Yes, MyChits has a proven track record of over 31 years without any defaults in repayment, ensuring the safety of your money. In case of rare delayed payments, they compensate by paying interest for the delay.
MyChits is a trusted choice due to its professional management and solid history since 1981. Backed by the socially responsible Meenakshi Group, the company supports charitable causes and scholarships for underprivileged students.
MyChits encourages regular and disciplined savings for planned and unplanned expenses, providing a better saving option for its subscribers.
A prized subscriber is one who has either lifted their chit or received the chit amount after successful bidding. A non-prized subscriber is still part of the chit group and has not yet received the chit amount.
MyChits offers higher returns through chit dividends (12-18% per year) compared to traditional bank savings, along with easy access to funds at lower interest rates..
Subscribers can avail themselves of the chit amount in the initial months at a discount, allowing them to withdraw more money than they have already paid. The excess amount is repaid through future installments.
The auction discount is the difference between the chit value and the amount at which a successful bidder takes the chit in a lottery auction. Chit dividend refers to the total group dividend, which is the auction discount minus the company's commission (5% of chit value), distributed equally among all subscribers.
For any further information or queries, you can contact MyChits through their official website or visit their nearest branch office.
MyChits requires a minimum of three sureties or guarantors, excluding family members, to safeguard the interests of all non-prized subscribers.
Yes, subscribers can withdraw from the chit group, and the actual amount paid by the subscriber minus company commission will be repaid at the end of the chit period.
Subscribers can participate in a maximum of three chits within the same chit group at MyChits.
MyChits offers chit groups with durations typically ranging from 25 months, 40 months, or 50 months.
MyChits accepts various modes of payment, including cash, cheques, demand drafts, pay orders, and bank transfers.
Joining a vacant chit at MyChits allows the member to earn all the dividends accrued until the date of joining the group.
Yes, MyChits is backed by the diverse Meenakshi Group, a socially responsible organization with interests in various industries.
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