After complying with the KYC norms, any individual can become a member of Siva Harsha Chits Pvt Ltd. Also, one must look into their payment capacity before enrolling in a scheme and produce the required security if they win a bid successfully.

SivaHarsha Chits provides schemes that suit various income groups and segments that range from Rs.5,000/- to Rs.2,00,000/- as monthly installment with a duration from 20 months to 100 months with an equal number of members in each group.

One can visit our office or get in touch with authorized advisors for enrollment. The documents required for enrollment are

• 2 Passport size photographs
• Identity Proof
• Address Proof

After successful enrollment, every subscriber will be allotted a unique subscriber number and a chit number.

A subscriber is limited to a maximum of 10% of the available tickets in a group. However, accepting or rejecting the application is at the discretion of the foreman.

One can pay monthly installments through Bank transfer i.e NEFT/RTGS/IMPS, Cheque, and Cash( if the value is less than Rs.10,000/-).

Interest will be levied for non-payment before the due date in the case of Non-prized subscribers. In the case of prized subscribers dividend amount for the delayed months will be forfeited apart from charging interest and loses the benefit of paying future liability in monthly installment as per company policy.

Every chit group subscriber will be sent an SMS clearly indicating the dividend earned, installment amount, number of installments, and due date. The subscriber who does not receive SMS at any point in time may immediately report to the concerned branch and advisor and ensure that they get timely communication. However, non-receipt of intimation shall not be the reason for the delay in making payments.

Only the subscribers with up to date payments can participate in the auction. Subscribers making payment through Cheque can participate only after clearance of cheque in respect of Sivaharsha Chits Pvt Ltd. The date and time of the auction will be provided during the start of the group and in any changes in any month, the same will be intimated in advance. If the auction date falls on a holiday, it will be held on the next working day.
If the subscriber cannot personally participate in the auction, he/she can authorize the Foreman to bid on their behalf by providing a proxy letter clearly indicating the bid amount and it will be kept confidential. With an authorization letter, subscribers can authorize a third party to bid.

Auction is conducted in our office by way of closed tender with a specified minimum bid and a maximum bid of 30-40%.
The person who bids the highest amount shall be declared as the successful bidder who is entitled to prize money which is total chit value minus the discount forgone (bid amount). The bidding amount minus the Foreman’s commission (5% of the Chit Value) will be divided among all the subscribers as Dividends and subscribers are supposed to pay monthly installments less dividend in the next month.
When there is more than one subscriber for the maximum bidding percentage of 30-40% of the Chit value, the successful bidder will be decided by way of a lucky draw wherein tokens bearing such subscribers’ numbers will be put in a box and one token will be picked in the presence of members present.

Yes, only Non-prized subscribers are eligible to cancel the subscription which can be done by giving a written request to the foreman of the group. Foreman will find a substitution for the spot. However, the paid-up amount will be refunded only at the end of the chit or when the substitution wins the bid.

SivaHarsha Chits Pvt Ltd provides all its members a pre-approved entry to the scheme i.e all the due diligence is carried out beforehand of auction. The prize winner can collect the amount within a week provided the securities are in order.

The winners need to provide some securities such as Bank Guarantee, Fixed Deposit Pledge, NSC/LIC, Immovable Property, or Postal Life Insurance, Recurring Deposit, etc.