At Bhagavathi, provisions of the chit fund Act, 1982 are strictly followed. Whenever a new chit group is started an amount of money equivalent to the chit value will be kept as security deposit with any Nationalised banks with a lien to the Register of chits and deposit receipot will be kept with them till the end of the chit period.
Repayment Protection
To protect the interest of the group subscirbers, Bhagavathi Chits fund takes adequate security to the extent of future installment before handing over the prize money. Thus others Bhagavathi CHit fund subsribers shall not feel unsecured for their investments.
Payment of Prize Money
Every subscribers is eligible to participate in the auction held once in am month. The duration of the auction shall be five minutes. The minimum bidding is 5% in case, bidders are more than one for the maximum bid of 30% then draw will be held to decide on the Prize Winner.
Pass Book Facility
Pass book will be issued by Bhagavathi chits fund to each member of the group only after receipt of second installment of the chit fund.
