Frequently Asked Questions (FAQs)
Welcome to the FAQ section of Sri Anantha Balaji Chit Funds Private Limited, your trusted financial partner in Hyderabad with over 25 years of experience in registered chit fund operations.
If you’re new to chit funds or already a member, here are answers to the most common questions:
1. What is a chit fund?
A chit fund is a savings and borrowing scheme where a group of people contribute a fixed amount every month. Each month, one member wins the pooled amount through a transparent auction or lottery system.
2. Is Sri Anantha Balaji Chit Funds Pvt. Ltd. a registered company?
Yes. We are a government-registered chit fund company operating under the Chit Funds Act, 1982, with a proven track record of trust and reliability in Telangana.
3. Who can join your chit schemes?
Any Indian citizen above the age of 18, with valid KYC documents (Aadhaar, PAN, address proof), can become a member.
4. What documents are required to join?
You need to submit:
- PAN Card
- Aadhaar Card
- Passport-size photograph
- Bank passbook or cancelled cheque
- Address proof (if different from Aadhaar)
5. How does the monthly auction work?
In each chit cycle:
- Members bid for the pooled amount.
- The lowest bid (maximum discount) wins.
- The discount is distributed as a dividend among all members.
- The winner continues to pay monthly installments until the end of the scheme.
6. What is the duration of your chit schemes?
We offer flexible durations ranging from 12 months to 60 months, depending on the group value and member preference.
7. How are winners selected each month?
Winners are selected through:
- Auction: Members bid for the lowest amount.
- Lottery: If no one bids, a draw is conducted transparently in the presence of members.
8. What happens if I miss an installment?
- Late payment may attract penalties.
- Repeated defaults can lead to termination of your chit membership.
- You may also lose eligibility for dividends or participation in future auctions.
9. Can I withdraw from a chit group midway?
You may request a withdrawal, but:
- Refund is not immediate.
- You will receive the balance (if any) only after the chit ends.
- Penalties and deductions may apply as per the chit agreement.
10. Is there a risk involved in chit funds?
Chit funds are safe when operated by registered and reputable companies like ours. We follow legal procedures, maintain transparency, and safeguard your funds with strong internal controls.
11. How do I receive my prize money?
Once you win the auction:
- The prize amount is transferred to your registered bank account after document verification and due approvals.
12. Do you provide online chit management or statements?
Yes. Members can request e-statements and updates via email, WhatsApp, or SMS. Our digital support team is always ready to assist.
13. How can I contact you for chit fund details?
📞 Telangana Office: +91 9866404366
📧 Email: info@sriananthabalajichitfunds.com/
📍 Address: # 7-2-1735 & 7-2-1813/5/A, Plot no: 1 & 18 , Ground Floor, SS Residency, Road No 1, Czech Colony, Sanath Nager, Hyderabad, TG-500018
🕒 Working Hours: Monday–Saturday, 10:00 AM to 6:00 PM