Monthly Installment Scheme
The Parashmani Monthly Instalment Scheme (MIS) is a planned savings programme that helps you own your dream jewellery without financial strain. Enrol today, make easy monthly contributions, and redeem your accumulated corpus — plus our bonus — towards any jewellery in our collection.
Pay for 11 months and get your jewellery in the 12th month — we contribute one month's instalment as a bonus.
Pay for 23 months and enjoy a two-month bonus contribution from us in the final settlement.
Additional 5% bonus on the accumulated corpus when redeemed for bridal jewellery or bulk purchases.
How the Scheme Works
Enrolment is simple and transparent. Here is a step-by-step overview:
Enrol at the Showroom
Visit us with a valid government-issued ID and choose your preferred instalment amount (minimum ₹1,000 per month). Complete the enrolment form and receive your passbook.
Pay Monthly Instalments
Pay your chosen amount on or before the due date each month. Payments can be made in-store, via UPI, or bank transfer.
Receive Bonus Contribution
On completion of the scheme, Parashmani adds its bonus contribution (one month for 11-month plan, two months for 23-month plan) to your corpus.
Redeem for Jewellery
Choose any jewellery from our collection up to your total corpus value. Any amount beyond the corpus is to be settled at prevailing rates.
Eligibility & Enrolment
- Open to all Indian residents aged 18 years and above.
- A valid PAN card is required for scheme enrolment amounts above ₹50,000 per year.
- Minimum instalment amount: ₹1,000 per month. No upper limit.
- Each member may hold multiple scheme accounts simultaneously.
- Nominee registration is mandatory at the time of enrolment.
Payment Terms
- Instalments must be paid by the same date each month (as per enrolment date).
- A grace period of 7 days is allowed for delayed payments without penalty.
- Payments delayed beyond the grace period may attract a late fee of ₹50 per month.
- Two consecutive missed instalments may result in scheme suspension.
- All payments are acknowledged with a receipt and entered in the scheme passbook.
Redemption Rules
- Corpus (including bonus) must be redeemed for jewellery purchase only. Cash withdrawal is not permitted.
- Redemption is valid for a period of 90 days after scheme maturity. Unused corpus expires after this period.
- Jewellery will be billed at the gold rate prevailing on the date of redemption.
- An additional 5% bonus is applicable when redeemed against bridal collections or purchases above ₹1,00,000.
- Corpus cannot be transferred to another scheme or member.
Premature Closure
Members may opt for premature closure of the scheme under the following conditions:
- Premature closure is permitted after a minimum of 3 instalments have been paid.
- No bonus contribution will be added in case of premature closure.
- The accumulated instalment amount (without bonus) may be redeemed against jewellery purchase only.
- Premature closure due to nominee claim in case of member's demise is handled on a case-by-case basis with full corpus plus bonus transferred to nominee.
Important Notes
- The MIS scheme does not attract interest and is not a banking or NBFC product.
- The bonus offered is a goodwill gesture from Parashmani Jewellers and is not a financial return.
- Scheme terms may be revised at the discretion of Parashmani Jewellers. Existing members will be notified in advance.
- GST will be applicable on the jewellery purchased at the time of redemption as per prevailing rates.
Disclaimer: The Monthly Instalment Scheme offered by Parashmani Jewellers is a jewellery purchase facilitation programme and does not constitute an investment, savings, or deposit product regulated by RBI, SEBI, or any other financial authority.