Privacy Policy - SALT

SALT Rewards & Digital Gold Transactions - TLDR

We encourage you to read detailed terms and conditions stipulated in this document below, but we surely recommend that you to read the following summary-

  • Buying digital gold in place of physical gold shifts the cost of custody and movement of gold to your service provider, in this case,SafeGold. Only residents of India can buy gold through SALT Platform.
  • The gold purchased by you will be 24 karat with 99.99% purity.
  • The minimum purchase and sale amount may be subject to change as determined by SALT at its sole discretion without prior notice
  • The price of gold is based on live buy-sell quote provided by SafeGold which will be derived from the wholesale bullion market plus a commission to cover operating costs. You will see this reflected in the difference between buy price and sell price.
  • Depending on the mode of payment you choose, convenience charges levied by the payment gateway (Razorpay) shall be applicable.
  • In case of purchase, 3% GST shall be applicable.
  • The minimum amount for sale of gold shall be determined by SALT from time to time.
  • The gold purchased by you will be kept in vaults. The storage and vault service is provided by Brinks andSequel Logistics , which have comprehensive, global insurance policies on the gold stored. SafeGold has an additional insurance policy to cover gold in transit.
  • You have title of the gold purchased and an exclusive charge by way of hypothecation on your gold holding is created by Vistra Corporate Services India Private Limited. This charge is released only when you sell or take physical delivery.
  • Your gold is not a part of the assets of SafeGold. Any unlikely adverse event for e.g. SafeGold going into liquidation shall not affect your gold holding.
  • When you ask for delivery, the requisite gold is removed from Brinks and/or Sequel Logistics and delivered to you.
  • You will be provided free storage of your gold for up to 5 years and thereafter you will be charged nominal storage fees as published by SafeGold.
  • You can order for physical delivery of your gold (coming soon on SALT Platform), starting from 0.5 grams and multiples thereof. The gold will be delivered to you in the form of assay certified coins, in tamper evident packaging. Subject to the design and weight chosen, making charges and delivery charges will apply. SafeGold will arrange doorstep delivery of the gold through secured logistics providers.
  • You can also exchange your gold holding for gold jewellery at partner jewellery stores - Tanishq, Caratlane and Candere by Kalyan Jewellers at this point (coming soon on SALT Platform).

SALT Gold Rewards:

  • SALT has a Rewards Program to reward users who meet engagement thresholds which may be specified by SALT from time to time. By meeting engagement thresholds, you may be entitled to gold rewards. The amount of gold rewards which can be redeemed by you by participating in the Rewards program shall be specified by SALT and are modifiable by SALT without prior notice.
  • For any active offers on Digital Gold, please refer to the T&Cs here

SALT Rewards & Digital Gold Transactions Terms and Conditions

Last Updated: 27th September, 2022

Definitions

  1. The words “User/ user”, “You/ you” and “Your/ your” refer to the person(s) who use and avail the Services (as defined in Terms & Conditions) of SALT through the Platform and shall include both singular and plural. The Services provided by SALT are only for Indian citizens and tax residents of India.
  2. “Engagement Thresholds” means the thresholds of engagement, which may be specified by SALT, which a user may meet to participate in the Rewards Program.
  3. “Digital Gold” means the gold which may be purchased digitally using the Platform in partnership with SafeGold.
  4. “Gold Rewards” means the Digital Gold which may be redeemed by users by participating in the Rewards Program.
  5. “Rewards Program” means the customer loyalty program which may be offered by SALT to reward users who meet the Engagement Thresholds on a recurring basis.
  6. “SALT” means Five Salts Private Limited, a private limited company incorporated under the Companies Act, 2013.
  7. The Websites www.salt.one and app.salt.one, their sub-domains and other sites/ apps/ other channels maintained by SALT to provide Services (as defined in Terms & Conditions)  shall be referred to as the “Platform”
  8. “SALT Gold Account” means a user’s Account on the Platform which has been linked to SafeGold.
  9. “SafeGold” means Digital Gold India Private Limited.
  10. “SafeGold Account” means the account which may be created by a user with SafeGold for the purchase of Digital Gold.

Eligibility

  1. Users located outside India shall not be eligible to participate in the Rewards Program, and purchase/ sale of Digital Gold on the Platform.
  2. Only one account per user will be recognized as eligible for the Rewards Program and purchase/ sale of Digital Gold on the Platform.

SALT Rewards Terms and Conditions

  1. The structure and duration of the Rewards Program, as well as the selection of users it is rolled out to, are at the sole discretion of SALT and shall be modifiable by SALT without prior notice.
  2. The Engagement Thresholds may be specified by SALT at its sole discretion, and shall be modifiable by SALT without prior notice.
  3. By meeting the Engagement Thresholds, a user may be entitled to Gold Rewards. The amount of Gold Rewards redeemable by a user by participating in the Rewards Program may be specified by SALT at is sole discretion, and shall be modifiable by SALT without prior notice.
  4. SALT reserves the right to disqualify any user from receiving Gold Rewards or cancelling any Gold Rewards already credited in case (a) the user does not meet the requirements of the Rewards Program; or (b) in case of reasons including but not limited to any misuse of the Rewards Program or fraud or suspicious transaction/activity or under any legal requirement or applicable rules and regulations.
  5. In case of a dispute, the final decision to credit/modify the Gold Rewards shall lie with SALT.
  6. Redemption of Gold Rewards is voluntary, and all related charges shall be deemed to be voluntarily incurred by a user.
  7. You agree to not hold SALT responsible for any actions, claims, demands, liabilities, losses, damages, costs, charges or expenses, which you may incur, in the normal course of participating in the Rewards Program.
  8. SALT shall have the right to ask for KYC information as required under applicable laws.

