Refund Policy
Clear, Fair, and Transparent
At Sri Iswarya Balaji Chits Private Limited, we value every member’s trust. While chit fund operations are structured and contractual in nature, we recognize that circumstances may change. Our refund policy is designed to be clear and fair, while ensuring the financial integrity of all chit groups.
1. Membership Fee & Registration Charges
The one-time membership fee and registration charges paid during joining are non-refundable under any circumstances.
2. Monthly Contributions
Monthly contributions made towards an active chit cannot be refunded unless:
a) The chit has been dissolved by management due to unavoidable circumstances.
b) The member exits under an approved early termination agreement (see Clause 4).
3. Auction Advance or Security Deposit
Any auction advance or security deposit collected will be refunded upon completion of chit tenure or upon successful closure of chit membership, provided there are no outstanding dues.
4. Early Exit or Withdrawal
A member may request early exit in exceptional cases (e.g., critical illness, financial distress), subject to approval from the management.
Refunds in such cases will be processed after adjusting for:
Outstanding dues
Administrative charges
Any penalties applicable
Refunds are not guaranteed and depend on the stage of chit, auction status, and group stability.
5. Mode of Refund
All eligible refunds will be processed via:
Cheque
NEFT/IMPS transfer to member's registered bank account
Acknowledgment receipt will be issued for all refunds
6. Processing Time
Refunds, once approved, will be processed within 15 working days.
7. Disputes
Any dispute related to refund eligibility or amount shall be addressed directly by the Management.
For unresolved matters, the jurisdiction will lie with the courts in Udumalpet, Tamil Nadu.
