Payment Terms
Clarity. Commitment. Compliance.
At Sri Iswarya Balaji Chits Private Limited, we ensure complete transparency and consistency in our payment processes. These terms outline how payments are collected, handled, and the expectations from all chit fund members.
1. Monthly Contribution Schedule
Each chit scheme has a defined monthly contribution amount and due date.
Members are expected to make payments on or before the due date each month.
Payment calendars are shared at the time of registration and available at our office.
2. Modes of Payment
We accept the following payment methods:
Cash at our office (receipt issued immediately)
Cheque/DD drawn in favor of the company (subject to clearance)
Bank Transfer / NEFT / IMPS (details provided at registration)
UPI Payments (sriiswaryachits@upi or via QR code at the office)
*Note: Digital or online payments should be followed by payment confirmation via WhatsApp or SMS.*
3. Late Payment & Penalties
Late payment beyond the due date will attract a penalty as per chit agreement.
Persistent delays may lead to disqualification from that month’s auction or termination of chit membership.
Repeated defaulters may be legally pursued as per contractual terms.
4. Payment Receipt & Acknowledgment
Receipts are issued for every payment made (cash or digital).
Members must preserve receipts/passbooks for future reference.
In case of any discrepancy, contact our accounts department immediately.
5. Non-Refundable Charges
Membership fee, registration charges, and foreman’s commission are non-refundable.
Any other applicable deductions will be informed at the time of chit payout or early closure.
6. Auction Winner Disbursement
Auction winner will receive the chit amount after adjusting for foreman’s commission, discount, TDS (if applicable), and any pending dues.
Disbursement is made via cheque or direct bank transfer.
