Terms & Conditions

How do we buy and store the Gold at MCX Exchange?

1. milliGOLD is not a broker or sub-broker (AP) of Multi-Commodities-Exchange. Milli Gold India Pvt Ltd holds a trading account and Gold Vault Locker account at MCX Exchange, through its TCM Partner, MCX Member Ventura Securities Ltd.

Rupee Payment to Gold Grams and Gold Grams to Rupee Conversion

1. The rupee amount received from the customer, will be converted to milligrams of Gold and credited to customer's milliGOLD digital account, using the "Previous Trading Day Closing Price of Gold Guinea (8 Grams-999 Purity) near month contract quoted at MCX Exchange, divided by 8" plus milliGOLD fees and charges

2. The Redeemed Gold grams, will be converted to Rupees, using the "Previous Trading Day Closing Price of Gold Guinea (8 Grams-999 Purity) near month contract quoted at MCX Exchange, divided by 8" minus milliGOLD fees and charges

3. Transaction confirmation provided through Chat / SMS / Email / App / Statement is subject to realisation of payment in milliGOLD's bank account, irrespective of the channel used to make the payment. If a payment corresponding to a transaction is not realised by milliGOLD within 48 hours the transaction will be cancelled. Refund of failed and cancelled transactions for which milliGOLD has not realised the payments, should be taken up with the payment channel used by the customer.

4. For Bulk purchases through direct transfer of funds to milliGOLD bank account, the Actual MCX Purchase Price at which the Gold is bought by milliGOLD on the date of payment / next trading day, plus milliGOLD Fees and charges will be billed.

5. GST of 3% is applicable on each sale.

milliGOLD Fees and Charges

1. The milliGOLD trade margin is 1% rounded off to the nearest paisa per milligram (Currently 7 paisa per milligram)

2. Banking Charges: 2 paisa per milligram

3. Settlement for purchase of Jewellery, while at any shop of customer choice: 1%

4. Home Delivery of 999 Coins / Bars will be charged at 2% (Min Rs 500) per delivery.

5. For moving the Gold bar (in multiples of 8g or 100g) to customer's own locker at the Exchange : 1% Fees at the time of movement plus a locker rental of Rs 36.5 per gram per year.

6. While settling to Jewellery shop, the redeemed gold grams X (999 MCX Gold Guinea Price - 1%) will be transferred. Balance bill amount if any should be paid by the customer directly to the Jewellery shop.

Redemption Time Limits

1. We typically process all redemption requests within 2 working days. However, if a large number of redemption requests happen in a given week or a month, the company may take more time, but shall never exceed the max time limit of 35 days.

Other Important Terms

1. Moving whole grams from your milliGOLD balance to a locker in your own name will require you open a MCX account through any MCX broker. (or NSE and BSE as and when they launch EGRs). This is optional and can be activated only after you communicate your locker account details to milliGOLD. MCX charges Rs 36.5 per year per gram as locker rental. This locker cannot be used for storing items brought from outside. Only those Gold grams purchased through milliGOLD/MCX can be stored here.

2. The estimated quantity of accumulated grams, for a given plan period and amount, is based on current market price of Gold plus a Gold price appreciation of 10% CAGR. The actual grams accumulated could vary, depending on gold price variations during the plan period.

3. Loan against Gold Balance / RBI SGB is subject to the terms and conditions of the bank / NBFC extending the loan. milliGOLD is not a bank or NBFC to lend directly.

4. Reclaim of 3% GST at the time of selling, is possible only if you opt for GST Registration and Monthly filing.

5. milliGOLD is not offering any deposit scheme or investment scheme. It is a convenient facility to purchase GOLD in small quantities (milligrams) through digital payments.

6. Since the milliGOLD account balance is maintained as GOLD, no interest or bonus will be paid for the same.

7. The Gold grams are stored in the SEBI approved, MCX Exchange controlled Warehouse locker with traceable serial numbers of each bar and coin and has legal right of any time physical possession. However the Rupee gain or Rupee loss that is caused to you, due to rise and fall of gold prices, is entirely your responsibility. The company cannot take responsibility or provide any guarantee for the same.

8. milliGOLD is not responsible if anyone misuses its name and commits fraud.

9. Check whether the SMS / EMAIL is coming from milliGOLD's official ID.

10. Check your transaction history and gold balance frequently by logging in to your account. You will also receive email / SMS notifications. If there are any discrepancies, they should be brought to our notice in writing within 7 days. If not it will be deemed as accepted.

11. The views expressed by respective authors and speakers in our blog section are their personal opinion and they are not endorsed or supported by the company.

Refund / Cancellation / Closure Policy

1. Once a buy gold or sell gold transaction is complete , it cannot be reversed or cancelled by the customer. It can only be redeemed or repurchased. Redemptions are done in whole grams and the remaining fractional grams will continue to accumulate in customer's account. If the milliGOLD account is permanently closed, fractional grams can also be redeemed as bank settlement.

2. If a paying customer chooses to close the milliGOLD account permanently and take bank settlement, only the gold accumulated from paid purchases will be redeemed, including Gold purchased by others from milliGOLD and gifted to customer.

3. If a customer cancels an authorised eMandate after joining a monthly auto-debit saving plan, a pre-closure penalty of "One monthly Instalment" will be deducted from the customer's redemption settlement. This could be waived at the discretion of milliGOLD.

Free Gold Policy

1. Free Gold milligrams offered to customers by milliGOLD for promotional purposes (Not paid for or gifted by anyone), are not physical Gold, so no GST is applicable for the same at the time of offer. They can be redeemed as Physical gold with GST bill, subject to the terms of the promo offer.

2. There is no expiry period for the “Free Gold” milligrams accumulated in customers accounts through multiple promotional campaigns. However, the maximum value of “Free Gold” milligrams that any individual customer can redeem from milliGOLD, will be capped at 1% of their gold savings through milliGOLD.

Referral Scheme Terms

1. Individual Customers can participate in our referral schemes only if they are a regular subscriber with an active monthly plan. Free gold as offered in the referral scheme, will be credited to the referrer's milliGOLD account only if the referee does not already hold a milliGOLD account and the referee joins a monthly saving plan of such minimum amount and duration as specified in the scheme.

2. All referral schemes and promotional schemes offered from time to time are limited period offers and the terms are subject to change.