NAGASHIVA CHIT FUND PRIVATE LIMITED

According to the 1982 Chit Fund Act, the company conducting the chit fund is Nagasiva.

The company Nagasiva has successfully conducted numerous chit groups across India for over 29 years, ensuring a safe approach to people's investments

5 lakh 20 months group how is it conducted?

1.  Nagasiva company brings together 20 members to form a chit group. Each subscriber agrees to pay a monthly installment of ₹26,500 to the chit group for 20 months.

Thus, a single member's subscription amount is ₹25,000 x 20 members = ₹500,000, plus the company commission of ₹30,000 (₹1,500 per person x 20 members), totaling ₹530,000.

2.  Each member can receive the chit amount through the auction only once during the 20-month period

3.  Nagashiva Company contracts with 20 members and An joint registrar appointed by the State Government obtains permission to operate the group by providing necessary security documents.

4.  After obtaining the necessary approval from the joint registrar, Nagasiva company conducts the auction.

5.  Every month, the money collected from the 20 members is given to the member who wins the auction.

6.  Only subscribers who have not received the prize can participate in the auction.

7.  The subscriber who bids with the highest discount will receive the chit amount.

8.  If more than one person requests the maximum auction amount, one will be selected through a lucky draw system.

9.  After obtaining the necessary security documents for the remaining monthly installments, the company provides the chit amount to the subscriber who won the auction.

10.  Every month, subscribers will receive a portion of the amount as a discount share.