1. What is a chit ?
Chit is a contract where by a group of people contributes towards the chit value and one member from the group is given the prize amount every month by auction and the auction dividends are distributed to all the other members.
2. What are the benefits of a chit fund?
It offers flexibility to borrow or save. Paying the installment amount, a person can borrow from the chit fund, by offering a discount not exceeding the maximum limit stipulated in the chit agreement. The dividend from chit fund is comparatively higher than the bank interest rate.
3. What makes Manappuram Chits different from other chit fund companies?
The Manappuram Group has in recent years emerged as one of the most prominent business house in entities in its fold with diverse interests in Gold Loans, Asset Financing, Insurance, Home Loan, Healthcare, Construction, Chits, Travels, Gold Jewellery, Consultancy, Nidhi etc. Its flagship, Manappuram Finance Ltd. (MAFIL), is India’s first listed gold loan company enjoying high credit rating with more than 3300 branches across India.
Sri VP Nandakumar, Chairman of the Manappuram Group started Manappuram Chits (India) Ltd in the year 2000. It is a fast growing chit company. It has a strong professional management. Manappuram has gained a rich experience during the last few decades. Manappuram has earned great reputation for best business practices and timely payments of prize money.
4. What are the various chit groups available in Manappuram?
Manappuram chits are having a wide range of chit groups available. It has a wide range of Chit values starting from Rs.100, 000/- to a maximum range of Rs.50, 00,000/
5. How can I become a Manappuram Customer?
Anyone who comes to our branch with a valid Proof of Address (POA) and Proof of Identity (POI) can become a Manappuram Customer.
6. What are the eligible documents for Proof of Identity (POI) and Proof of Address (POA)
The following are the documents eligible for POA & POI
|Proof of Identity (POI)||Proof of Address (POA)|
|Passport PAN Card Voter ID card Driving license Ration Card with photo Aadhaar Card Employee ID card issued by Defence Govt/ Public sector undertaking /Reputed MNC’s/ Public limited Company only. Private limited companies ID cards will not be accepted. Certificate of practice issued professional bodies like ICAI/ICSI/ICWAI/ ICFAI can be accepted as ID proof. Provided it has the photo of the member on the Certificate Bank pass book with attested customer photograph and signature (only from scheduled commercial Banks Defence ID||Passport Voter ID card Driving license Ration Card with photo Aadhaar Card Bank Pass Book issued by public sector banks having photograph of the customer Telephone bill Electricity bill Water bill Bank account / Credit card statement Municipal / Local/ House tax bill / receipt Authentic rent receipt / lease document Letter from reputed employer, public authority LPG connection receipt issued by a distributor of public sector oil companies (IOC, BPCL, HPL). Registered letter cover with customer as addressee (but customer should not be the sender) Cheque book leaf which contains the full address. Pass Book issued by Post Office. Proof of address issued by Post Office. Motor vehicles registration book / certificate. Insurance premium receipt. Certificate of residence issued by Government / Local authorities.|
7. How can the customer join in a new chit group?
a. Customer has to pay the first installment amount either online or at the branch. b. On receipt of the payment, customer has to acknowledge the receipt.
8. What is the duration of these chits?
Duration of the chits varying from 25 months to 50 months.
9. What are the modes of payment of Chit installments?
a.Cash, Demand Draft or cheques. Issued cheques have to be realized before the auction date if the member wants to participate in auction. b.Online Payment Facility: Pay online directly from your Bank Account through Net Banking from our web site. For details visit our website"www.manappuramchits.com". c. ECS Facility: A Mandate is enough to authorize your bank to debit your Bank Account every month towards chit installments. For details contact any of our branches.
10. What is the security for your money?
Manappuram is carrying chit business only complying 100% with The Chit Fund Act 1982. Moreover Manappuram makes a Security deposit equal to chit amount in a Scheduled Bank in the name of Registrar of Chits.
11. How does a chit operate and how are Auctions conducted?
The auction is conducted in which the members participate and the person who bid the maximum amount is declared as the prized subscriber. All non-prized subscribers who have paid their installments up to date are eligible to participate in the auctions. When there are more members for maximum bid the successful bidder will be determined by way of lottery.
