Government Compliant Operations | Tamil Nadu Chit Funds Act
Registered with Registrar of Companies, Chennai
Reg No: U65992TN2019PTC133154Compliant with Tamil Nadu Chit Funds Act 1961
100% ComplianceAnnual audits conducted as per government requirements
Audited AnnuallyKey provisions of the Tamil Nadu Chit Funds Act 1961
Your obligations as a chit fund member
Understanding installment and penalty structure
Installments are due on the same date every month as per your agreement. For example, if you joined on 5th, your installments are due on 5th of every month.
A penalty of ₹50 per day is charged for delayed payments. If payment is delayed beyond 30 days, the member may be declared as defaulter.
Members can settle their chit early by paying all remaining installments at once. A small processing fee may apply.
Payments can be made through cash, cheque, online transfer, or UPI. All payments must be made at the branch or through authorized channels.
Procedure for exiting a chit fund
Submit a written application to the branch manager stating your reason for withdrawal. The application must be submitted at least 15 days before the next installment due date.
If you exit before completing half the duration, you may forfeit a portion of your payments. After completing half the duration, you're eligible for proportional refund.
Refund amount is calculated based on payments made, minus applicable charges and forfeiture. Refunds are processed within 30 days of approval.
How we handle grievances and disputes
Submit your complaint in writing to the branch manager. We aim to resolve all grievances within 7 working days. You can also call our helpline or email us.
As per the agreement, disputes are resolved through arbitration. An independent arbitrator is appointed as per Tamil Nadu Chit Funds Act provisions.
All legal matters fall under the jurisdiction of courts in Tamil Nadu. Members can also approach the Registrar of Chit Funds for complaints.
Download important documents and forms
Our team is here to help you understand all regulations and your rights as a member.