Investing in Shriram Chits is waste of money, time and our patience.
This doesn’t even have return of 5% which is very very poor. This is the platform where uneducated end up paying the chits and for emergency purposes withdraw the funds at loss.
Moreover if the customer Bids successfully, there are lots of formalities. Eg 60 Month Chit 6L if you bid at 30 Months for the rest of 30 months there should be a surity and inspite getting introduced them as surity(with prop employmnt details, lots of signature) again some part of the money is to be invested with them through FD .
When the chit is completed the FD is to liquidated, it is not automatically done. It take months time and again if the FD is on yearly basis and if you want to withdraw at the end of 9 months you will end up without any interest.
So don’t invest in Shririam Chits and I would not recommend this product. Instead investing in FD / MF / RD with banks will fetch more interest between 7 - 15% and it can takeplace without visiting the branch.