080-23726969   9900006131 / 9900006140


Mr. K. C. Ashok

Founder-Chairman, Managing Director

Welcome to Akarsh Deepa Chits India Pvt. Ltd.

Akarsh Deepa Chits India Pvt. Ltd. is ably headed by Mr. K. C Ashok. As Managing Director / Proprietor / Chairman/ Managing Trustee Of AD Group - Ashok Group of Companies & KBC Trust (R) - Ashok Group of Institutions.
Namely,

Akarsh Deepa Chits India Pvt Ltd, Ashok Souhardha Co-operative Society, Ashok Finance Corporation (R),Roshan Developers & Promoters, Devika Gasoline Park – HPCL Dealer, Hotels & Restaurants, Ashoka Theatre, Vishnu HP Gas Gramin Vitrak – HPCL Dealer.

AND

Ashok International Public School - CBSE, Ashok International School - STATE, Ashok Composite PU College – Science & Commerce, Ashok Girls PU College Science, Ashoka Polytechnic: - Mechanical/Civil/Automobile/Electrical/Computer Science, Ashok Private ITI – Fitter, Electrician, Diesel Mechanic, DR Academy – NEET Coaching Academy (LTM).

1. Salient features of AKARSH DEEPA CHITS INDIA PVT. LTD.
We have a subscriber base of 5,000 members who repose their trust in this gigantic company. They have all been satisfied customers who are mostly repeated members and many of them have continuously maintaining accounts with the company since the past 10 years. This speaks of their satisfaction in the service rendered by the company.
AKARSH DEEPA has done 40 cores of qualitative business turnover which comprises members from different walks of life like Doctors, Chartered Accounts, Advocates, Government employees and business people.
We have an excellent track record of 99% recovery, which is a key to any successful financial company. Good recovery is possible only with qualitative members.
Most importantly AKARSH DEEPA has earned great reputation for best and timely payments of prize money. We are eager to make the payment to the members since a satisfied member gives us more business.
We are very keen in proper sureties/Guarantors for the future liability of a prize subscriber since we have to protect the interest of the saving members (i.e. Non Prized Subscribers)

MOBILE APP AVAILABLE FOR ALL CUSTOMER, Customer can view their ac copy & other related information with fingertip

FULL COMPUTERISED BUSINESS- (I.E. Online collection/sms alters for receipts and payments/email alters)

COLLECTION FOR THE CHIT CAN BE MADE AT YOUR DOORSTEPS (On a daily/weekly/monthly basis)

