Payment of Monthly Chit Subscription :

The Subscribers in the Chit Group must pay the Monthly Chit Amount /Installments on or before the due date, either by Cash or Cheque or DD to make themselves eligible to participate in the Auction. Payments throughCheques should be made well in advance so as to ensure its encashment before the Date of the Auction for ensuring eligibility to participate in the Auction.


Cheques on Banks which are Members of Banker's Clearing House Only will be accepted at par, in case of remittances made by Outstation Subscribers.


Subscribers are advised to issue only "Account Payee" cheques in the name of the Company. Issuing Blank Cheques or Self Cheques should be strictly avoided.


In case of dishonor of cheques issued by the Subscriber for any reason whatsoever, future subscription will be accepted only in cash from such Subscriber. In addition, such Subscribers will be bound to pay the Penalty / Charges that might be levied by the Bankers in respect of such Dishonored Cheques.


Subscribers are also allowed to make payments of Monthly Chit Subscription amounts On-line, through our website.


Failure to pay the Monthly Chit Amount / Installments IN TIME by the Subscribers, will entail Forfeiture of Dividend, besides being charged Interest as detailed in Chit Agreement. Default in payment of Monthly Subscription will disqualify them from participating in the auction.


Intimation Cards containing Details of Bid Amount in the Last Auction, Monthly Installment Payable, Dues if any, Payable, Date of Next Auction, Due Date for Payment etc., shall be sent to the subscribers, within 7 days from the Date of Auction. Non-receipt of such Intimation Card will not be accepted as an excuse for non-payment or belated payment of Monthly Chit Subscription.