Things You must Know about Our Company

1.  In order to become a member of Nagashiva Company, the age of the member should be at least 20 to 50 years

2.  Members wishing to participate in the new chit group can join by paying an advance of Rs.500 / - and should submit photo, ID proof, address proof but if the member cancels after joining, the advance is not refunded.

3.  A subscriber can enroll maximum two tickets only in a group.

4.  To enroll in more than Rs 10 lakh ( Ten Lakh) chit, Subscribers Income certificate or last 3 Years Income Tax Return file is mandatory.

5.  If the full installment of the chit group is not paid within the date fixed by the company, the member will not get a place in the chit group and he form filled for the said group may transferred to any other group as per member desire.

6.  Nagashiva Company provides subscribers details to all its members in the chit group before commence the chit group auction.

7.  All Subscribers can quote their bid amount for month. It is valid up to the next month auction date.

8.  The company concludes the monthly chit auction online on 05/10/15/20/25 at 12:30 pm, after which the chit members can check the details of the chit group using their own id password. and Lucky Draw videos can be viewed through youtube on NAGASHIVA CHIT FUND PVT.LTD.CHANNEL

9.  If Members does not use Online Bidding process else Member will have to Call the Company representative and Company representative will update the member's bid amount on member behalf and we will share the member the group bidding report via WhatsApp or email.

10.  All the members of the group can check to which member the company has paid the money collected in the chit group

11.  The members of the chit group will be given all the information of the members through WhatsApp and Website from the beginning of the chit group till the end of the chit group.

12.  The company has to keep the entire amount of the first month of the chit group in the name of the government as a security deposit in the bank for group registration as per the rules of the Government of India.

13.  Subscribers who desire to participate in bidding must pay the full installment before the auction.

14.  The auction system starts from the second month.The minimum incremental auction amount will be 0.10% on chit value.

15.  The Company has set a max bidding percentage for 12,15,20,25,30,35 and 40 months chit groups. In case more than one subscribers quote for the max determined percentage, such subscriber will be selected through "token system".

16.  The foreman commission is 6% of the Chit amount and this commission is included to the monthly installment.

17.  Our company charges commission on customer chit value but does not charge commission on the total amount of the chit group.

18.  Details of foreman commission and service :
     1. Subscriber's investment security fees.
     2. Government's Registration Stamp duty
     3. Daily and Monthly Installment Payable Service Fees.
     4. Chit Amount Payment Agreement Fees
     5. SMS, Phone, Website 24/7 Maintenance Service Fee
     6. Security charges for default in a member group

19.  Chit winning members can get their chit amount within 5 days from the auction date

20.  Documents to be submitted by the auction winning customer: Proof of ID, Proof of Address, Proof of Income, Detailed documents of own house and 3 bank cheque for security will be mandatory. Also 2 guarantors will be required and their documents will be the same.

21.  Chit winning members will be charged 2% annual insurance, this feature is applicable only to the member between 18 to 58 years of age.

22.  Members who are above 58 years of age, while receiving the chit winning amount, they are required to give a named person and heir as the responsible person for the amount taken, otherwise the chit winning member will not get the chit amount. Nominee and heir must be at least 18 years of age

23.  If the chit period is 70%, you will need 1 guarantee and if it is 90%, you will only need your own documents.

24.  The Subscriber above documents and Guarantors are not required for the customers who deposit the balance Chit amount payable.

25.  Subscribers who are living in rented house and the subscribers living in another district can participate the chit auction only after 90% of the chit period. However, if such member picks up a chit during the chit period, he has to deposit such amount with the company considering the remaining monthly installment. Such subscriber will avail profit on that deposit on account of interest.

26.  If a member is in arrears with Nagashiva Chit Fund Company, he will not be accepted as a member and guarantor.

27.  Prized member will get the facility of advance amount,the member will get the advance amount equal to the amount paid by him

28.  A subscriber cannot transfer his auctioned ticket to another person. Also, a person can participate in into another subscriber's auction with company permission..

29.  Subscribers can make their installment payment to Nagashiva Company through CASH, CHEQUE & ONLINE.

30.  Nagasiva Company chit members can pay the installment amount daily, weekly, through online

31.  Chit account services are available to all customers. If the customer withdraws the amount deposited in the chit account, 2% service charge will be levied on the amount withdrawn but no charge will be levied if the customer transfers for chit installment.

32.  Members of Nagashiva Company can operate their Chit Account,Savings Account and All chit details online 24 hours a day, 7 days a week.

33.  All subscribers shall pay their dues within three days from the date of the auction.

34.  A member will be charged 5% penalty or interest for any delay in payment of their dues within three days from the date of auction .

35.  If the Subscriber's cheque is bounced by the bank, a bounce fee of Rs.450 will be charged to the Subscriber's Account.

36.  If the customer's cheque is bounced by the banks, the delay period is more than three days, then the 5% late fee will also be charged on the cheque amount.If the customer's cheque is bounced by the banks, the delay period is more than three days, then the 5% penalty or interest late fee will also be charged on the cheque amount.If the member is paying installments by check, the chit must be three days before the auction, if the check date is paid after three days, it will be charged with 5% penalty or interest.

37.  The date of cheque given by the member for the installment can be changed only twice and the third time the cheque is returned to the member and 5% on their installment is penalized.

38.  If the customer's cheque is bounced by the banks subscriber cannot participate any auction for next six months.

39.  In case any subscriber's has their previous month payment under dues, then such subscriber cannot participate in current month auctions. Further, if any subscriber's have more than five days dues, then such subscribers cannot participate any auction for next six months.

40.  If any subscriber would like to cancel the ticket and transfer to a new subscriber, 1 % processing fee will be charged on chit value.

41.  If any subscriber cancelled their ticket and register in a new group, such subscribers can participate in auction only after 30% period of the current chit group period.

42.  According to the company and customer agreement, if the customer does not pay the chit installment for more than ten days, the ticket will be cancelled without the customer's consent.

43.  If a subscriber cancels the ticket in a group, the company deducts 6% of the commission on the chit value and the balance is paid to the subscriber at the end of the chit period.

44.  If the amount paid by the cancel ticket is less than the Company commission, the subscriber will not get back the amount paid.

45.  Under the terms of the agreement, if the member who has taken the chit amount does not pay dues for two consecutive months, the member will not get dividend for all subsequent months and the remaining month's installment will have to be paid in full

46.  If subscriber for who has taken their chit and did not pay their dues for more than two months, Legal action will be taken as per chit act. Concerned subscribers & guarantors will have to pay all the legal expenses.

47.  Company shall provide final chit statement to all subscribers after completion of their chit group. Subscriber can get all their relevant documents as agreed in agreement.

48.  Company shall not disclose any transactions of any subscriber's to any other persons without concerned subscriber's permission.

49.  Anyone can save through the daily savings deposit scheme in the company and the saved amount can be withdrawn by the members anytime and the deposit scheme is in 24/7 service through the website.

50.  Assurances in Nagashiva management will only be accepted in writing.

Why Invest with us ?

1. Customer can obtain their payments at any time (24 X 7 services)

2. Customer can pay their chit amount on daily / weekly basis.

3. 100 % guarantee for customers money.

4. The internal customer of group can check whether the company has paid the amount of the chit winner.

5. Online Chit Group Statements & Videos facilities

6. Transparency through Registration.

7. Customer can get 50% fund of their's chit paid amount with lowest interest.

8. Hassle-free documentation.