2. What are the benefits of a chit fund?
Chit fund is a unique financial concept, which has flexibility to borrow or save. By paying one-month installment amount, a person can get to borrow from the chit value, by offering a discount not exceeding the maximum limit ascertained in the chit agreement.
In a chit value of Rs.500000/- for a period of 50 months, first the subscriber can get an amount of 350000/-by paying only Rs.10000/- and remaining installments he pays over a period of 50 months. The rate of borrowing is much cheaper than several other financial schemes.
The non prized subscriber who is a saving member upto the last installments gets dividend which is comparatively higher than the interest that are accrued by way of Recurring Deposit Schemes.
The purpose of drawing the prized amount need not be disclosed. It can be used for any need by the member for Example: House construction, Marriage, Education, Expansion of business, buy a Computer or any other purpose at his discretion.
3. What are the various chit groups available in AKARSH DEEPA?
Akarsh Deepa chit fund is having a wide range of chit groups available which suits all walks of people for Example: Individual, Employee, Professionals, Agriculturists, Land Lords, Proprietors, Partnership firms, companies, corporate offices, Organization etc., It has a wide range of Chit values starting from Rs.100,000/- to a maximum range of Rs.1,00,00,000/-.
4. What is the duration of these chits?
AKARSH DEEPA is having various range of chit duration. They are 50 months (Long Term), 40 months (Forty Term), 30 months (Thirty Term), and 25 months (Short Term), groups with 50, 40, 30 and 25 members respectively forming the group.
5. How many chits can I take in a chit group?
A person cannot take more than 2 (Two) chits in a group that too he should have paying capacity for the same.
6. What are the modes of payment?
Member can make payments either by cash, Demand Draft or cheques. Third party cheques are not acceptable. Issued cheques have to be realized before the auction date if the member wants to participate in auction.
Online Payment Facility: Pay online directly from your Bank Account through Net Banking.
7. What is the security for my money?
A Registered Chit Fund Company makes a Security deposit equal to 100% of chit value in a Schedule Bank as FDR, which is pledged in favor of registrar of chits. Therefore, a member in a registered Chit Fund Company is very much secured than a member in a non-registered company.
8. How are Auctions conducted?
Auctions are conducted in the branches where in the foremen declares the successful bidder. All non-prized subscribers who have paid their Installments up to date are eligible to participate in the auctions. In case the payment is made by cheque the cheque should have been realized one
day before the auction date. For every group the auction time is 5 minutes on a specified date and time. It is upto the members to be present in the auction hall 10 minutes before auction time as verification has to be done by branch for signatures of members and identification of proxies and their Bid Authorization letters.
During the first few months there will be more number of participants willing to bid at the maximum discount. This maximum discount is predetermined for each group and should not go beyond 40 % of Chit value.
■ The maximum bid limit varies between 30% to 40% depending on the duration of the chit. Out of which 5% of the chit value is the company's commission and the balance percentage is distributed as dividends equally among the members in the group. The member pays the next installment minus the dividend and the dividend amount is credited to his account.
■ When there are more members for maximum discount their tokens are put in a box and one token is picked by way of lottery. The member who holds the ticket that is marked on the picked up token is declared as successful bidder who has to submit the required sureties depending on the Future Liability.
■ When there are no maximum bid offers in the auction members can participate in open bidding during the auction time. 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 bid offer that has been given by a member prior to auction time. Members are supposed to bid in multiples of Rs.100/- from the minimum bid offer amount and the person who quotes the highest bid amount on the completion of 5th minute shall be declared the successful bidder by the foremen.
If there are no offers above the bid offer the member who has given the highest amount as bid offer is declared as successful bidder. 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. If a member is unable to participate in the auction the member can authorize some other person whose signatures has to be authenticated by the member. Generally member authorizes the family member or Development Officer's and Agents as proxies to participate in the auctions.
9. When can I participate in the auction?
A member can participate in auction right from the first auction itself, only if he or she has made the payments up to date. If paid by cheque, it should be realized before the auction date. A defaulter whose payment is not upto date before auction is not eligible to participate in the auction.
10. What is the purpose of bidding?
In every chit group some members will be in need of money. So all the members who are in need of money will be participating in the auction for bidding. The purpose of bidding is to declare the successful bidder who gives the highest bid amount (Not exceeding maximum limit) within the specified auction time i.e. 5 minutes.
11. What is the benefit from saving in chit?
There will be a compulsory saving which will earn dividends every month. Even if you take at the last month, the total dividends earned will be more than the bank interest rate.
12. What are the Income Tax benefits from saving or borrowing?
The dividends earned in a chit are not taxable. If you want to claim the bid as loss then these dividends has to be shown as revenue income in the assessment. Hence the entire dividend earned in a chit is not taxable if you don't claim the bid amount as loss.
13. What is chit dividend?
Auction discount minus company commission (5% of chit value) is the total group dividend. Total group dividend is distributed equally amongst all the subscribers. This dividend so distributed is deducted from the next installment payable by the subscriber.
14. What are the sureties to be submitted?
■ A member can give sureties depending on the future liability of the chit. Following are the sureties generally submitted by the members.
1. Personal Surety: Any salaried person working in State/Central Govt./ Public Limited Companies/Banks and other Reputed Companies will be taken as surety.
2. Pledge: Deposits with the company in chits or otherwise, net paid amount of which, after deducting foreman's commission should not be less than 150% of the successful bidder's liability to the company.
3. Bank Guarantee: Guarantee given by the Schedule Bank in a schedule format can be submitted as surety.
4. Income Tax Assessor: Any person having I T Assessment for the past three years having business, profession etc will be taken as sureties.

