At Sri Anantha Balaji Chit Funds Private Limited, we are committed to maintaining transparency, legal compliance, and customer trust in all our financial dealings. As a registered chit fund company operating under the Chit Funds Act, 1982, our refund policy is governed by regulatory norms and the specific terms of each chit agreement.
1. No Refund After Chit Enrollment
Once a member has enrolled in a chit group and made the initial contribution or installment:
- No refund will be issued, even if the member voluntarily chooses to withdraw from the scheme.
- This is due to the collective nature of chit funds, where each member’s contribution impacts the group’s functioning.
2. Withdrawal or Termination Before Maturity
If a member withdraws voluntarily or is terminated due to non-payment or misconduct, the following applies:
- Any amount due to the member (if applicable) will be settled only after the completion of the chit scheme, subject to deduction of penalties, dues, and service charges as per the chit agreement.
- The company reserves the right to forfeit a part or full amount in cases of breach of contract or repeated default.
3. Auctioned Members
If a member has already taken the prize money via auction:
- The member is bound to pay future monthly installments as agreed.
- No part of the prize money or paid installments is refundable under any circumstances.
4. Refund Due to Company-Initiated Closure
In the unlikely event that a chit group is closed or canceled by Sri Anantha Balaji Chit Funds Pvt. Ltd. (due to regulatory, operational, or other unavoidable circumstances), members will be:
- Refunded in full or on a pro-rata basis based on the stage of the chit cycle.
- Notified in advance and compensated fairly, in accordance with legal procedures and company policies.
5. Dispute Resolution
In case of disputes regarding refund eligibility or settlement:
- Members may approach the company’s grievance redressal team.
- Legal recourse is available under the Chit Funds Act, 1982, and all matters shall be subject to the jurisdiction of courts in Hyderabad, Telangana.
6. How to Contact Us
For any refund-related queries or concerns, please reach out to:
Office Phone Number
+91 9866404366
info@sriananthabalajichitfunds.com/
Our Office 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