30% is the maximum bid allowed, out of the auction discount 5% goes to the company towards foreman commission for conducting the chit and balance of the discount amount is distributed equally amongst all members of the group. Therefore the members have to pay the installment amount less the dividend. Successful Bidder is supposed to give the required securities/sureties depending on the future liability of the chit. The prized subscriber has to continue to pay the monthly installments till the termination of the chit within the due date (no grace period is allowed to prized subscribers.
Auctions are conducted in the branches where in the foreman declares the successful bidder. If a member is unable to participate in the auction the member can authorize some other person (Proxy). Bid offer is to be given to the office 24 hours prior to the day of auction in which one can mention the maximum bid amount that is acceptable to them. When there is no maximum discount bidding members are supposed to participate in open bidding during auction time, which starts with a minimum 5% of chit value or any higher bid offer that has been given by a member prior to auction time.
12. When can I participate in the auction?
A member can participate in auction from the second month, only if he or she has made the payments up to date. If paid by cheque, it should be realized before the auction date.
13. What are the securities accepted by the company?
A prized member has to give sureties worth 1.5 times of the future liability of the chit for disbursing the payment. Following are the securities generally accepted by the foreman. 1.Pledge: Chit pledge of non prized chits, Deposits with Manappuram Group, Gold ornaments, debenture certificate of Mananppuram Finance Ltd, Insurance policy based on surrender value. 2. Bank Guarantee: Guarantee given by the Schedule Bank in a schedule format can be submitted. 3. Property Mortgage: Deposit of title deeds of property can be submitted. (value of the property should be minimum 1.5 times of the future liability.) Personal Guarantee: Guarantee of persons working in State/Central Govt. / Public Limited Companies/Banks and other Reputed Companies acceptable to the company.
14.How soon can I expect the payment once I bid the chit?
Successful bidder has to provide satisfactory securities/guarantors based on the future liability as specified in the byelaws. If the Security Officer is found to be satisfactory, payment released after 30 days of auction.
1.What is Online Chit?
Online chit is a new concept of Manappuram Chits. With Online Chits you can enroll in a chit any time, from any place. The Chit amount is instantly credited to our bank account on payment of installment and on prizing the amount will be credited to your savings Bank Registered with us up on completion of documentation formalities.
2. What is meant by One-time registration for Online Chit?
It is a formality to be completed merely once in the life time of the customer. When exercising this option, the customer’s KYC, Bank Details and mobile Number are verified again. We also take an agreement from the customer in the way banks take their customer’s signature for availing net banking facility.
3.I do not have an Online Chit account, how can I avail it?
You can enroll in new chit currently open for subscription using online Registration menu, which will provide you enrollment application to be filled and submitted. You will be given a registration on completion of the process.
4.I already have a chit account, how can I avail the benefits of Online chit?
You can register through registration by click on existing member. Furnish the details of your existing chit information along your E-mail address. You will be given a registration on completion of the process.
5.Details of chits enrolled by me?
Displays all the chits held by you. To view a particular Chit, you have to click the chit reference number. Information of that particular chit will be displayed.
6. How the chit installment is paid and amount disbursed in Online Chits?
When the Online Chits facility is used, an Online Chit account is created in our books, and the chit installment can be paid through Net Banking or Debit Card. On prizing of Chit, amount is credited to your saving bank account registered with us upon completing the documentation formalities.
7.Is the Customer given any documents at the time of availing Online Chits
Yes, customer will get a document called Online Chit TICKET which displays complete information about chit amount, collection amount, dividend, due date and other terms and conditions. This document is generated at the time of confirmation of transaction through mail. Besides, the customer can, at any point of time, download this document through the customer eService portal
8.How can a customer update his bank account details for Online Chit?
The customer needs to produce the following documents for registering his bank account: Copy of cancelled cheque Copy of bank pass book (along with original for verification purpose)
9. Can the customer change bank account details after One-time registration?
A customer can change or modify his bank account details by submitting an application at the branch with the documents.
10. Whether any physical signature is required for Online Chit?
For registration in Online Chit, one-time signature on a document of terms and conditions of the Online Chit is required.
11.How do customers authenticate the Online Chit transaction?
Online Chit transaction will be authenticated by the customer by entering OTP (One-time Password) sent to the customer’s registered mobile number. The OTP is generated at the time of initiation of transaction through module. The customer logs in to Online Chit module using his User ID and Password.
