These Terms and Conditions govern your membership and participation in the chit fund schemes offered by Jainam Chit Funds Pvt. Ltd. (“Jainam Chit”, “Company”, “we”, “us”, or “our”). By enrolling in any of our chit fund schemes or using our services, you agree to be bound by these Terms and Conditions, along with our Privacy Policy and applicable laws.

Participation in our chit fund schemes is open to individuals who are at least 18 years of age and capable of entering into legally binding agreements under Indian law. To become a member, individuals must complete the prescribed application form and provide valid identification documents, including but not limited to Aadhaar, PAN, and, where applicable, GST registration certificates. In certain cases, proof of income or a satisfactory credit score may be required to assess a member’s eligibility.

All members are required to enter into a written chit agreement that clearly defines the chit value, the number of months or installments, the mode and frequency of payment, and the procedure for bidding and receiving the chit amount. The draw or auction is conducted periodically as per the chit scheme, and the successful bidder receives the prize amount after deducting the applicable foreman commission and any other charges. Members are expected to make their monthly contributions on or before the due date. Delay or default in payment may attract penalties as specified in the chit agreement.

In its role as the foreman, is entitled to a commission, typically ranging from 3% to 5% of the chit amount, as compensation for managing the chit. Additionally, the Company may levy reasonable service charges towards administrative costs, account maintenance, and transaction processing. All applicable fees, penalties, and charges shall be clearly stated in the chit agreement and are subject to change with prior notice to the members.

Members may withdraw from the chit fund under specific conditions, subject to approval by the Company and in accordance with the terms outlined in the chit agreement. In cases of voluntary cancellation of membership, the Company may levy a cancellation charge or penalty. Refunds, if any, shall be processed after necessary deductions and verification.

Jainam Chit Funds Pvt. Ltd. operates in compliance with all applicable legal and regulatory requirements, including registration under the Chit Funds Act, 1982, and other relevant laws as amended from time to time. The chit fund business is conducted under the supervision of designated regulatory authorities, and all schemes are maintained with appropriate transparency, governance, and member protection protocols.

These Terms and Conditions are subject to change at the discretion of the Company. Any revisions will be communicated to the members through appropriate channels, including notices on the Website or via email/SMS. Continued participation in the chit fund after such changes shall be deemed as acceptance of the revised terms.

For any queries or clarifications, members are encouraged to contact our support team or visit the nearest branch of Jainam Chit Funds Pvt. Ltd.