Chit Fund is one of the India's oldest indigenous financial products. It provides a good source of finance for different type of people with unique features of dual benefits for both Savings & Borrowings, combined in a single instrument.
The Chit transaction which is based on sound economics "where none stand to lose and all stand to gain" was in practice even during the region of Chandragupta Maurya where Chanakya was the Financial Minister.
Financial Planning is mandatory for every one whether Individuals / Business people. Always, it is a sensible issue to think about to save a small amount from your salary / Business income every month to meet the future investments / expenditures / requirements.
Shakthi Kumar Chit Schemes
- The company will be the first ticket holder in the groups as per the Chit Fund Act..
- The maximum bid permitted as per rule is 30% and minimum is 5% of the Chit Value
- If the number of bidders quoting maximum offer exceeds one in a monthly auction,draw will be conducted to decide the prized bidder.
- Installments can be paid by Cash/Cheque in favour of M/s Shakthi Kumar Chit Funds (India) Pvt. Ltd.
- Installments should be paid on or before the due date.
- Prize money will be disbursed to the bidders before the next auction date, on completion of all the formalities acceptable to the company.
- All members will become eligible for dividends from third month onwards.
- Prize money will be paid by an Account Payee cheque only.
- Failure in remittance of subscription amount before due date attracts penalinterest.
- Cheque return charges are compulsory and applicable.
- In case, Chit is cancelled in between the term, 5% of Chit value will be Charged as cancellation charges.