12. What is Customer ID?
Customer ID is a system generated unique identification number issued to customers at the branch when they enroll a chit for the first time. The Customer ID is recorded on the ticket issued to customers by the branch at the time of enrolling the chit
13. What is a customer’s user ID ?
Customer can use any of the following three— Customer ID Mobile Number (as given to the branch at the time of creation of customer record) Email ID
14.How can I Change Password?
You can change your Password as frequently as you want through this option. By changing your Password frequently, you will be using the site safely and securely.
15.Forgot my password, How to retrieve new password?
You can use “Forgot/Reset password” link and reset passwords using this option one.
16.How can I modify personal details?
You can change the residence address or Office address, phone number, e-mail id etc through this option.
17.How can I submit Bid Offer in Advance?
You can submit your Bid Offer atleast 24 hours before auction.
18.How can I cancel the Bid Offer submitted earlier?
Bid Offer given by you can be cancelled through this option at least 24 hours before auction.
19.How can I submit Surety Form?
A prized subscriber have to download the form from the website www.manappuramchits.com and submit duly filled through either online or through registered e-mail or at the branch, which will be processed at our end.
20. What are the services available within the Customer eService Portal?
Through the Customer Online Portal, eligible customers can opt for online Chit Registration, Chit payment through DEBIT CARD/NET BANKING, Online Auction Facility and Online Auction Cancellation etc. Customer can avail a Chit where the chit installment can be paid online and prized amount is transferred to his bank account, online setting and cancellation of auction amount. The other services on offer are: View statement of account of Chit Download the Online Chitty Ticket Download Online Chitty One-time Registration form
21. Who can access the Manappuram Customer eService Portal?
All existing customers get access to Customer eService portal by entering their user ID and Password.
22. How can the customer carry out online payment of Chit?
Customer can pay the chit by accessing the Manappuram customer portal through his User ID and password. After entering User ID and password, the system will give complete information about the Chitty accounts. By selecting the appropriate chit account, the customer can remit the settlement amount through the following options: a. Debit Card b. Net Banking
23. How is mobile number verified at the time of Online Chit One-time Registration?
At the time of Online Chitty Registration, IT system sends out a One-time Password to the mobile number furnished by the customer. This One-time Password has to be entered into the system to complete the process of registration. Accordingly, a valid mobile number is necessary for One-time Registration.
24.Can customer change the Mobile Number after registration?
Customer can change or modify his mobile Number by submitting an application through registered email id or at the branch.
25.Will an Online Chit customer get similar services from the branches too?
Yes, Online Chitty customer will get related services through branches also.
26.Is there any Interest calculator available in Module?
Yes, customers can compute the interest for a given period on particular schemes through Interest Calculation Tool available within the module.
You can have online help through the "HELP" button. For this you have to send an E-mail to "firstname.lastname@example.org" mentioning your User Id or contact the toll free number.
FAQ ON ONLINE PAYMENT
You have to log on our website www.manappuramchits.com . By using "Online Payment" option you can pay your chit payment through net banking facility of various bank accounts.
How to Register as a user?
Follow the steps given below; 1.Submit your request either personally or through e-mail to the web administrator email@example.com or through our field staff 2.On receiving request, "User Id" and "Password" will be generated and sent to you through e-mail. 3.Click "Registration" option and enter your personal details as required.
How to make payment Online:
Follow the steps given below; 1.Log on to the Website: Log on to our web site using valid "User id" and "Password" and select the option "Online Payment". 2.Select your chit:Select a chit (among chits displayed) you wish to make payment and select the payment option. Now Click “Pay now" option. 3.Select your Bank: Select your bank from which you would like to make your chit payment in the banks displayed on your computer screen. Net Banking Enter your Net Banking "User Id" and Password" of your Bank Account . Enter your payment remarks Confirm payment amount. Enter Transaction password Your bank account will get debited instantly. Debit/ ATM/ RuPay Card Enter your card number Enter CPV/CVV (3 digit number printed on the backside of your card) Enter your PIN Confirm payment amount. Click “Submit” Option 4.Print Receipt: On successful completion of transaction, you can print receipt online with transaction Reference Number.