Corporate Identity No: U65992PN2012PTC143624
NAGASHIVA CHIT FUND PVT LTD
A Government Registered ChitFund Company
A Government Registered ChitFund Company
There is always a need to secure oneself for Future requirements especially when there is no social security system in the country. One has the compulsion to think of contingencies of future such as for Health, Property, Marriage or for any other type such as Future business investments. etc. That is to SAVE safely with maximum returns that suit the timing of one’s needs The best part in chit fund is that unlike the other sources of investments such as BANKS or any other investment, in which one can get back what one has invested; in chit fund you can borrow from your future savings.
Anyone who has a regular source of income and the capacity to repay can apply for membership.
Service is more personalized, and formalities are simpler, when compared to Banks and other Institutions. Evaluation is intrinsic when compared to the elaborate paper work, as practiced in the formal sector. Last and not the least, the saving rate is higher and borrowing cost, much lower.
Registered chit funds are governed by the stringent provisions of the Chit Funds Act, 1982 and the money invested in these chits are very safe. The Chit Fund companies are required to keep an amount equivalent to 100% of the aggregate chit amount of all the chits conducted by them in fixed deposits with banks in the name of the Registrar of Chits for the entire duration of the chit.
The Chit fund company does not invest the amount collected by it anywhere as all the amounts collected every month are paid to the prized subscribers and no money is left with the company except the commission that they are entitled to towards their remuneration.
The prize money can be drawn any time from the second month onwards by participating in the auction. The prize money will be paid within 30 days after furnishing the required security and or sureties.
The Security and sureties are required in order to protect the interest of the non-prized subscribers. This will help in ensuring that the subscriptions are received regularly from the prized subscribers so that prompt payments could be made to the other subscribers also when they take the chit.
Subscriber must know that only non-prized chits can be canceled. Prized chits can be pre-matured only on the condition that all pending and future installments in the chit are paid in advance. A non-prized subscriber can withdraw their subscription by a written request to the Company. The Company will, as per the bye-laws and chit-agreement, make the payment after the deductions, on actual subscribed amount.
You may look for the credentials of the company with the office of the Registrar in the State. Registered chit companies with long standing records, that too with ratings, like Nagashiva Company are absolutely safe.
Nagashiva customers can login into Nagashiva Website to see his/her chit information like Chit Group List, Customer can Bidding Online, Customer Receipt statement, Out standing Details and All Informaction.
