Terms & Conditions

Terms and Conditions

1. Chit amount should be paid every month on or before 2pm on the auction date to be eligible for auction.
2. If the due amount for an instalment is not paid, they are not eligible for the auction. Dividend for a subscriber will not be given if he/she fails to pay due for two months.
3. A subscriber who has won the auction will get his auction amount only when he provides the right surety and if a person cannot provide the right surety, his/her auction amount will be deposited in the bank. The balance is calculated by adding the amount of interest received to the principal minus the amount due for the instalment there is an insufficient instalment amount till the last instalment, the subscriber will be sued as per law and the instalment amount will be collected.
4. If subscribers do not participate in the auction, the auction winner will be chosen by taking a lot from all the subscribers who have not won any auction.

In case a subscriber cannot continue to pay the due amount

1. He/she can find another person to continue the chit or have to wait till the company finds another person.
2. The amount to be settled will be given after deducting some charges after the new person has been replaced or before all the instalments are completed.

Refund Policy

1. All persons in a chit group become members of the group after depositing the signed agreement with the Deeds Office.
2. If a member wants to withdraw from the chit group, they can be removed from the group after a new member has been added in their place. The newly added member must pay the full amount of the chit that the previous member had paid so far, and the change of name must be recorded in the Deeds Office.
3. After such removal from membership, the amount paid by the withdrawing member shall be paid to them in full, after deducting the Company's expenses.
4. The chit company or the person that has announced their intention to withdraw from membership can add a new person.
5. If it is not possible to add a new member, the chit group member who wishes to withdraw can wait until the chit expires. After that, they can receive the remaining amount in full, after deducting the Company's expenses.

In Case a subscriber paid the due amount through online

1. Refunds or cancellations of payments are not possible for transactions made through the app or online.
2. If you encounter any error, such as accidentally sending an incorrect amount or experiencing a double debit by your bank, don't hesitate to get in touch with our customer support team through either:

Phone: +91 9629587444
Email: balasaraswathichitspvtltd@gmail.com