Fair bidding, Open process, No hidden charges
Complete process from announcement to fund transfer
Monthly auction date announced 7 days in advance
Members register for auction participation
Open bidding process with transparent discount system
Lowest bidder wins and is announced immediately
Amount transferred within 2-3 working days
Regular auction dates for all our branches
| Branch | Auction Date | Time | Venue |
|---|---|---|---|
| Kovilpatti (Head Office) | 5th of every month | 10:00 AM | Head Office, Finance Street |
| Natham | 8th of every month | 10:00 AM | Branch Office, Market Road |
| Karaikudi | 12th of every month | 10:00 AM | Branch Office, Chettiar Street |
| Nagapattinam | 15th of every month | 10:00 AM | Branch Office, Beach Road |
Note: Auction dates may shift if they fall on holidays. Members will be notified 7 days in advance via SMS and phone call.
Understanding the discount bidding system
In chit fund auctions, members bid for the lowest discount they're willing to accept. The member who bids the lowest discount wins the auction.
Let's say you have a ₹1,00,000 chit:
The lower your discount bid, the more money you receive!
What happens during an actual auction
All auctions are conducted in our branch offices with an open hall setup. Members can attend and witness the entire process. The atmosphere is professional yet welcoming.
Members who wish to participate arrive 15 minutes early. They register their names and receive a participation number. All members present can see the bidding process.
Every auction is witnessed by at least two independent witnesses. The entire process is documented and recorded. Members can request to see auction records anytime.
All bids are announced loudly. The winner is declared immediately after bidding closes. Members receive SMS confirmation and can check their account online.
Participate in auctions from anywhere
Submit your bids through our online portal or mobile app. Bids are processed in real-time during the auction.
Receive instant SMS notifications about auction dates, results, and your bid status. Stay informed always.
Get WhatsApp messages for auction reminders, winner announcements, and payment due dates.
Access your account online to view auction history, bid status, payment records, and group details.
What happens after you win the auction
Within 24 hours of winning, you need to complete documentation including winner declaration form and provide necessary documents.
You need to provide two guarantors who are also members of our chit fund. Guarantors must sign the guarantee agreement.
A security deposit (usually 10% of chit amount) may be required. This is refunded when you complete all installments.
Once all formalities are complete, funds are transferred to your bank account within 2-3 working days.
How we ensure complete transparency
All members can access their group ledger anytime. View all transactions, payments, and auction details online or at the branch.
Receive detailed monthly statements via email and SMS. Includes all payments, auction results, and your account balance.
All auctions follow Tamil Nadu Chit Funds Act 1961. Regular audits and government inspections ensure compliance.
You have the right to inspect records, attend auctions, and raise grievances. We maintain complete transparency in all operations.
Join a chit fund group and start participating in our transparent auction process.