Hi all,
They are big frauds. One of the manager asked me to put a chit here, he said I would at least get 20k to 30k profit. Unfortunately, i didn’t read their agreements and put a chit of 3 lakh (10000 per month). After three months, chit bid was very low and I decided to bid the amount and invest in something, so that I would get the profit which I intended earlier.
Shockingly, the surity which we have to keep is very complicated, which are NCD in muthoot branch, the sum for the amount due. I applied for NCD and waited almost 45 days. The manager keeps telling it will happen soon. After that 45 days, manager said that I would have to check other surity because their bullshit NCD didn’t happen after 45 days of my waiting. Now, bank guarantee took me almost 30 days. After all the struggle, i came to know that they charge 5% tax on the chit amount excluding their profit of 5% every month.
Conclusion, you will lose 10% of the chit amount without bid amount.
Please don’t make the mistake I made. My hard earned money is wasted with this stupid company.
PS:. I think there were only few chit bidders in my group. Rest of them were companies gimmick chits because after 8 months, bid amount was nil. I had to pay 10000 each month.