Terms & Conditions
Last updated: August 2021
Agreement to use policy:
I hereby agree to be the customer and user of the TruCard platform and have read the FAQ and now agree to the following terms and conditions:
Save in Asset Monetization (AMNA)
- TruCard enables you to save in small units of bullion e-Gold and Silver TruCoins for as low as INR 10/- or few cents (subjected to change).
- You can carry your balances and utilize them anywhere and in places where TruCard is offered through its partners in India and around the world.
- You can save for long term and can get many benefits like higher appreciation as bullion prices have appreciated year on year. This is based on YoY reports and appreciation of prices.
- You can redeem to cash anytime, best competitive price for 24k gold and 24k and 99 silver grades to your linked bank a/c or wallet.
- In any market one price is offered throughout for both Gold and Silver.
How do I purchase my pure Gold and Silver online?
- You can buy through APP available on the google play store.
- Also access your account by web login provided on www.trucard.in
- You can walk up to the counters of our partners whose agents and branches will help you to create an account, update your balances with SMS on your phones.
- You can even withdraw cash at these points as per partners policy and legal framework prevalent.
- Get your conversion of e-Gold and silver to money/Cash anytime to your wallet, bank account.
- Get CREDIT on the stored value of your gold and silver online on the same. Store Credit, Loan and credit cards in simple online interface. However, these are discretionary.
- Simple and easy to understand and operate.
- New features like secured credit cards to be offered. through partner banks and other institutions. So, unlike the regular credit cards, these co-branded credit cards will be offered with lower rates of interest.
Where are my GOLD and SILVER stored and is it safe?
- Our platform sells the e-Gold and silver which is provided with unique ID and transaction ID numbers.
- These are audited every day by the IDBI trustee and other agencies.
- The stored bullion is done by the safekeep of partners like Brinks.
Other future and technology advantages:
- One Account One World One Currency. Your e-Gold TruCoin and e-Silver TruCoin.
- TruCard is the 16-digit ID on the platform you can have many features linked to the same ID.
- Your credit or PPI is generated simultaneously giving you a virtual card by VISA/MASTERCARD/RUPAY AND OTHERS through the issuing partner bank, wherever available.
- For every new account we fund 0.2gm pure Silver as initial balance when you open the TruCard account online through APP/partner banks/wallets/account in NBFC. This may vary from geography to geography.
How does the platform work?
The partners of the TruCard vary from geography to geography.
- It allows you to transfer bullion (e-Gold (24Ct) and e-Silver (99% pure silver) units amongst the platform members. They are denominated in TruCoins.
- An interface and entire ecosystem is provided to the Partners Network or single branch.
- The partners sub set are called Business Associates.
- Further it provides you the feature of providing credit through its Store credit feature or through lending/banking partners across the globe.
- Now SWAP for coin/bar, as the case may be, is through local bullion dealers/partner stores as mapped to your billing address. Please refer to minimum quantity for exchange purposes.
- The feature of loading your pre-owned bullion or jewelry is also available through TruCard Partner/Business Associate. The jewelry based low-rate loan/credit card is on discretion of the Lenders/partner banks.
- TruCard shares the revenue based on the agreement and percentage of each revenue head in the agreement with Partners.
- A Separate entity document is provided on request to prospective partners.
- Schemes to incentivize the network of the Partner/Business Associate is also proposed on each partnership model to promote on their network.
Other navigation notes for you:
- You will be able to see the live price of Gold, Silver Real time on TruCard platforms including website, mobile application etc. in order to make your decision.
- This is LBMA plus charges rates. Final invoice may include taxes wherever applicable.
- Thus, offering a global benchmark for pricing.
- One National price in geography.
Redeem to Cash:
The linked bullion dealer can buy back at the quotes provided on the platform and this money gets credited into the linked wallet/bank account details provided by you.
This is not a Collective Investment Scheme or a systematic investment plan you will not earn any interest on your investment, and you are not guaranteed on any profits or gains. TruCard only provides prices for the bullion for valuation of the asset at any given time.
How can I view my Bullion balances?
- You can view the bullion balance by clicking on the App or the desktop version of the application.
- The units liened are those which are the basis of your credit limits and PPI.
- The Section reflects the bullion unit balance in terms of grams/KG and their value in current value linked to the market prices.
How to redeem back to cash?
