Terms & Conditions – Piggy Bank Gold by RCPK
These Terms & Conditions (“T&C”) govern the use of the Piggy Bank Gold by RCPK gold savings plan (“Plan”) offered by RCPK Jewellers Pvt. Ltd.. By enrolling and transacting in this Plan, you (“Customer”) agree to the following:
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1. Plan Overview
1. Customers can purchase gold with a minimum amount of ₹200 per transaction.
2. The value of gold equivalent to the invested amount (after taxes, if applicable) will be credited to the Customer’s Piggy Bank Gold account on the basis of real-time 24K gold rate published by RCPK Jewellers on the purchase date.
3. Gold holdings will be recorded in grams (up to 4 decimal points) in the Customer’s account.
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2. Purchase of Gold
1. Customers can buy gold anytime, subject to system availability.
2. The gold rate applicable will be the prevailing RCPK Jewellers 24K gold rate at the time of transaction.
3. RCPK reserves the right to change purchase limits, timings, or transaction rules without prior notice.
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3. Redemption Options
(Redemption must be completed within 364 days from the date of enrollment in the Gold Piggy bank)
Customers may redeem their accumulated gold in any of the following ways:
a) Physical Delivery (Bars/Coins)
• Customers can request delivery of gold bars or coins equivalent to their balance.
• Applicable minting, packaging, handling, and delivery charges must be paid by the Customer.
b) Jewellery Conversion
• Customers can use their gold balance towards purchase of jewellery from RCPK.
• Standard making charges, wastage, and other applicable charges will apply.
c) Sell for Cash
• Customers can sell their gold back to RCPK at the prevailing buyback rate (-4% on current rate).
• Proceeds will be credited to the registered bank account (after deductions, if any).
3.1 RCPK Piggy Bank – Partial Withdrawal Policy
1. Purpose
This policy defines the process for partial withdrawal or redemption of gold balance available in the customer’s RCPK Piggy Bank account.
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3.1A. Policy Rule
If a customer wishes to partially withdraw (for jewellery purchase, cash, or raw gold), the following method will be applied:
1. The total gold balance will be converted into cash value based on the current gold rate (same day rate).
2. The withdrawal amount will be deducted from this total value.
3. The remaining balance will be reconverted into gold using the same day’s gold rate.
4. This remaining gold will be:
• Created as a new plan/account
• Customer can continue the scheme as usual
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3.1B Cash Withdrawal Deduction
• For cash withdraw.al, a 4% deduction will be applied on the withdrawal value.
• The remaining amount (after deduction) will be paid to the customer.
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3.1C Example Scenarios (Based on Today’s Gold Rate: ₹14,660/gram)
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Example 1: Jewellery Purchase
Customer Gold Balance: 8 grams
Gold Rate: ₹14,660 per gram
Total Value = 8 × 14,660 = ₹1,17,280
Now customer purchases jewellery worth ₹50,000
Remaining Value = 1,17,280 – 50,000 = ₹67,280
Converted back to gold:
₹67,280 ÷ 14,660 = 4.59 grams
👉 Result:
• Jewellery given worth ₹50,000
• Remaining 4.59 grams added as a new RCPK plan
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Example 2: Cash Withdrawal
Customer Gold Balance: 8 grams
Gold Rate: ₹14,660 per gram
Total Value = ₹1,17,280
Customer wants ₹50,000 as cash
4% Deduction = ₹2,000
Amount Paid to Customer = ₹48,000
But calculation is done on ₹50,000 (full value)
Remaining Value = 1,17,280 – 50,000 = ₹67,280
Converted back to gold:
₹67,280 ÷ 14,660 = 4.59 grams
👉 Result:
• Customer receives ₹48,000 (after deduction)
• Remaining 4.59 grams added as a new RCPK plan
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Example 3: Raw Gold Redemption
Customer Gold Balance: 8 grams
Customer takes 3 grams as raw gold
Remaining Gold = 8 – 3 = 5 grams
👉 Result:
• 3 grams given as raw gold
• Remaining 5 grams continues as new/ongoing plan
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4. Charges & Deductions
1. While converting to jewellery, making/wastage charges will be borne by the Customer.
2. For physical gold delivery, minting, delivery, and handling charges will be applicable.
3. RCPK may levy transaction or platform charges, subject to prior notification.
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5. Customer Responsibility
1. Customers must ensure accurate details (name, ID, bank account, etc.) at the time of registration.
2. RCPK is not liable for losses due to incorrect details, delayed payments, or system failures beyond control.
3. Customers are advised to maintain confidentiality of their account login credentials.
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6. Compliance
1. All transactions will comply with applicable KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines.
2. RCPK reserves the right to suspend or terminate accounts found in violation of regulatory or company norms.
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7. Risk & Liability
1. The gold rate is subject to market fluctuations, and RCPK has no control over price movements.
2. RCPK will not be responsible for losses due to market volatility.
3. RCPK shall not be liable for indirect, incidental, or consequential damages arising out of participation in the Plan.
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8. Modification & Termination
1. RCPK reserves the right to modify, suspend, or discontinue the Plan at any time, with reasonable notice.
2. Customers will be allowed to redeem their gold balance in such cases.
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9. Governing Law
This Plan and its Terms shall be governed by the laws of India, and disputes (if any) shall be subject to the jurisdiction of courts in Siliguri, West Bengal.
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