Rules and Regulations
- It is mandatory for the customer to ensure that the amount paid is updated in the passbook, otherwise the customer should contact the office immediately. Also, it is necessary to confirm that the receipt message of the amount paid has been received on the phone. Otherwise, the company will not take any responsibility for the complaint received.
- If the collection agents do not come or there are other complaints, the office should be contacted before the next collection.
- Door collection is available free of charge only on the days specified by the company. Otherwise, the collection service charge will be calculated based on the services provided (price/distance/time). To avoid this, customers can come to the office directly and pay
- If there is a default in payment or a change in the collection mode after submitting the documents, there may be a change in the payment received. The company will have full authority over the winners of the competition.
- The winners will get the remaining amount after deducting the auction discount, commission and other related charges. (GST, Document verification etc.) If any defects are found in the document verification, the company will have to submit the missing documents.
- If any defects are found in the documents during the verification of documents, the documents will be sent back for change. The time limit in this is very strict.
- For the smooth running of the competition, new contestants will be added to replace the contestants who leave the competition and the competition will be transferred as and when required.
- The contestant’s clubs will be changed as and when the batch club is required. There will be no change in the number of chittals during the period specified in this
- If the money is not paid or stopped before the expiry of the term of the contract, the commission and other related charges will be collected and the remaining amount will be refunded only after the end of the contract.
- After the completion of the term of the contract, the chittal payment will be made within 45 working days from the date of submission of the necessary documents to the company for withdrawal of the chit amount
- Foreman commission is 7% of the salary (e.g. Foreman commission for 1lakh contract is Rs. 7000) This will vary in the account according to the salary. I declare that I have read and understood all the above and there are no doubts in this
Rules and Regulations – KDC Chits
The following Rules and Regulations govern the operation of chit schemes conducted by KDC Chits. All subscribers are advised to read these terms carefully to ensure transparency, compliance, and smooth participation in the chit fund scheme.
- Payment Update and Receipt Confirmation
It is mandatory for every subscriber to ensure that each payment made is properly updated in the passbook. Subscribers must also verify that a payment receipt confirmation message has been received on their registered mobile number.
If the payment is not updated or the receipt message is not received, the subscriber must immediately contact the office. The company shall not be held responsible for complaints raised without timely verification.
- Collection-Related Complaints
If a collection agent fails to visit as scheduled, or if there are any complaints regarding collection services, the subscriber must inform the office before the next scheduled collection date.
- Door Collection Policy
Door collection service is provided free of charge only on the days specified by the company. On other days, collection service charges shall apply based on service-related factors such as distance, time, and amount involved.
Subscribers may visit the office directly to make payments in order to avoid additional service charges.
- Payment Default and Auction Authority
In the event of payment default or any change in the collection mode after submission of required documents, the payable amount may be subject to revision.
The company reserves full authority regarding the selection, approval, and confirmation of auction winners.
- Prize Amount and Deductions
Auction winners shall receive the remaining prize amount after deducting:
Auction discount
Foreman commission
Applicable statutory charges (including GST)
Document verification and related charges
All deductions shall be made in accordance with company policy and applicable regulations.
- Document Verification Requirements
If any discrepancy or defect is identified during document verification, the subscriber shall be required to submit corrected or additional documents within the prescribed time limit.
The timeline for document submission shall be strictly enforced.
- Replacement of Discontinued Subscribers
For the smooth functioning of the chit scheme, new subscribers may be admitted in place of members who discontinue participation.
The company also reserves the right to transfer the chit scheme to another batch, if required for operational purposes.
- Change of Subscriber Groups
Subscriber groups (clubs) may be modified as required for batch management. However, there shall be no change in the total number of installments (chittals) during the specified chit tenure.
- Discontinuation Before Completion of Term
If a subscriber discontinues payment or terminates participation before the completion of the chit term, applicable commission and related charges shall be deducted.
The remaining eligible amount shall be refunded only after the completion of the chit tenure.
- Final Chit Payment Timeline
Upon completion of the chit term, the final payment shall be released within 45 working days from the date of submission of all required withdrawal documents to the company.
- Foreman Commission
The foreman commission is fixed at 7% of the chit value (Sala).
For example, in the case of a ₹1,00,000 chit, the foreman commission shall be ₹7,000.
This 7% commission rate is fixed and applicable to all chit schemes conducted by the company.