SRI RAMAJAYAM CHITS AND FINANCE
A chit company offering unique and innovative chit plans to help you save and invest for a secure future. Our chit plans cater to various financial goals and risk appetites, providing you with the opportunity to grow your wealth over time.
HOW DOES CHIT WORKS
- The ceiling amount in our company is 25%, 30%, and 40% discount.
- A chit scheme generally has a predetermined value and duration (10 months & 20 months, 25 months, 30 months & 40 months).
- Each scheme admits a particular number of members (generally equal to the duration of the scheme), who contribute a certain sum of money every month to the customers who are screwed up’.
- Auctions are bidding every month for “selective customers.”.
- The highest bidder (also known as the prized subscriber) wins the ’pot’ (common fund of a group) for that month.
- The bid amount is also called the ’discount’ and the prized subscriber wins the sum of money equal to the chit value less the discount.
- The company commission will be deducted from the discount money.
- The company commission is 5%.
- The discount money is then distributed among the rest of the members (or the non-prized subscribers) as ‘dividend,’ and in the subsequent month, the required contribution is brought down by the amount of the dividend.
- The chit release amount will be paid to the subscribers as a check or cash.
- Due date for the month is on or before the 10th of the month. If the payment is a check, the customer should pay on the 7th of the month.
BENEFITS
- “All the rules mentioned in THE CHIT FUNDS ACT 2013 will be followed.
- Enrollment fees will be charged to all the customers according to the chit they enroll.
- Every customer will be required to sign the Chit Agreement before they enroll in any Chit.
- Every month, the password will be checked. You will register your money in the checking card instead of your passbook and get it back to our hands until the checking amount is verified.
- All the subscribers should pay the subscription within 30 days from the auction date.
- Prized subscribers will be required to submit the surety documents before they receive the prize amount.
- The prize amount will be given to the prized subscriber within a period of 30 days from the auction date.