- You can redeem back to cash the bullion accumulated on TruCard in either currency or gram. For example, you can redeem it in either 0.1 gram or equivalent amount at the SELL option.
- You can link your Bank account and IFSC/IBAN as the case may be to enable the redeem to cash transaction to your account or wallet as the case may be.
- After paying a transaction and bank fee and charges your transfer would be initiated. Depending on the clearing systems in the geography the time taken for the amount to get credited to your bank account due to internal validation checks.
Are there any charges when I SWAP?
- Transfer Fee and charges are applicable for redeeming back to cash.
How can I get physical delivery of my Gold/silver? What are the charges associated with it?
- You can request for all or part of your Gold/Silver TruCoin, between 1 gm and multiples thereof or as may be listed.
- You can select the quantity and denomination of the Gold/Silver TruCoin you wish to withdraw from the available options of coins on the TruCard platform.
- The SWAP is only possible at the listed Bullion or jewelry stores.
- You check the conversion charges or any additional making and delivery charge.
- Your Gold product can be collected or delivered by logistics company (depending on availability) arranged by TruCard, and you will receive a confirmation on your TruCard registered mobile number whereever this facility is available.
- You can track the delivery by logging on to your account from time to time.
What happens to the Bullion not redeemed within twenty-four hours or on the date of delivery by the user?
The bullion is credited back after adjusted to the days price of the bullion as the case may be.
For any further clarifications and queries you can write us or contact us on the email provided on the website and APP.
For any further clarifications and queries you can write us or contact us on this website.
Other Relevant Terms: Receipts and Refunds.
- Invoices are generated on behalf of the bullion dealer by the TruCard platform any discrepancy in the invoice should be notified on the details mentioned in the contact us email.
- All transaction related issues would be dealt by the payment gateways in case of the deductions from the bank account, credit card of the consumer which were not authorized by the consumer or the user. This is related to unauthorized transactions as defined under the banking transactions protocols
- Refund policy – Any refunds in the above situation will be initiated only in case the account of the company is credited.
- Further, the refunds will be made to the consumer in case any discrepancy is found in the specifications of the goods sold by the platform.
- Denominations- all denominations of the coins and bars are subjected to the availability with the bullion dealers.
FACILITY OF CREDIT against Liened units:
A facility to the users extended on the platform by the Lending Partners who are licensed to lend to the customers. The Lenders have a direct relationship with the customers on following:
- The facility of credit is subject to discretion of the banks/nbfcs/MFI/Payment banks etc.
- Credit is based on the securitization of the asset in form of the e-Gold and Silver of the user/applicant for obtaining facilities like store credit. This is described as Lien units. These are the units which cannot be utilized for liquidation during the credit term or period or repayment by the user.
- The terms and conditions for the credit like rate of interest, Term etc. are provided at the time of applying on the platform.
- The Lender approves the credit line on his discretion and the limits released may vary from the stipulated as per discretion of the Lender.
- Lenders will be provided with the e-KYC or may ask for additional KYC as per existing norms.
- The lender has an agreement with the TruCard to liquidate assets and receive the amount equivalent to the principal and the interest and penalty if any from the sale of the units or acquisition of the units.
- The user will be entitled to the balance units of the liened units after the satisfaction of the borrowed amount and other charges and penalty. The same will be credited to his TruCard account as normal units.
- In case of Lender going bankrupt etc., the units of the users can be liquidated and early closure of the Loan/credit facility can be enforced.
- The platform will suspend any consumers account in specific cases of non-updating of KYC, misinformation in KYC section or in case of any regulatory body instructing the platform to suspend the account under the relevant statute.
- All disputes are subjected to the jurisdiction of courts in Delhi and would be dealt under the provisions of mediation, conciliation and arbitration under the relevant statute as applicable.
- The platform follows the privacy guidelines as set by the local regulators applicable in the relevant territorial jurisdictions.
- Further the billing address as provided by the users is considered to be the place for savings in gold/silver and storage facility therein.
- The clause of ‘force majeure’ will be applicable to the storage of the bullion at a facility maintained by the custodians or trustees as the case may be.
- This is not a collective investment scheme and no returns are guaranteed. The quantity of gold/silver remains fixed with valuations as variable as per price of the day provided by the platform on the user interface.
- It is presumed that the consumer is purchasing bullion stock through his lawful funds.
For any further clarifications and queries you can write us or contact us on this website.