What is a Chit Fund?
JCPL is registered chit fund company under Company's act 1956.
Any agreement has to be signed in the format prescribed by the Co-operative Department at the time of joining a group.
You have to pay the full subscription for the first two months.
The company JCPL also a subscriber in all the group as per the Chit Fund Act.
You are eligible to receive dividend from the third month onwards.
The maximum discount will be 30% and minimum in 5% of the chit value.
Intimation for payment of installments will sent in advance every month.
You may pay installments through Cash / DD / Cheque, Directly in our office or to our collection Assistant who comes to your doors.
Proper receipts will be issued on the payment and the details will be noted in the passbook.
Failure in remittance before due date attracts penal interest.
During monthly auction, if the number of bidders quoting maximum offer exceeds one, then a drew will be conducted to decide the prized bidder.
For future liability we insist upon suitable securities or guarantors or both.
After completion of formalities the prized money will be released to the prized before the next auction date by way of A/c payee cheque only.
Discontinued chit amounts will attract penalty at 5% of the chit value as per company rules.
Cheques returned charges compulsory.
