Members with in the Jurisdiction of Branch

Please select the Branch, which is within 100 km from your Address to avail fast services like Personal visit by our staff on call for any problem facing by you. Easy for Surety verification and fast processing of Documentation after Bidding. Options to participate in the Bid (Auction) are: Bid Offer / Bid Authorization / GPA / Personal participation. Member can directly participate in the Auction of his own Chit and become successful bidder.

Bid Offer

Member who is unable to come for Auction Personally can give Bid Offer well in advance i.e. 48 hours before the Auction time. Bid Offer should not be more than the Maximum Bid. The Bid Offer should be in Multiples of Rs.100/- only. A Bid Offer BECOMES INVALID if the payment is not upto date and the above condition are not valid.

Further Liability

Amount of instalments payable for the future months after becoming Successful bidder. Example: If you become successful bidder at 15th month of 50 months duration chit of Rs.2000/- monthly instalment, the future Liability is Instalments 35 X Rs.2000/- = Rs.70,000/-.

Surety to be provided by the Member for the Future amount payable to the Company on becoming Successful bidder.

Types of sureties acceptable to us are:

1. LIC/SBI/POSTAL Policy Pledge Surrender value of only LIC/SBI/POSTAL policy , Family Members equal to the value of future liability to be assigned in Favour of DHANALAKSHMI SRINIVASAN CHIT FUNDS (P) LTD.

2. NSC/KVP/PLI Pledge Subscriber’s NSC /KVP/PLI face value equal to future liability to be pledge in favour of DHANALAKSHMI SRINIVASAN CHIT FUNDS (P) LTD as security.

3. BANK GUARANTEE Bank Guarantee of Nationalised or Scheduled banks equal to the value of future liability with validity of up to 3months after the termination of the chit group is also acceptable.

4. FIXED DEPOSIT LIEN FD’s of Nationalised or Scheduled Bank for any amount per subscriber to be lien in favour of DHANALAKSHMI SRINIVASAN CHIT FUNDS (P) LTD till the termination of the chit.

5. PRIZE MONEY AS FD In the event of subscriber not able to provide security the PRIZE MONEY can be made as FD in the joint name of DHANALAKSHMI SRINIVASAN CHIT FUNDS (P) LTD. with the concerned subscriber.

6. NON PRIZE CHIT PLEDGE Paid up value of Non –Prized pass books could also be pledged (Less Foreman’s Commission ) will be considered as security.

7. PROPERTY MORTGAGE Properties approved by our legal expert and valued by our valuator. The approved properties have to be register mortgaged with the concerned Sub – Registrar to cover the Future Liability.

Auction: Member can directly participate in the Auction of his own Chit and become successful bidder.