Save every month. Take the money when life needs it.

A group of members each pays a fixed monthly subscription for a fixed number of months. Every month the pooled amount is auctioned. The member who offers the highest discount takes the prize amount that month, and the discount, after the foreman’s commission, is shared by all members as a dividend, which lowers what everyone pays. By the end of the term every member has taken the prize amount once.

Yes. Srivatshava Chits Private Limited was incorporated on 27 October 1995 and our chits are registered with the Registrar of Chits, Medchal-Malkajgiri, Telangana under the Chit Funds Act, 1982. Company registration no. (Registrar of Companies): 01-22108/95-96.

No. A chit is a savings arrangement among members, regulated by the Registrar of Chits under the Chit Funds Act, 1982. It is not a bank deposit and is not covered by deposit insurance. The Act protects members in other ways: every chit must be registered, the foreman must furnish security with the Registrar (for every scheme we start, we keep a fixed deposit equal to the full chit value in the Registrar’s name, released only after the scheme ends and all members are paid), auctions are recorded, and accounts are open to inspection.

Our auctions are held every month on the third and fourth Sundays. Each scheme’s auction falls on one of these two Sundays, fixed when the scheme starts. If that Sunday is a holiday declared by the office, the auction moves to the next working day. We will tell you your scheme’s auction day when you join.

You can bid in any monthly auction until you have taken the prize amount once. After that you continue paying your monthly subscription until the term ends. Before the prize amount is paid, we take sureties, and where needed supporting documents, to secure the remaining instalments.

The foreman’s commission is 5% of the chit amount, as set out in our bye-laws (the law allows up to 7%), with GST at 18% on the commission, payable by members as set out in your chit agreement. The commission is taken from each month’s auction discount before the dividend is shared, so the dividends we publish are after commission.

Yes, if you are an NRI. Under FEMA rules, NRIs may subscribe on a non-repatriation basis, through normal banking channels: instalments come from your NRO or NRE account or by bank remittance, and prize amounts are paid only into your bank account in India. See our NRI page, or message us on WhatsApp.

Yes, for schemes that begin on or after 1 April 2027. Every instalment in those schemes is acknowledged with a digital receipt on WhatsApp from our in-house system, along with reminders before each due date and a statement of what you have paid and received. Schemes already running continue as they are today.

A copy of your Aadhaar with the first eight digits masked, so only the last four are visible. If you are registered for GST, as a business or as an individual, also give a copy of your GST registration certificate, so that we can issue GST invoices for input tax credit. We also need a recent photograph and bank account details. Before the prize amount is paid, the Chit Funds Act requires sufficient security for your remaining subscriptions. With us this means sureties for every scheme and, depending on your future liability and your relationship with the company, supporting documents such as property documents placed along with the sureties.

Never. Our office and our staff will never ask for your OTP, PIN, password or card details, by phone, SMS, WhatsApp or email. If anyone asks, even someone using our name, do not share it, and call our office on +91 40 2306 4933 to check.