Terms & Conditions

• Applicants must submit a copy of Aadhaar, PAN card and a passport-size photograph.
• A copy of the applicant's bank passbook must be submitted.
• Subscribers are required to satisfy the minimum income eligibility set out in the table below.

• Signed consent of a family member of the subscriber is required.
• The management reserves full authority to accept or reject any surety.
• If more than one subscriber (division number) wishes to bid at auction, the winner will be decided by draw of lot.

• Subscribers must pay their monthly instalments on or before the due date, during office hours, and obtain an official receipt.
• Payments made without a proper receipt will not be recognised by the management.
• Chit duration: as specified in the individual scheme document (weeks / months).

• Auctions are conducted on the scheduled date. If the auction date falls on a Sunday or public holiday, it will be held at the same time on the next working day.
• Only subscribers with no outstanding instalments are eligible to participate in the auction.
• The maximum permitted discount at auction is between 30% – 40% of the chit value.

• Subscribers who default on payments must pay delayed interest at the rate of 12% per annum.
• If a subscriber defaults on three consecutive instalments, the management has full authority to take over the chit or appoint a new subscriber in their place.

• The prize amount will be released only after the surety documents and required paperwork are verified and approved.
• Prize money will be paid by cheque or transferred to the subscriber's bank account.
• Prized subscribers must continue paying the remaining monthly instalments as per schedule.

• Sureties must appear in person with valid ID proof and provide their signature/thumb impression at the office for verification.
• The management retains the sole authority to accept or reject any surety offered.
• The number of sureties required depends on the chit value (see the Minimum Income Requirement table).

• Aadhaar card (copy)
• PAN card (copy)
• Passport-size photograph
• Bank passbook (copy)
• Surety ID proof (original for verification)

• Instalments may be paid by cash at the office, by cheque, or transferred to the subscriber's registered bank account.
• QR-based UPI payment is available in-branch.
• Every payment must be supported by an official receipt issued by the company.

• Service charges range from 4% to 5% of the chit value.
• For the final month instalment, the applicable deductions will be 4%, 3%, 2% and 1% respectively as per scheme terms.

Late instalments attract delayed interest at the rate of 12% per annum, calculated from the due date until the amount is fully paid.

• If a subscriber defaults on three consecutive instalments, the management has the full authority to terminate the subscription and either take over the chit or appoint a replacement subscriber.
• Termination will be subject to the applicable provisions of the Chit Funds Act and the scheme agreement.

• Non-prized subscribers who are unable to continue the chit will be refunded the amount they have paid only at the final month/end of the chit period.
• Subscribers who exit early will receive the refund after deducting the chit valuation and office expenses/foreman commission.

All chit schemes are conducted under the Central Chit Funds Act, 1982 (Section 6 of Act 40 of 1982) and the Tamil Nadu Chit Funds Act, 1984. Applicable TDS and other government taxes will be deducted from time to time as prescribed by law.

Any dispute arising in connection with the chit shall be resolved in accordance with the applicable provisions of the Chit Funds Act and shall be subject to the jurisdiction of the competent courts in Salem, Tamil Nadu.

• Read and understand all scheme rules before enrolling.
• Pay monthly instalments on time and always collect an official receipt.
• Keep KYC information up to date and inform the office of any change in address or contact details.
• Attend or nominate a representative for the monthly auction where possible.

• The management reserves the right to accept or reject any subscriber or surety without assigning a reason.
• The company may amend scheme rules from time to time in accordance with applicable law.
• The company retains the right to take appropriate legal action in cases of default or misconduct.

• By joining a chit scheme, the subscriber confirms that they have read, understood and agreed to all the rules of the company.
• All chit amounts are received by the company either in cash at the office or through the subscriber's registered bank account.
• The company will comply with all statutory deductions such as TDS as notified by the government.