold on any date of your choice in multiple times. You can credit maximum of 8 grams in a month.

Monthly payment may be made by Cash or Cheque (payable at Chennai) favoring “SARAVANA STORES THANGA NAGAI MALIGAI” based on the 22ct rate on that day.

Payment also accepted by Credit Card / Debit Card or Online through www.saravanastores .in

Every month atleast once you have to fix your gold and pay for 11 months. After, completing 30 days of 11 month instalment, you can collect your gold in the form of 916 gold jewellery without wastage.

Those who discontinued the scheme in between they will not be given benefit of wastage. Those who pays continuously for 11 months will be benefitted and therefore defaulting members would become eligible for the benefit after they have paid all the 11 instalments. In other words their eligibility would get postponed by the no.of months they have defaulted.

After the Maturity period if the purchased Gold ornaments having different wastage and inseparable excess weight, Customer should pay the average wastage for the excess gold weight and the gold price on that particular day with VAT.
For example if you are saving 30 grams gold in 11 months.

If the Customer purchase the gold ornaments less than the maturity weight. Then, the balance wastage value should not be adjustable or refundable.

Cash will not be refunded on any circumstances. There will not be any interest for your money. You cannot purchase Diamond, Platinum, Silver and Gift articles in this scheme.

Precious stones, pearl and coral for such type of ornaments you will be charged extra. As well as for special nagas ornaments making charges should be bare by the customer.

Members should ensure that your payments are correctly entered in the pass book.

1%Vat will be borne by the Management, in case if the VAT or any other taxes increases more than 1%, it has to be borne by the customer.

The Management has the right to take any decision on its own at any time without any prior notice.