5. Property Pledge: Deposit of title deeds of urban property can be submitted as surety. Third party property can also be given as surety. Prized amount shall be disbursed after the bidder provides collateral security of properties to the extent of 150 % to 175% of the Future Liability acceptable to the company.

Benefits of Akarsh Deepa Chits:

  • In-built provision for borrowing at a short notice by bidding successfully
  • Being able to save in Installments
  • Having decided to join chit, deferring other avoidable expenditure, if necessary
  • Convenience and abscence of stringent formalities
  • Chit Fund forms a very popular method of saving and borrowing
  • Akarsh Deepa Chits being a prestigious PSU, ensures 100% safety, reliability and transparency in operations
  • Akarsh Deepa Chits ensures safety of the subscribers’ investment
  • Chits provide for an assured sum during a crisis
  • Chits provide easy availability of hard cash
  • It is a way to get Money at 0% Interest

BENEFITS
  • Hind Sight Benefits
  • Freedom to use funds
  • Rate of Interest on borrowing
  • Rate of Return on Savings
  • Tax
CHIT FUNDS
  • Hind Sight Benefits Start as savings and convert into a borrowing instrument, if and when required. Choose between savings and borrowing options – Whether Savings, FD or Loans
  • Subscriber has the freedom to use the funds as per thier will.
  • Since the chit funds work under the principle of mutuality, you borrow from your future savings.
  • Risk free when compared to any other financial intermediary
  • Dividend earned is Taxable, GST Applicable.
BANKS & OTHERS
  • Choose between savings and borrowing options – Whether Savings, FD or Loans
  • Freedom to use funds Subscriber has the freedom to use the funds as per thier will. Loan is for specified purpose – be it home-loan, vehicle, business etc.
  • The Banks & other NBFC borrow money at interest, add service charges and lend at higher rates.
  • As cost of operations is very high and also the prevailing interest rate is a factor
  • Applicable. The interest earned from Savings a/c, FDs, etc is subject to Tax.

How Chit Fund Works

CHIT provides a good source of finance for different type of people viz., small investors, businessmen, small scale industrialists etc.
CHIT is a good means of savings for any contingency requiring substantial amount.
It serves all persons whether they desire for savings or borrowing to meet extraordinary expenses on special occasions like Marriages, Construction of houses , business , Education etc.,
Adequate care is necessary to choose a suitable Group. The selection of a particular Group, largely depends on the subscriber’s capacity to provide surplus funds month after month from his normal income for this purpose. This aspect is very important for the subscriber as well as the company’s point of view to avoid any embarrassment at the time of releasing the prize money or in releasing chit instalments month after month.

What is a Chit?

It is a CONTRACT between the foreman, as the Promoter and the subscribers, who join voluntarily. It is a FINANCIAL SYSTEM under which the periodical and regular savings of a group of subscribers are made available to each subscriber, a SPECIFIED AMOUNT every month (instalment) for a SPECIFIED PERIOD.
The Pooled funds every month are offered to the subscribers at monthly AUCTIONS and the subscriber who BIDS for the highest DISCOUNT is declared the PRIZE WINNER and given the PRIZE AMOUNT on PROPER SECURITY . A Prized subscriber also should continue to pay the subscriptions till the termination of the chit. The amount foregone as discount, less foreman’s commission is distributed among the subscribers as dividend.

A Chit group refers to a specified number of members agreeing to subscribe a specified amount for a specified period. For example, 40 members, 40 months, Rs.500/- a month. The number of members and the number of months are to be the same.

