SVVSS CHIT FUNDS PRIVATE LIMITED

Return & Cancellation Policy

Discontinuation of a chit may result in a loss, so it is necessary to analyse monthly income/expenses and select the correct chit group with a comfortable chit instalment. Unlike other investments, in a chit group, members enroll by executing an agreement where each member agrees to pay a pre-decided subscription every month for the agreed period. Hence, cancellation/withdrawal of a chit is not allowed/permissible. There are two situations that will arise if you decide to discontinue a non-prized chit:

Substitution: If the subscriber is unable to continue, he/she can bring in a third person who is interested in subscribing to/continuing the chit in the existing subscriber's place. If the prospect is acceptable to the company, it will consent to the transfer of the chit from the existing subscriber (TRANSFEROR) to the new subscriber (TRANSFEREE). This is also called the assignment (substitution) of the chit. In this case, the new subscriber must pay the total amount due till the present, and the old subscriber (TRANSFEROR) will be refunded his amount after deductions (if any) by the company once the dues are cleared by the new subscriber.

Discontinuation: If the subscriber discontinues the chit by not paying an installment, an amount equivalent to 5% of the chit value (plus GST) as a forfeited penalty will be deducted from the actual amount paid by the subscriber. The balance, if any, will be settled only after substitution (if the company gets a replacement) or upon completion of the chit period, whichever is earlier upon demand by the customer. Please note, this deduction is for the recovery of actual costs such as registration charges, documentation charges, sourcing fees, interest for delayed payment, etc., incurred by the company.