Frequently Asked Questions

Yes. Sree Hariharaputhra Chits Pvt Ltd is a registered Private Limited Company (incorporated 2011, Tamil Nadu) and our chit groups operate under the Chit Funds Act, 1982. Every group is registered with the Registrar of Chits.

A chit fund is a group savings scheme. A fixed number of members contribute a fixed instalment every month. Each month, the pooled amount (sala) is auctioned among members who need funds; the discount foregone by the winner is shared among all members as dividend. By the end of the term, every member receives the chit amount once.

We accept Cash, Cheque, RTGS / NEFT and UPI. You can pay daily, weekly or monthly as per your convenience, and our staff also offer free door-to-door daily collection.

Just basic KYC: Aadhaar, PAN, a passport-size photo and proof of address. Admission and documentation fees are kept low, and our staff will guide you through it at the office.

You can avail the chit amount at any point during the term of the chit, as per the provisions of your chit scheme. Our staff will personally assist and guide you through the process, from participating in the auction to completing the simple formalities for disbursement.

Auctions are held openly every month in the presence of members. The minimum bid is 5% and the maximum auctioned bid ranges from 25% to 40% of the sala depending on the group, as specified in our tariff.

As permitted by the Chit Funds Act, 1982, the foreman (the company) is entitled to 5% of the chit amount (sala) as commission for organising and guaranteeing the chit.

Depending on the chit value and remaining duration, we accept salary surety, property documents or personal sureties. Our team will explain the options for your specific plan.

Please inform your branch as early as possible. Dividends are rewarded to subscribers with on-time payments, so delayed payments may forfeit that month's dividend. Our staff will always work with you to keep your chit on track.

Of course. Many of our members run multiple chits for different goals such as school fees, gold purchase or business stock. You can also take more than one ticket in the same group.