As per one definition, a chit fund company is the one which manages, conducts or supervises, as foremen, agent or in any other capacity, chits as defined in Section 2 of the Chit Funds Act, 1982. Such schemes can be conducted by organised financial institutions or may be unorganised schemes between friends and/or relatives.
Every chit group needs payment of monthly subscription by the participating customers and investors or subscribers. Here, the procedure is simple that chit value divided by total number of subscribers. The common rule is that every chit group will have same members and same monthly subscriptions like 50 members and 50 monthly subscriptions
Our experienced team members are the biggest strength here for our company to keep up well the established trust with our investors and customers.
We will stand as a guidance and support to all our customers and investors in a way making them educated about, when to borrow and when to continue saving. This kind of support from our expert team is often helping a lot to all our customers and investors in reducing unnecessary wrong decisions.
Our mantra is simple here by reaching out each and every customer personally. We keep direct and simple communication with every customer. This is often resulting into the utmost satisfaction to all our customers. This is often confirmed by all our existing customers that their satisfaction is something special benefit that they’re getting through us.
- Prized chit amount will be disbursed quickly after the auction/draw.
- All the chits will be strictly registered and a copy of registration will be issued to each chit member.
- Both prized and non-prized subscribers will enjoy equal dividend.
- At-your-door service for all chit related transactions.
- Hassle-free documentation for the disbursement of prized chit amount.
- Transparency of information to the concerned chits.
- More safety for your money.
- High returns on your investment.
- Small instalment and big investment.
Every chit group needs payment of monthly subscription by the participating customers and investors or subscribers. Here, the procedure is simple that chit value divided by total number of subscribers. The common rule is that every chit group will have same members and same monthly subscriptions like 50 members and 50 monthly subscriptions.
For example, there is a chit group with 50 members with monthly subscription as rupees 10000. Then, this chit group is 5,00,000 worth that is divided by 50 participating 50 subscribers. Similarly, our foreman deposits these 5,00,000 rupees with the Registrar of Chits at the beginning of the chit group commencement for the subscribers’ security too.
Subscribers should fill prescribed applications, with personal details, salary details, contact details, nominee details and other things. Format for the application are available at our office.
A person cannot take more than 2 (Two) chits in a group that too he should have paying capacity for the same.
Our every chit group strictly follows the government set guidelines and our foreman registers every chit group with 100% pay with Registrar of Chits while the chit group is ready. This 100% pay prior to commencing chit group will stand as security for the entire chit value.
According to the Chit fund act, always the company will be the first ticket holder in all the groups
Any person who is registered and licensed to legally conduct chits. Foreman is the one with permission to start a new group as per Chit act 1982.
Chit agreement is a Legal contract between foreman and subscribers. Agreement includes rules, regulations and other details.
An agreement in the format as prescribed in the Chit Fund Act along with an application for membership has to be signed by every member while joining the group.
On payment of first two instalments in full prior to the date of auction, all the members are eligible for dividends pertaining to future auctions.
Yes, The auction Date and Time will be decided at the time Commencement of Group and will be Intimated through Statement and SMS. Once the Auction date is Fixed or Decided, Next Auctions will be conducted at the same time of Every Next Month. In Case if the Auction date falls on Sunday or Govt. Holiday Auction will be conducted on Next Working Day at the Same Time and will be intimated through SMS.
You must remember that only Non-prized chits can be cancelled. Prized chits can be terminated only in special circumstances and on the condition that all pending and future instalments in the chit are paid.
As an on-prized subscriber if you wish to withdraw your subscription, please notify us in writing. As per the Chit Fund Act and agreement for the chit, the actual subscription will be refunded to you after deducting 5% of the chit value. The refundable amount is made available at an early date, as per the terms of our agreement.
No, we don’t deduct any TDS, under the present income-tax provisions.
Chit Auctions usually take place in a specially designated 5 minute duration. Auctions take place at regular specified intervals at a fixed date, time and venue. The date and time of the Auction must be known to every subscriber to help him make the best use of the flexibility of the chits. The bidding in the Auction has to be in particular range. There are specified limits on maximum and minimum bids that can be entertained. Participation in the Auction can be by written advice if personal presence is difficult.
The maximum bid limit is 30% and Minimum of 5%. Out of which 5% of the chit value is the company's commission and the balance percentage is distributed as dividends equally among the members in the group.
Our company is having a vide range of chit groups available which suits all walks of people for Example: Individual, Employee, Professionals, Agriculturists, Land Lords, Proprietors, Partnership firms, companies, corporate offices, Organization etc., It has a vide range of Chit values starting from Rs.1,00,000/- to a maximum range of Rs.10,00,000/-.
Member can make payments either by cash, Demand Draft or cheques. Third party cheques are not acceptable. Issued cheques have to be realized before the auction date if the member wants to participate in auction.