Any person under the Act responsible for the conduct of the chit and includes any Person, such as branch manager, discharging his functions.

No. It is valid only for the duration of a CHIT GROUP and until the liabilities of subscribers to foreman or vice versa are discharged or paid in full.

1. To save in small amounts to receive a lump sum during the period of chit.
2. To borrow the future savings in advance. Some subscribers join chit funds to borrow and others to save.

The Chit agreement is a contract between the foreman and the individual subscribers to a chit group. It is a set of bye-laws or regulations dealing with the procedure for the conduct of chits. It will be signed in duplicate, duly witnessed. The chit agreements shall contain the name and address of the subscriber, the number of tickets allotted to him, the number of instalments and the instalment amount payable, the interest/penalty for delayed payment, the probable date of commencement of chit and its duration, the manner of deciding the prize winner at each instalment, the maximum discount to be foregone at each instalment, the mode and proportion of dividend and foreman’s commission, the date, time and place of auction, the instalment at which the foreman is to get the chit amount, the name of the bank, the security to be furnished by prized subscriber etc., Though each subscriber is supposed to sign the chit agreement, in practice, each subscriber signs a declaration in the application form that he has read and understood the terms and conditions of the Chit Agreement. The declaration of all the subscribers are detached from the application form, pasted in a piece of paper and filed with the registrar.

The subscribers have to fill in an application form furnishing particulars of their names, residential and office addresses, approximate gross monthly salary, names of nominees and their relationship to them. They also have to sign the declaration that they have read and understood the terms & conditions of the Chit Agreement.

WHY INVEST IN CHIT FUND ?

Allows You To Invest
Steady Returns
Regular Saving
Financial Exigencies
Hasslefree Documention
Market Conditions

SCHEMES

The following chit groups are open for Enrollment suitable for people of any income group
table

SECURITIES

1. LIC/SBI/POSTAL Policy Pledge

Surrender value of only LIC/SBI/POSTAL policy , Family Members equal to the value of future liability to be assigned in favour of AKARSH DEEPA CHITS INDIA PVT LTD.

2. NSC/KVP/PLI Pledge

Subscriber’s NSC /KVP/PLI face value equal to future liability to be pledge in favour of AKARSH DEEPA CHITS INDIA PVT LTD as security.

3. BANK GUARANTEE

Bank Guarantee of Nationalized or Scheduled banks equal to the value of future liability with validity of up to 3months after the termination of the chit group is also acceptable.

4. FIXED DEPOSIT LIEN

FD’s of Nationalized or Scheduled Bank for any amount per subscriber to be liened in favour of AKARSH DEEPA CHITS INDIA PVT LTD till the termination of the chit.

5. PRIZE MONEY AS FD

In the event of subscriber not able to provide security the PRIZE MONEY can be made as FD in the joint name of AKARSH DEEPA CHITS INDIA PVT LTD with the concerned subscriber.

6. NON PRIZE PASSBOOK PLEDGE

Paid up value of Non –Prized pass books could also be pledged (Less Foreman’s Commission + interest @ 9% for remaining months) will be considered as security.

7. PROPERTY MORTGAGE

Properties approved by BDA , KHB , BBMP , BMRDA and approved by our legal expert and valued by our valuator. The approved properties have to be register mortgaged with the concerned Sub – Registrar to cover the Future Liability.
Note: For further clarification please contact Head Office / Branch (Phone: 08023726969)

