Accumulate Plan Terms
1. What an Accumulate plan is
1.1An Accumulate plan is a way to buy a large product in parts. You choose a product (your Target) and buy silver toward it in a series of separate purchases, each at HBC's selling price on the day you pay. When your silver equals the Target's weight, HBC makes the Target for you.
1.2Each payment is a complete and separate purchase of silver. It is not a deposit, a saving, an investment contract or a reservation of price.
1.3The purpose of the plan is to let a customer reach a product that carries no making charge, such as a 500 g bar, without paying for it at once.
2. Opening a plan
2.1Accumulate is available to members who have completed KYC. You may hold up to three plans at once.
2.2You choose your Target from the eligible catalogue. Once chosen, the Target is locked. It cannot be changed; the plan can only be completed or settled early under the Early Settlement Policy. If HBC withdraws the Target from its catalogue while your plan is open, HBC completes your plan into that product or, at your choice, into the nearest equivalent product at no extra making charge.
2.3The minimum payment is NPR 100. A payment may be for any amount up to the value of the grams remaining; any excess over the grams remaining is returned to the paying account. Payments may be made during rate hours through the channels in the Payments Policy. Money not applied to silver is not accepted or held.
3. Each payment buys silver
3.1Each payment buys the number of grams your money covers at HBC's selling price at the moment HBC confirms the payment. The selling price moves daily, so the grams bought per payment vary. HBC does not guarantee any price, average price or future value.
3.2Each payment is a contract of sale of goods under the National Civil Code 2074. Ownership of the grams bought passes to you on payment. HBC appropriates those grams to you by entering them in its allocation register at the time of payment.
3.3On each payment HBC issues a purchase receipt stating: your name and plan; the Target; the date and time; the selling price; the grams bought and their purity; the amount paid; any charge or levy; the receipt number; and the words "ownership of the silver described has passed to the customer". The purchase receipt and the register entry are your evidence of title.
3.4The selling rate shown when you begin a payment is held for 40 minutes. A payment confirmed within that time buys silver at that rate. A payment that arrives later is applied at the rate in force when HBC receives it, and the receipt shows that rate. Grams are recorded to three decimal places.
4. Where your silver is
4.1Your silver is held by weight in HBC's segregated customer stock, kept apart from HBC's own stock, reconciled daily against the allocation register and purchase receipts, and verified by HBC's annual statutory audit, including a physical count. You own the weight recorded to you in that stock.
4.2HBC may not use, pledge, lend or sell your silver. In any insolvency of HBC, segregated customer stock is held for customers and does not form part of HBC's assets.
4.3The app shows the grams you own. It may also show what those grams would fetch at HBC's current buying rate; that figure is information about silver you own, not a balance HBC owes you, and HBC does not pay it except by buying a finished product under the Sell to HBC Policy.
5. Completion
5.1When your silver equals the Target's weight, HBC makes the Target, records its serial number (bars) or product and weight (coins) against you, and issues the PAN bill. There is no making charge on bars of 500 g and above; coin making charges are published per product.
5.2HBC tells you when the product is ready. You may then collect it or place it in custody under the Custody Agreement. The eight-week free collection period runs from that notice.
6. Settling early
6.1You may at any time settle your plan, or part of it, into any catalogue product your silver already covers. The Early Settlement Policy sets out how. Your silver is delivered only as finished products; HBC does not hand over unfinished metal.
6.2No gram you own is ever forfeited, rounded away or converted to cash.
7. What a plan is not
7.1A plan is personal to you. It cannot be sold, assigned or transferred. Silver under a plan is not traded on the app, and HBC does not match buyers and sellers.
7.2HBC does not buy back silver that has not been made into a product. If you want cash, settle into a product first, then sell the product to HBC under the Sell to HBC Policy.
7.3Nothing about a plan is a guaranteed return. The price of silver can fall as well as rise.
8. Fees
8.1There are no plan fees. Any levy imposed by law on retail precious-metal sales is charged on each payment at the statutory rate and shown on the receipt.
9. Statutory rights
9.1Each purchase under a plan carries the rights the law gives a buyer of goods. See the Cancellations, Refunds and Remedies Policy.