Frequently Asked Questions

A "ticket" means the share of a subscriber in a chit. The foreman always has the first ticket.

Chit funds provide multiple benefits: disciplined savings mechanism, access to lump sum funds through auction, much lower interest rates compared to traditional loans, flexibility in contribution amounts and duration, risk distribution among members, potential for good returns through dividends, tax-free dividends, and a sense of community among members.

A chit is a mutually beneficial scheme where a group of people contribute towards the chit value. Each month, a member from the group is selected as the prized subscriber, receiving the prize amount. Dividends are distributed among the remaining members. The maximum bid allowed is 30% of the chit value. The company receives a 5% commission, and the rest of the discount amount is distributed equally among the members.

Members can make payments either by cash, Demand Draft, or cheques. Third-party cheques are not acceptable. We also offer Online Payment facility directly from your Bank Account through Net Banking on our website.

A member can participate in the auction starting from the very first auction, provided that their payments are up to date. If payment is made by cheque, it must be cleared before the auction date. A defaulter, whose payments are not up to date before the auction, is not eligible to take part in the auction.

In each chit group, certain members will require funds. All members in need of funds participate in the auction for bidding. The objective is to determine the successful bidder who places the highest bid amount (which must not exceed the maximum limit) within the designated auction duration of 15 minutes.

The dividends earned in a chit are not subject to taxation. If you intend to declare the bid amount as a loss, then these dividends must be presented as revenue income during the assessment. As a result, the entirety of the dividend earned in a chit is exempt from taxation if you choose not to declare the bid amount as a loss.

A member can provide sureties based on the future liability of the chit: Personal Surety (salaried individuals in Government, We Need Government Employee Jamin OR Property Pledge by depositing title deeds of urban property.), Bank Guarantee from a Scheduled Bank, Income Tax Assessor with assessment records for the previous three years, or Property Pledge by depositing title deeds of urban property.

Once a member is declared a successful bidder and provides satisfactory sureties, the documentation process begins. The Branch prepares required documents including guarantor bond and promissory note. Once verified at the Head Office, payment is released within 2 days. In most cases, the entire transaction is completed within 10 days, depending on the type of sureties provided.

Share of discount is the portion of the discount amount available, which is the quantum of the amount that a subscriber forgoes in a draw in order to get the prize amount. In the quantum of discount, the foreman retains the commission, and the balance amount is distributed proportionately among all the subscribers at each instalment of the chit.

In the event that no bidder is forthcoming in an auction, a lot will be drawn from the non-prized subscribers at the close of the prescribed time (i.e. 15 minutes), and the subscriber drawn will be declared as a prized subscriber. He will be entitled to receive the gross chit amount less the foreman commission.

A Prized Subscriber means a subscriber who has either received or is entitled to receive the net chit amount. The prized subscriber must furnish necessary security or sureties to the satisfaction of the foreman for due payment of future subscriptions to draw the net chit amount.

The foreman is a representative of the Chit Fund Company to operate the chit and is duly authorised by such a company. A number of authorised representatives authorised by the company can act as foremen depending on the requirement.

Sree Maurya Chits's hallmark is meticulous planning, hard work, and deep commitment to serve customers. With 40 employees, and the unique 24 hours response facility (quick disbursement of money, subject to documentation) — unmatched by any other chit fund company — Sree Maurya Chits stands as the epitome of reliability and excellence.

Sree Maurya Chits has a wide range of chit groups suitable for individuals, employees, professionals, agriculturists, landlords, proprietors, partnership firms, companies, and corporate offices. Chit values range from Rs. 50,000/- to a maximum of Rs. 20,00,00,000/-.

Sree Maurya Chits offers Long Term chit 40 months 40 Members, 32 Months 32 members, 25 Months 25 Members, Short term Chit - 25 months, 25 members.

To enroll: (1) Research and select a suitable chit scheme based on your needs, (2) Locate the nearest Sree Maurya Chits branch, (3) Complete necessary documentation including KYC details, (4) The branch team will validate your details, (5) Based on availability, you will be admitted as a member.

Sree Maurya Chits deposits the entire chit value as a security deposit with the Registrar of Chits. This deposit serves as a financial safeguard for the participants' investments and acts as a guarantee, providing assurance that your money is secure.