Terms & Conditions (Draft)

1. Website Use & Informational Scope

This website is maintained by Shri Vijaya Ganapathi Chit Fund Pvt Ltd for educational, marketing, and preliminary communication purposes. Browsing this site or submitting an enquiry does not constitute an offer, acceptance, or formation of a binding chit contract.

2. Governing Chit Fund Legislation

All chit schemes operated by the Company are regulated by and conducted strictly in accordance with the provisions of the Chit Funds Act, 1982 (Central Act No. 40 of 1982) and the corresponding State Chit Fund Rules applicable in Telangana.

Each chit group is commenced only after obtaining statutory prior sanction and registration from the competent Chit Registrar as required by law.

3. Subscriber Enrollment & Chit Agreement

To participate in any chit group, an eligible applicant must complete our formal in-person or physical onboarding process, which includes:

• Execution of the statutory Chit Agreement in duplicate.
• Submission of Know Your Customer (KYC) documents (PAN, Aadhaar/ID, Address Proof).
• Payment of the first monthly subscription instalment.
• Verification and issuance of the official chit ticket allocation.

The Company reserves the right to accept or reject subscription applications based on eligibility and group capacity.

4. Monthly Subscriptions, Auctions & Dividends

Registered chit fund operations follow clear statutory guidelines:

• Timely Instalments: Subscribers must remit monthly instalments on or before the due date specified in the chit by-laws.
• Monthly Reverse Auction: Auctions are conducted monthly among non-prized, eligible subscribers. The bidder offering the maximum discount (up to the statutory ceiling) is declared the prized subscriber.
• Auction Discount Ceiling: In accordance with the Chit Funds Act, 1982, the maximum auction discount cannot exceed the statutory ceiling (currently capped at 30% of the chit value).
• Foreman Commission & Dividends: The statutory foreman commission (up to 5% of the chit value) is deducted from the auction discount, and the remaining discount is distributed equally as a dividend to all eligible members, reducing their subsequent monthly contribution.

5. Prize Money Disbursement & Security Requirements

Under the Chit Funds Act, 1982, the prized subscriber is entitled to receive the prize amount (Chit Value minus Auction Discount) only upon furnishing adequate security or acceptable sureties to guarantee payment of remaining future instalments until the chit group completes its full duration.

Acceptable securities may include personal guarantees, government employee sureties, bank guarantees, or property collateral, as specified in the applicable scheme by-laws.

6. Sample Chit Group Information & Calculations

Chit plans, instalment ranges, and sample calculations published on this website are illustrative placeholders provided to help visitors understand plan structures. Exact terms, tenure, ticket count, and auction dates are defined in the specific sanctioned by-laws of each active group.

7. Jurisdiction & Dispute Resolution

Any claims, controversies, or proceedings arising under or in connection with official chit agreements executed with Shri Vijaya Ganapathi Chit Fund Pvt Ltd are subject to dispute resolution procedures pursuant to the Chit Funds Act, 1982 before the designated Registrar of Chits and the jurisdiction of competent courts in RR District, Telangana, India.