Senthil Gnanavel Chit Fund Private Limited | Trusted Savings & Chit Schemes in Tamil Nadu

FAQ

Frequently Asked Questions

Everything you need to know about our chit fund schemes, memberships, and processes.

What is a chit fund and how does it work?

A chit fund is a savings and credit scheme where a group of individuals contribute a fixed amount every month. Each month, one member receives the pooled amount through an auction, continuing until every member has received the prize once.

Is Senthil Gnanavel Chit Fund legally registered?

Yes. Senthil Gnanavel Chit Fund (P) Ltd is fully registered and regulated under the Chit Fund Act, operating under Central and State Government guidelines since 1974 — with over 53 years of trusted service.

What is the minimum monthly contribution to join?

Our schemes start from as low as ₹2,500 per month, going up to ₹1,25,000 per month — giving every member the flexibility to choose a plan that suits their financial capacity and goals.

Is there any entrance fee to join the scheme?

No. We do not charge any entrance fee for joining any of our chit fund schemes. Members can enroll without any upfront joining cost, making it easy and accessible for everyone.

What commission does the company charge?

Our commission is only 5% (maximum) of the total chit value — one of the lowest in the industry — ensuring the maximum benefit is passed directly on to our valued members.

Are the dividends earned through chit funds tax-free?

Yes. Dividends earned through our chit fund schemes are tax-free, allowing members to retain the full benefit of their savings without any deductions or hidden tax obligations.

How is the prize distributed each month?

The monthly prize is distributed through a transparent and fair auction process. Every enrolled member gets an equal opportunity to bid, and the lowest bidder wins the prize amount for that month.

Are there any hidden charges or late payment penalties?

There are no hidden charges. GST and applicable service taxes are levied as per Central Government rules. Any late payment may attract a nominal penalty as per the signed chit agreement terms.

How many branch offices does the company have?

We have our main office in Chidambaram and branch offices in Cuddalore, Villupuram, and Sirkazhi — making our services conveniently accessible to members across the entire region.

How can I contact Senthil Gnanavel Chit Fund?

You can reach us at our Chidambaram head office: 04144-222033 / 223475. Branches — Cuddalore: 94432 21047, Villupuram: 96775 79040, Sirkazhi: 82203 76753.

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