Digital Gold Terms and Conditions

  1. You may avail the option of purchasing and/or selling Digital Gold through the Platform.
  2. Notwithstanding anything contained in the Terms & Conditions and this Addendum A, SALT reserves the right to withdraw the facility to purchase and/or sell Digital Gold on the Platform at any time, at its sole discretion.
  3. By opening a SALT Gold Account on the Platform, you expressly authorize SALT to access, use and store transaction information and other information related to your SALT Gold Account on an ongoing basis for the purpose of providing you with services relating to Digital Gold.
  4. It is clarified that SALT is merely providing a platform to facilitate the purchase and sale of Digital Gold through SafeGold, and will not be liable in any manner with respect to the products and/or services offered to you by SafeGold.
  5. By utilising the Platform to purchase and/or sell Digital Gold, you shall be bound by the Terms and Conditions of SafeGold.
  6. The payment for Digital Gold purchase/ sale shall be facilitated through a third-party payment gateway ("Payment Gateway”),with whom SALT has entered into an arrangement. The account information entered by the user at the time of purchase shall be stored in the Payment Gateway. The account information entered by the user in case of sale of Digital Gold shall also be stored in the Payment Gateway. In case of payment failure during purchase of Digital Gold, any amount debited shall be automatically refunded to the payment method that the user used to make the payment. The refund shall be processed through the Payment Gateway, and SALT shall not be liable for the same. In case of sale of Digital Gold, the remittance of sale proceeds to your account shall be processed through the Payment Gateway and SALT shall not be liable for the same.
  7. The purchase / sale of Digital Gold may involve GST which is charged by SafeGold as per applicable laws, and the user may have to incur additional convenience fees based on the payment method, which are levied by the Payment Gateway.
  8. SALT may display such information on the Platform, from time to time, as may be provided and updated by SafeGold for general information purposes. SALT shall neither be liable nor be responsible for the accuracy of such information which is provided by SafeGold. You agree and acknowledge that the data and information provided on the Platform does not constitute advice of any nature whatsoever and shall not be relied upon by you while making purchase and/or sale of Digital Gold; and you shall be solely responsible for any purchase and/or sale of Digital Gold.
  9. The price displayed on the Platform, represents the market linked price of gold as indicated by SafeGold. Market linked prices means that these quotes are linked to the prices of gold in the commercial bullion market in India.
  10. Notwithstanding the foregoing, you understand that these prices may vary multiple times within a day, and accordingly your payment obligations for any order will depend on the market linked prices then prevailing. While reasonable efforts will be made by SafeGold to offer you a competitive price for the Digital Gold, there is no guarantee that the price offered to you will be close to or comparable with other prices available in the market.
  11. The minimum and maximum amount eligible for the purchase and/or sale of Digital Gold shall be determined by SALT at its sole discretion. The decision of SALT with respect to these thresholds shall supersede the thresholds specified in the Terms and Conditions of SafeGold.
  12. You acknowledge that the Gold Rewards/Digital Gold transactions on the Platform are for your personal use and agree not to publish the prices of gold, descriptions of gold and/or any other information displayed on the Platform (by virtue of your access to the Platform) on any other medium. You agree to use the Platform only: (a) for purposes that are permitted by the Terms & Conditions and this Addendum A; and (b) in accordance with any applicable law, regulation or generally accepted practices or guidelines
  13. SALT reserves the right, in its sole and absolute discretion, to (a) suspend access to a user’s SALT Gold Account; or (b) request SafeGold to terminate a user’s SafeGold Account, without notice and without liability to the user or any third party, for any reason, including submission of incorrect account details, fraud, violation of the Terms & Conditions and/or this Addendum A, or other policies SALT may establish from time to time. In such event, SALT may take any action it deems necessary including, but not limited to, crediting the user’s bank account and/or having SafeGold repurchase the Digital Gold held in the user’s SafeGold Account.
  14. All payment transactions initiated using a SALT Gold Account shall be subject to the Terms & Conditions and this Addendum A. For avoidance of doubt, SALT will provide the technology integration of a user”s SafeGold Account with the user”s SALT Gold Account on the Platform. However, all transactions relating to Digital Gold are conducted between the user and SafeGold only. SALT shall neither be responsible nor liable for any losses arising out of or in relation to any transaction relating to the purchase of Digital Gold.
  15. You can reach out to SALT at support@salt.one to raise any questions, complaints, grievances or provide feedback

Click here to read the FAQs of SafeGold

Click here to read the Terms and Conditions of SafeGold