Terms of Service
Please Read Carefully Before Engaging with Our Services
These terms govern the use of services offered by Sri Iswarya Balaji Chits Private Limited and participation in our chit fund schemes. By registering or participating, you agree to abide by the following terms.
1. Membership Eligibility
Only Indian citizens aged 18 and above are eligible.
Valid KYC documents must be submitted.
The decision to accept or reject membership lies with the company’s management.
2. Chit Agreement
Each member must sign a formal chit agreement before joining a scheme.
Terms such as chit value, tenure, monthly contributions, auction rules, and default provisions will be clearly stated in the agreement.
This agreement is binding for the entire chit duration.
3. Monthly Contributions
Payments must be made before the specified due date each month.
Late payments may result in penalties or disqualification from that month’s auction.
4. Auction & Prize Money Disbursement
Auctions will be held on pre-scheduled dates.
The member quoting the highest discount wins the auction.
Prize money will be disbursed after deducting the discount amount, service charges, and applicable taxes.
Winners must sign a prize receipt and complete necessary formalities.
5. Member Responsibilities
Members must attend monthly auctions or send authorized representation.
Maintain regular payments and update contact details with the office.
Ensure proper communication in case of financial hardship or withdrawal requests.
6. Default & Termination
Repeated defaults may lead to termination of membership.
Legal action may be taken for severe violations or willful non-payments.
7. Refunds & Withdrawals
Early withdrawal is not encouraged and is subject to management approval.
Refunds, if any, will be made after deducting applicable dues and administrative charges.
8. Company Rights
The company reserves the right to modify chit scheme structures, auction procedures, or member terms with proper notice.
Management decisions are final and binding.
9. Dispute Resolution
Disputes, if any, will be resolved amicably.
In case of legal proceedings, jurisdiction will lie with courts located in Udumalpet, Tamil Nadu.
10. Acceptance
By joining a chit fund with Sri Iswarya Balaji Chits Private Limited, you confirm that you have read, understood, and agreed to these terms.
