In case a prized subscriber defaults for a continuous period of three months, a penalty of 3% per month will be collected and dividends will not be paid to such defaulting prized subscriber.
Legal action will be initiated against the said defaulting prized subscriber and his guarantors in court of law, for recovery of all dues.
e Chit stands synonymous to transparency, efficiency and comfort.
You will have control over chit and will be able to take financially prudent decisions basis availability of information at your fingertips.
TROUBLE does not seem to end for the Mamata Banerjee-led Trinamool Congress government in West Bengal.
The collapse of the chit fund company Saradha Group is one of the biggest financial scandals to hit the State and may well be the ultimate undoing of Mamata Banerjee’s government.
At every point in time, the chit fund company pays the prized subscriber more money, than what it had collected from the prized subscriber, on the understanding that the prized subscriber will pay the balance future instalment on time.
In other words, the prized subscriber takes a loan advance from the chit fund company, with an understanding to repay the balance future instalment in time, to enable the foreman to pay the prized money to other non-prized subscribers each month.
Hence withdrawal is permitted but the subscriber will get actual amount contributed in the chit minus company commission only at the end of the Chit period or until the foreman finds a replacement.
Members who want to save money and receive the prized amount in the second half of the chit period, earn higher return (12-18% per year), however returns vary for each chit group depending on the auctions.