SECURITY NORMS

Immovable Property

Property of the prized subscriber or a third party Guarantor situated within BBMP/Corporation/BDA/MUDA limit is accepted as security. Gram Panchayat/Agricultural properties and also property having B-Khatha will not be accepted. The procedure is as below:
Subscribers must submit photocopy of all the relevant papers of the property to the concerned branch. These papers will be subjected to preliminary scrutinization by the concerned Foreman. Once the documents are found ok with basic eligibility, subscribers will be intimated to submit the original papers and same will be forwarded to our empanelled Advocate for detailed verification and Legal Opinion. Upon obtaining positive
legal opinion, Valuation of the property will be done by our empanelled valuer and spot inspection will be conducted by the Foreman to assess the value and acceptability of the property. Only 50% of the market value as given by the Valuer in his report will be considered by the Company. Once the Legal Opinion and Valuation is over, Registered Mortgage of Title Deeds will be done at the Sub-registrar’s office after getting clearance from the Head Office.
Subscriber must pay the charges towards documentation, Legal Opinion and Valuation of the property to the company. Applicable stamp duty and other related charges for mortgage registration must also be borne by the subscriber at the sub-registrar’s office.
This whole process beginning from preliminary scrutinization to mortgage registration may take at least 15 -20 days time to complete and hence subscribers must plan properly and ensure that the property papers are acceptable even before bidding to avoid delay in receiving prized money.
However it is the sole discretion of the ‘AKARSH DEEPA Chits’ to accept or reject any property based on the factors like location, saleability etc even if the owner has got the valid title over the property and legal opinion is clear.

LIC Policy

The subscriber needs to obtain Surrender Value certificate of the Policy from LIC of India. The surrender value only will be considered by ‘AKARSH DEEPA CHITSand not the sum assured. The surrender value of the policy must be sufficient enough to secure the future liability/installments to be paid. The subscriber must get the policy assigned from LIC in favour ‘AKARSH DEEPA CHITSand upon receiving the assignment confirmation from the LIC, file will be processed to disburse the prize money. The original policy along with surrender value certificate will be held by the company. The subscriber should continue to remit premium in respect of the insurance policy without default.
In case of unit linked policies (market plus, money plus etc), only 50% of the surrender value will be considered as it fluctuates depending up on the market conditions.
Insurance policies of the private insurance companies will not be accepted.

Fixed Deposit

Fixed Deposits of any Nationalized/Scheduled/banks approved by the company will be accepted as security. The face value of the FD must be sufficient enough to secure the future liability. The deposits shall be in the name of the subscriber or in the name of any other person. The Lien in favour of ‘AKARSH DEEPA CHITSneed to be noted in the bank’s records and same should be written on the original FD receipt by the bank. The original FD receipt will be held by the company.
The Fixed Deposit from the financially strong Co-operative Banks as given by the Registrar of Co-operative societies, Bangalore will be accepted only up to the value not exceeding Rs.2 lakh.

Bank Guarantee

Bank Guarantee from any Nationalized/Scheduled/banks approved by the company in the format prescribed by the company equivalent to the future liability will be accepted as security. Such Bank Guarantees will have to be confirmed by the concerned Regional/Circle office. The expiry date of the bank guarantee shall be 3 months after the termination date of the Chit group.

Non-Prized Pass Books

The paid-up amount in the Non-prized pass books (Gross Installment amount remitted minus Foreman’s commission of 5% oh the chit amount) will be accepted as security. The paid-up amount should exceed future liability amount plus interest at 18% P.A. till the termination of the non-prized Chit offered as security. The non-prized passbook shall be in the name of the prized subscriber or any other person.
The non-prized passbook should be pledged in favour of the company and the same will held by the company until the liability in the prized chit is fully cleared.
The Non-prized Chit will be allowed to be auctioned only after the pledge is cancelled by the company.

National Savings Certificate, Postal Life Insurance, Kisan Vikas Patra


NSC, PLI, KVP shall be accepted as security subject to noting the pledge/lien in favour of AKARSH DEEPA Chits. Incase of PLI, only surrender value shall be considered as security value.

Contact Form

Contact Info

Akarsh Deepa Chits India Pvt. Ltd.

#28-29, Srinidhi Towers, 1st Floor,
Above Planet Honda Showroom,
NH-4 Tumkur Road, T. Dasarahalli,
Bangalore-560057

+91-9900006131 / 9900006140

+91-80-23726969

info@akarshdeepachits.com