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AGNISWARI CHIT FUNDS (P) LTD operates in strict conformity with the Chit Funds Act, 1982 (Act No. 40 of 1982) and the Tamil Nadu Chit Funds Rules. By enrolling in any chit scheme, subscribers unconditionally agree to the following statutory terms:

1. Chit Group Formation & Statutory Approval

Every chit scheme launched by the Company has secured prior sanction from the Chit Registrar of Tamil Nadu under Section 4 of the Act. An amount equivalent to 100% of the aggregate chit value is deposited as a fixed deposit in an approved bank pledged in favor of the Registrar prior to commencement.

2. Monthly Installments & Payment Deadlines

• Subscribers must pay the net monthly installment on or before the due date (10th of every calendar month).
• Payments may be executed through the official Agniswari Mobile Application (UPI/Netbanking), authorized Doorstep Agents with biometric/thermal receipts, or at the registered branch office.
• Late payments beyond the grace period incur statutory interest at the rate prescribed in company bye-laws.

3. Monthly Reverse Auction Procedures

• Monthly auctions take place promptly on the 25th of every month at 4:00 PM at the registered office and virtually on the mobile app.
• The maximum auction discount is capped at 30% of the total chit value in accordance with statutory amendments.
• The foreman's commission is fixed at exactly 5% of the chit value as governed by Section 21(1)(b) of the Act.
• The remaining auction discount is distributed equally as dividend discount among all non-prized subscribers for that month.

4. Prize Money Settlement & Security Guarantees

• Prize money is disbursed within 24 to 48 hours upon completion and approval of adequate sureties/guarantors (salaried employees, business IT returns, or property collateral).
• Disbursal is made exclusively via direct account-payee cheque, NEFT, or RTGS to the verified bank account of the prized subscriber.

5. Jurisdiction & Dispute Redressal

Any dispute, claim, or difference arising out of or in connection with the chit agreement shall be referred to arbitration under Section 64 of the Chit Funds Act, 1982, subject to the exclusive jurisdiction of the competent courts in Cuddalore District, Tamil Nadu.

AGNISWARI CHIT FUNDS (P) LTD is committed to safeguarding the privacy and financial information of all our mobile app users, website visitors, and subscribers in full compliance with the Information Technology Act, 2000 and Google Play Store Developer Policies.

1. Information We Collect

• Personal Identifiers: Name, phone number, email address, residential address, Aadhaar number, PAN number, and passport-size photographs required for statutory KYC compliance.
• Financial & Transactional Data: Bank account numbers, IFSC codes for prize disbursals, monthly installment receipts, dividend discount credits, and passbook history.
• Device & Application Data: Device model, OS version, IP address, and push notification tokens for live auction reminders.

2. How We Use Your Information

• To verify identity and complete statutory KYC filings as mandated by the Chit Funds Act, 1982.
• To facilitate live reverse auction participation and send real-time dividend statements.
• To process electronic payments and generate authentic GST/statutory receipts.
• To communicate critical account notices, auction reminders, and doorstep collector arrival times.

3. Zero Third-Party Selling Guarantee

We do NOT sell, rent, trade, or monetize your personal or financial data with any third-party advertisers or marketing agencies under any circumstances.

4. Data Security & Storage

All sensitive information, including KYC records and transaction tokens, is encrypted in transit using TLS 1.3 encryption and stored in secure data centers adhering to ISO 27001 standards.

5. Grievance Officer

Compliance & Grievance Redressal Officer:
AGNISWARI CHIT FUNDS (P) LTD
Main Road, Sethiyathope, Bhuvanagiri Taluk, Cuddalore District, Tamil Nadu - 608702
Email: privacy@agniswarichits.com | Phone: +91 80727 80136