The Successful bidder/Prized subscriber can opt for any one of the following types of security either single or in combination to the satisfaction of the company.
Personal security of Govt/Quasi Govt/Government undertaking companies is accepted for future liability up to Rs.5 lakhs subject to the full discretion of the company.
For future liability below 1 Lakh : One personal surety of Govt/Quasi Govt/Government undertaking co. employee with minimum basic pay as prescribed by the forman. The surety should submit computerized pay slip/ salary certificates with Disbursing Officer attestation. Apart from this surety the customer has to provide one more surety from his family members .
For future liability in between 1 lakh to 2 Lakh : Two personal sureties of Govt/Quasi Govt/Government undertaking co. employee with minimum basic pay as prescribed by the forman. The sureties should submit computerized pay slip/ salary certificates with Disbursing Officer attestation. Apart from this surety the customer has to provide one more surety from his family members .
For future liability in between 2 lakh to 5 Lakh : Three personal sureties of Govt/Quasi Govt/Government undertaking co. employee with minimum basic pay as prescribed by the forman. The sureties should submit computerized pay slip/ salary certificates with Disbursing Officer attestation.
For future liability above five lakhs personal surety alone will not be entertained.
The paid-up amount in the Non-prized pass books of self (other than the prized chits) or by a third person will be accepted as security. The paid-up amount should be more than the future liability amount.. The non-prized passbook should be pledged in favour of the company and the same will held by the company until the liability in the prized chit is fully cleared. The Non-prized subscriber whose Chit is already pledged will be allowed to participate in auction only after the pledge is cancelled by the company.
Gold ornaments is accepted security provided the value of the ornaments offered is sufficient to cover the future liability.The value will be calculated as 90% of market value of the gold ornaments at time of pledging.
Equitable Mortgage of local immovable house property of either the prized subscriber or a third-party guarantor(s) on submission of originals of sale deed, approved plan, link documents, encumbrance certificate for 33 years, latest tax paid receipts etc., as security together with the personal guarantee of a person acceptable to the foreman. The value of the property should exceed by one and half times of the amount due from the prized subscriber. The value of the property will be decided by the officer appointed by the company.
Life Insurance Policies, the surrender value of which is equal to the future liability of the Chit can be accepted as security. The subscriber need to obtain Surrender Value certificate of the Policy from Insurance Company. The subscriber must get the policy assigned from Insurance Company in favour of M/s.Serveindia No.1 Chits Pvt Ltd and upon receiving the assignment confirmation from the insurance company, file will be processed to disburse the prize money.
The original policy along with surrender value certificate will be held by the company. The subscriber should continue to remit premium in respect of the insurance policy without default.
Fixed Deposit Receipts of any Nationalized/Scheduled/Small Finance Banks/Cooperative Banks approved by the company will be accepted as security. The principal amount of the FD must be sufficient enough to secure the future liability. The deposits shall be in the name of the subscriber or in the name of any other person. The subscriber must obtain a lien charge from the bank. The Lien in favour of “Serveindia No.1 Chits Pvt Ltd” need to be noted in the bank’s records and same should be written on the original FD receipt by the bank. The original FD receipt will be held by the company.
Bank Guarantee from any Nationalized/Scheduled/Small Finance Banks approved by the company in the format prescribed by the company equivalent to the future liability will be accepted as security. The expiry date of the bank guarantee shall be 3 months after the termination date of the Chit group.
Note : Subscribers and sureties must submit their valid id cum address proof copy along with other required documents. Those who completed 18 years and below 65 years of age only can stood as sureties . The decision of the company is final in case of any dispute in the laid on policies.