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Narithookkil chits pvt ltd

Narithookkil chits private limited is a family owned and operated business based out of Paika. Having the head office of operations at Chengalam. Narithookkil group is always committed towards customer satisfaction and well-being by serving the community with all their financial needs. Company has its products and services diversified into different segments of chit funds to serve the underlying demand of customer in their financial sector.

EASY APPLICATION PROCESS

MINIMUM DOCUMENTATION

MINIMUM SERVICE CHARGE

VALUE FOR MONEY

SERVICE ORIENTED MANAGMENT AND STAFF

VARIOUS COLLECTION SCHEDULES

Benefits

Chit means a transaction whether called chit, chit fund, chitty, kuree

A Chit fund is a kind of savings scheme practiced in India. A chit fund company is a company that manages, conducts, or supervises a chit scheme—as defined in Section of the Chit Funds Act, 1982. “Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount”

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Why Chit Fund?

CHIT provides a good source of finance for different type of people viz., small investors, businessmen, small scale industrialists etc. A Chit is the Only Financial Product that allows you to Save and Borrow. The non prized subscriber who is a saving member up to the last installments gets dividend which is comparatively higher than the interest that are accrued by way of Recurring Deposit Schemes. The purpose of drawing the prized amount need not be disclosed. It can be used for any need by the member.

Why Narithookkil Chits?

  • Easy Application Process
  • Service Oriented Management and Staff
  • Minimum Documentation
  • Daily, Weekly and Monthly Collection Shedule
  • Minimum Service Charge
  • Easy Accessibility
  • Value for Money
  • Foundation of Trust

Some important things about Chit Fund

What is a Chit fund ?

Chit Fund refers to a transaction in which the Chit Fund company enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be agreed upon, be entitled to the prize amount.

Is the money invested in chit fund safe ?

Registered chit funds are governed by the stringent provisions of the Chit Funds Act, 1982 and the money invested in these chits are very safe. The Chit Fund companies are required to keep an amount equivalent to 100% of the aggregate chit amount of all the chits conducted by them in fixed deposits with banks in the name of the Registrar of Chits for the entire duration of the chit.

Where does the chit fund company invest the money collected by it?

The Chit fund company does not invest the amount collected by it anywhere as all the amounts collected every month are paid to the prized subscribers and no money is left with the company except the commission that they are entitled to towards their remuneration.

When can a subscriber draw the prize money and what are the formalities to comply with ?

The prize money can be drawn any time from the second month onwards by participating in the auction. The prize money will be paid within 30 days after furnishing the required security and or sureties.

Why should the company ask for security or sureties ?

The Security and sureties are required in order to protect the interest of the non-prized subscribers. This will help in ensuring that the subscriptions are received regularly from the prized subscribers so that prompt payments could be made to the other subscribers also when they take the chit.

Is there any Tax deduction at source (TDS) in chit transactions under the I.T. Act., 1961 ?

Chit fund companies do not deduct Income Tax at Source as they do not pay any interest or dividend to the Subscribers.

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Narithookkil chits private limited is a family owned and operated business based out of Paika. Having the head office of operations at Chengalam

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Narithookkil Chits Pvt. Ltd.
1/1118/E, Karakkattu Building, Hospital Junction, Paika, Poovarani Post, Kottayam, Kerala, 686577.

Phone: (+91) 9947 83 9200
Phone: (+91) 9539 96 6555

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