What is a Chit Fund? ▾
A chit fund is a savings and credit scheme where a group of individuals contribute fixed amounts periodically. Each month, the total collection is auctioned and the lowest bidder (willing to take least) wins. Savings from the bid are distributed as dividends to all members.
How is the auction conducted? ▾
Auctions are held monthly on the scheduled date. Eligible members submit bids specifying how much less than the full amount they will accept. The lowest bidder wins. Results are published transparently on this website.
Is my investment safe? ▾
Yes. Sri Annaamalaii Chit Funds is registered under the Tamil Nadu Chit Funds Act, 1961 and regulated by the Registrar of Chits. Your subscription is protected by law.
What documents are required to join? ▾
Aadhaar Card, PAN Card, recent passport photo, and bank account details. For chits above ₹5L, In-Person Verification may be required.
When do I receive the prize amount? ▾
Prize amount is credited to your bank account within 5 working days after auction formalities and document verification.
Can I exit a chit group early? ▾
Non-prized members can surrender their ticket subject to processing fee and dues deductions. Prized members cannot exit as they must continue payments.
How are dividends calculated? ▾
Dividend = (Full pot - Prize amount - 5% commission) ÷ Members. Example: ₹10L chit, winner bids ₹8.2L → savings ₹1.8L - 5% = ₹1.71L ÷ 20 members = ₹8,550 per member.
What payment methods are accepted? ▾
UPI (GPay, PhonePe, Paytm), Net Banking, Credit/Debit Cards, NEFT/RTGS, Cheque and Cash at our office.