VBR Snehanidhi Chits
The VBR Snehanidhi Chits is established to promote financial discipline, mutual support, and transparency among its members. The scheme provides a structured savings and borrowing mechanism, ensuring fairness, accountability, and trust. By participating in this scheme, each member agrees to abide by the rules and regulations outlined herein, thereby contributing to the collective benefit of all participants.
OBJECTIVES.
- To create a transparent and accessible platform for chit transactions.
- To ensure fair opportunities for all members to withdraw funds.
- To safeguard the interests of members and their families through nominee disclosure.
- To maintain accountability and trust through online record keeping.
Subscriber FAQ Sheet
Q1: How do I earn cashback?
Pay your full chit amount before the 5th of the month. Cashback ranges from ₹150 to ₹300 depending on the day. It’s credited next month after verification.
Q2: Can I deduct cashback while paying?
No. You must pay the full amount. Cashback is processed separately.
Q3: What happens if I pay late?
After the 10th, a penalty of 0.1% per day applies. For ₹10,000, that’s ₹10/day.
Q4: What if no one bids in a month?
The amount is held safely and processed later. All records are transparent.
Q5: Who is my nominee and why is it required?
Your nominee (family member or trusted contact) acts as your surety and is informed of your chit responsibilities.
Q6: What if I have a dispute?
We first try to resolve it amicably. If needed, arbitration is available under the Arbitration and Conciliation Act, 1996.
Q7: Is this scheme legally registered?
Yes. It complies with the Karnataka Chit Funds Act, 1982 and the Central Chit Funds Act, 1982.