Terms and Conditions

• This chit is governed by the Chit Funds Act – 1982.
• The subscriber should pay the ticket amount without fail one day before the auction date every month.
• Subscribers who fail to pay their bids on time will not be eligible to participate in the next auction and will not be entitled to any dividend.
• A penalty of up to 24% interest will be charged if ticket payment is not paid before the auction date.
• Chit Funds Act – The Company reserves the right to remove the names of subscribers who do not make proper payments from the list.
• If you cancel the ticket in the middle of certain chit period, the company commission of 4% will be deducted from chit amount which you paid and the remaining amount will be issued to you, The cheque shall be issued to the removed person within 7 days of payment of the full installment in lieu of the ticket or within 14 days of the expiry of the chit period if not later.
• Adequate security must be furnished before the subscriber receives the prize amount(Rule 22).
• GST / Document Charges will be deducted from the prize money as per Chit Funds Act.