Terms & Conditions

Last updated: September 2026 | Applicable for All Chit Subscribers

Welcome to AGNISWARI CHIT FUNDS (P) LTD. By subscribing to any chit scheme, accessing our website, or using our mobile applications, you agree to be legally bound by these terms, bye-laws, and the statutory provisions of the Chit Funds Act, 1982 and the Tamil Nadu Chit Funds Rules.

1. Company Identity & Registration

AGNISWARI CHIT FUNDS (P) LTD is a private limited company duly incorporated under the Companies Act and registered with the Registrar of Chits, Government of Tamil Nadu. Our registered head office is located at Main Road, Sethiyathope, Bhuvanagiri Taluk, Cuddalore District, Tamil Nadu - 608702.

2. Chit Group Sanction & Statutory Reserve Fund

Under Section 4 and Section 20 of the Chit Funds Act, 1982:

• Every chit scheme launched has secured prior sanction from the Chit Registrar before commencement.
• 100% of the aggregate chit value is deposited as a Fixed Deposit with a nationalized bank in the name of the Chit Registrar prior to opening the chit group for subscription.
• Subscribers' funds are strictly protected against company insolvency or unauthorized business operations.

3. Subscription, Due Dates & Payments

• Subscribers must remit the net monthly installment on or before the due date (10th of each calendar month).
• Payments can be made via: 1) Agniswari Mobile App (UPI, Netbanking, Debit Card), 2) Doorstep Field Agent with instant Bluetooth thermal printed receipt, or 3) Direct cash/cheque at our registered branch.
• If an installment is delayed, interest will be charged at the rate specified in the sanctioned chit agreement.

4. Monthly Reverse Auction Rules

• Reverse auctions are held on the 25th of every month at 4:00 PM at the registered branch and virtually via the subscriber mobile app.
• The maximum discount (bid reduction) is capped at 30% of the chit value in accordance with government regulations.
• Foreman commission is fixed at exactly 5% of the chit value as governed by Section 21(1)(b) of the Act.
• The remaining discount amount is distributed equally as dividend discount among all non-prized subscribers for that month.

5. Prize Disbursal & Security / Guarantor Terms

• Winning bidders must provide satisfactory security (such as government/salaried employee guarantors, business IT returns, or property collateral) as required by company bye-laws.
• Upon verification of securities, prize money is disbursed within 24 to 48 hours directly into the subscriber's verified bank account via NEFT, RTGS, or Account Payee Cheque.
• Prized subscribers must continue paying future installments promptly until the completion of the chit duration.

6. Default & Statutory Penalties

Default in payment by a prized subscriber entitles the foreman to initiate recovery proceedings under Section 64 of the Chit Funds Act, 1982, including recovery of legal fees, interest, and enforcement against pledged securities and guarantors.

7. Dispute Redressal & Jurisdiction

Any dispute, claim, or difference between subscribers and the company 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.