Chit Rules

1. Participants in the 10-month plan must have paid installments for at least three months before taking money.
2. Participants in the 15-month plan must have paid installments for at least four months before taking money.
3. Participants in the 20-month plan must have paid installments for at least five months before taking money.

Conditions

1. For customers with a chit amount between 25,000 to 50,000, they must provide three cheques in their name, one nominee who is a blood relative, and one guarantor who is not a blood relative.
2. For customers with a chit amount of 1 lakh, they must provide three cheques in their name, one nominee who is a blood relative, and two guarantors who are not blood relatives. If there is only one guarantor, they must provide three cheques.
3. For customers with a chit amount of 2 lakhs, they must provide three cheques in their name, one nominee who is a blood relative, and two guarantors who are not blood relatives. Additionally, one of the guarantors must provide three cheques.
4. For customers with a chit amount between 3 lakhs to 5 lakhs, they must provide three cheques in their name, one nominee who is a blood relative, and two guarantors who are employees/businessmen not related by blood. Each guarantor must provide three cheques.
5. If 80% of the chit amount is paid, only the customer and a nominee who is a blood relative are sufficient to take the chit amount.
6. A membership fee of Rs.100 and a document maintenance fee of Rs.500 per lakh will be collected from the customer.
7. The company’s commission is 4% of the chit value. This also applies to customers who exit the chit scheme midway.
8. All customers and guarantors must provide their bank statement.
9. Customers must pay the monthly installment by the due date each month. Only customers who have paid by the due date will receive the chit amount on the specified date.