Safe Chit
As time passes, our growing list of clients reflects the trust reposed on us. Likewise, does our commitment to keep up your faith in us. As time passes, our growing list of clients reflects the trust reposed on us.
Best Services
Helping Create Wealth. Empowering people through prosperity. Resulting in inclusive growth. Helping Create Wealth. Empowering people through prosperity. Resulting in inclusive growth.
Our Value
Financial planning is mandatory for every one. It is sensible to earmark a small amount from your business/income every month as a reserve to face any contingencies in business such as price fluctuations,
SIVA SHAKTHI CHIT FUND
Chit-Funds are one of the best methods of saving cum borrowing of money during urgency. We are named as one of the best Chit Fund Companies in Coimbatore. The concept of Chit Fund is based on the ideas of mutuality and trust, by which a group of subscribers participate in a scheme to contribute fixed periodical amounts and distribute the amount so collected, in rotation, to each of the participants.
Siva Shakthi Chit Funds acts as a trust worthy bridge between the customers and collects specific periodic subscriptions from each member of a chit fund group. The total of the periodic subscriptions, minus company commission, is given out periodically as bid amounts to any one member of the chit group, identified by auction.
Siva Shakthi Chit Funds offers chits varying from 15 months and 60 months periodical installment. Each customer will receive the bid amount or money amount only during the chit period.
Second Level Benefits
Chit Amount
- 120000
- 150000
- 180000
- 210000
- 240000
- 270000
- 300000
Third Level Benefits
Chit Amount
- 150000
- 210000
- 300000
- Investment based on your income
- Customer friendly and easy formalities to join
- Special thirty month investment for middle class income jeneration
- Customer can action the amount according their necessory
FAQ :
What are the modes of payment?
Customers can make payments by cash, NEFT, Demand Draft or cheques. Cheques issued have to be realized before the auction date if the member wants to participate in auction.
When can I participate in the auction?
A member can participate in auction right from the first auction itself, only if he or she has made the payments up to date. If paid by cheque, it should be realized before the auction date. A defaulter whose payment is not up-to date before auction is not eligible to participate in the auction.
What is the purpose of bidding?
In every chit group some members will be in need of money. So all the members who are in need of money will be participating in the auction for bidding. The purpose of bidding is to declare the successful bidder who gives the highest bid amount (Not exceeding maximum limit) within the specified auction time.
What is the benefit from saving in chit?
There will be a compulsory saving which will earn dividends every month. Even if you take at the last month, the total dividends earned will be more than the bank interest rate.
What are the Income Tax benefits from saving or borrowing?
The dividends earned in a chit are not taxable. If you want to claim the bid as loss then these dividends has to be shown as revenue income in the assessment. Hence the entire dividend earned in a chit is not taxable if you don't claim the bid amount as loss.
How soon can I expect the payment once I bid the chit?
Once the documentation and verification is complete, which scrutinizes the document in all aspects, and if the document is found to be satisfactory payment is released.
A Chit is the Only Financial Product that allows you to Save and Borrow.
The non prized subscriber who is a saving member up to the last installments gets dividend which is comparatively higher than the interest that are accrued by way of Recurring Deposit Schemes.
How it Works,
The basic necessity of conducting a ‘Chit’ is a group needy people called subscribers. The foreman, the company or person conducting the chit, bring these people together and conducts the chit. The foreman is also responsible for collecting the money from subscribers, presiding over the auctions, and keeping subscriber records. He is compensated by a fixed amount (generally 5% of gross chit amount) monthly for his efforts. Other than that, the foreman has no specific privileges; he is just a chit subscriber. A simple formula depicts the pattern of the chit.
The chit starts on an announced date, every subscriber come together for the auction. When there are more than one person willing to take this minimum sum, lot are conducted and the ‘Lucky subscriber’ get the prize money for the month.
Terms & Conditions :
- ID proof with communication address should be submitted
- Customer can make their payment as daily, monthly or weekly as per their selection
- Insurance will be done for customers after third month of Chit Fund.