Frequently Asked Questions (FAQs)
What is a chit fund?
A chit fund is a savings and borrowing scheme where a group of individuals contribute a fixed amount every month. Every month, one member receives the total collection either through an auction or lucky draw.
Is Sri Iswarya Balaji Chits a registered company?
Yes, we are a legally registered chit fund company under the Companies Act. Our operations comply with all applicable state regulations and financial norms.
Who can join a chit scheme?
Any Indian citizen above 18 years of age with valid KYC documents (PAN, Aadhar, etc.) can join our chit schemes.
What documents are required to join?
You need to provide:
PAN Card
Aadhar Card
Address Proof
Passport-size photograph
Signed chit agreement
How is the auction conducted?
Each month, members can bid for the pooled chit amount. The lowest bid (i.e., highest discount offered) wins the auction. The winner receives the prize amount after deducting the discount and service charges.
Is there any risk involved in chit funds?
We operate with complete transparency, legal compliance, and clear documentation. The risk is minimal when the chit fund is professionally managed — like ours.
Can I participate in more than one chit at a time?
Yes, you can participate in multiple chits simultaneously, depending on your eligibility and financial capacity.
What happens if I miss a payment?
Late payments may attract penalties or disqualify you from participating in the month’s auction. Regular contributions ensure smooth membership.
How is the prize money paid?
The prize money is transferred via cheque or bank transfer after the auction, subject to completion of required documentation and approvals.
Can I withdraw before the chit ends?
Early withdrawal is discouraged and permitted only in exceptional cases. Terms and penalties apply as per the chit agreement.
