jayapriya chit funds

Business Rules

The Rules followed by Jayapriya chit funds (P) Ltd - ( In compliance with the central Chit Funds Act 1982)

  • In the entire chit group the foreman (the company) is qualified to bid for the first instalment without any discount. In all the auctions successively held the subscriber offering the highest bid or selected from a lot is eligible to take the prize money provided with necessary security. The discount bided by the subscriber is equally divided and paid to all subscribers after deducting the foreman commission.
  • The enrollment of subscribers is undertaken after signing the prescribed application form and payment of the first instalment. A Passbook with information regarding the subscriber and the chit group is issued to the customer on receipt of the first instalment.
  • The successive auctions of all the chit groups will be held on the prescribed date and time at the office of the chit groups. The details of the auction and instalment due is informed to subscribers in the form of intimation card.
  • The Payment of subscription is accepted through D.D and cheques drawn in favor of Jayapriya Chit Funds (P) Ltd. Cheques must be issued so as to pass through before the auction date. Cash receipts are accepted at office hours and collection at the door steps of the customers on a daily basis are also made at the discretion of the customers.
  • The payment of prize money after providing necessary security will be made through account payee cheques.
  • A non-prized default subscriber is liable to terminate from the chit after given the removal notice.