FAQS

Chit fund returns depend on the month you participate in and win an auction. A customer who stays for the entire duration of chits an annual interest of around 10 to 12%.

We offer durations ranging from 12 months to 50 months.

Traditional chit fund companies operate using traditional, complicated manual processes. Customers are required to visit chit fund offices in order to participate in auctions, leading to the loss of valuable time and energy. With digital chits, you can enjoy all the benefits of a traditional chit fund at your convenience. Digital technology has also automated the entire process making chit funds much more transparent, reliable and easy for the millennial customers of today.

Registered chit funds are regulated by the Government of India. A registered Chit Fund Company makes a security deposit of a sum equal to 100% of the chit value into a Scheduled Bank as FDR, which is pledged in favour of the Registrar of Chits. A Chit Fund cannot be started unless this deposit is made. Therefore, as a participant in a registered Chit Fund Company you can be rest assured that your investments are secure.

To see our Government approved documents, click here

Mutual funds and chit funds serve different purposes. Mutual funds are long-term investments directly linked to market performance. There's no guarantee of you getting your principal amount back or making profits. Chit funds on the other hand, have zero market risk. They are a great tool for guaranteed short-term investments that enable you to save steadily for your goals and emergencies. Also, unlike mutual funds, you can both save and borrow withChit funds.

Recurring deposits offer low interest rates of 5-6% per annum. Also, if a customer withdraws from the RD before maturity they're charged a penalty. Moreover, RD returns are taxable too. However, customers who save in chit funds can expect much higher returns - up to 10 - 12% per annum. They can participate in online auctions and get their money in advance. There's the additional benefit of borrowing from your fund in case of emergencies. The best part about chit funds is that the returns are tax-free. Customers can enjoy the full value of their investments without any deductions.

Joining myPaisaa is very simple.

Step 1: Download the myPaisaa app & complete your KYC with Aadhar, Pan & Selfie.

Step 2: Choose a chit plan that suits your goal and make payment.

Step 3: Submit your income proof documents under Menu ?? details ?? Documents in the app. And you are done.

Our team will validate and follow-up within 48-72 hrs once you submit your income proofs. Post which you shall receive communication via SMS, email and notifications.

At myPaisaa, we offer bank level security for your account. We have enterprise-grade security measures in place to ensure that every detail, including personal and investment details are kept secure. Also, all chit plan information is reported to ROC, Telangana, so that you can visit the official T-Chits website and verify the chit details.

You need to submit KYC documents that include your PAN and Aadhaar card to join a chit plan. If you are a salaried person � 6 months Bank statement and 3 months pay slips. If you are a business owner 6 months Bank statement, ITR & any one of -Business license/GST/Rental Agreement.

If your residential address is different from the address on Aadhaar card, then we'll require address proof as well.

Valid income proofs are required to prove the ability to pay the monthly subscriptions.

Mandatory docs are last 3 months pay slips, last 6 months bank account statement (for Salaried) and last 2 years ITR (for self employed).

myPaisaa customers can login to the myPaisaa app to see their chit information like dividend history, subscription amounts and the interest rate prediction.

Investors can expect to earn returns as high as 10-12% per annum from chits. However, returns vary for each chit group depending on the auctions. At myPaisaa, we try to balance a group composition with both savers and borrowers so that everyone gets rewarded.

Yes, NRIs can register on myPaisaa and use some of the features on our app. However, in order to start saving in our chit plan, you will need a local representative to sign on the chit agreement. This is a mandatory requirement by the Government of India. You will have complete access to monitor your chitfund performance and participate in auctions from your resident country using the myPaisaa app.

Currently, joint holding is not allowed in myPaisaa. We are working on adding this feature to the app soon.

Yes, you can add a nominee to your myPaisaa account. Infact, you can choose different nominees for different chit plans.

No, it's not mandatory for the nominee to do KYC.

Mandatory docs are last 3 months pay slips, last 6 months bank account statement and last 2 years ITR (for self employed).

Once you register with myPaisaa, using our app you can refer your friends to get special benefits. Further, your friend will also get additional discounts and offers.

For more info click here

Studies by Edwin A. Locke and his colleagues have shown that specific and ambitious goals lead to betterperformance. So having a goal will help you save with more commitment, ultimately helping you realise your dream faster.

All myPaisaa auctions are conducted via the myPaisaa app. Investors will be informed about the auction date and time in advance so that they can participate.We usually have at least 2 auctions in a month for each of our chit plans.

You can borrow up to 95% from your chit value. However, the actual borrowing amount depends on the auction and demand for money in that month.

Each individual is allowed to borrow once in the entire period of chit.

At myPaisaa, you are actually borrowing money from your own future savings. The effective rate of interest you pay is lower than that of a personal loan and can be as low as 0% depending on when you borrow from your group.

A member can give sureties depending on the future liability of the chit. Below are some of the sureties required to borrow from myPaisaa:

Depending on the chit value you have to submit 2-6 blank cheque of yours.
In some cases we might ask for a guarantor who must be a salaried employee and above 30 thousand

Chit funds are a collective saving instrument. Each person's contribution is very important for timely payouts to the auction winner. We have strict levies and late payment penalties in place to ensure every member adheres to the payment timelines. Please refer to our terms and conditions to better understand the structure of fines.

Yes, dues can be paid in multiple payments.

* NPS - Non-prized subscriber, PS - Prized subscriber

This sometimes happens due to payment downtime with our payment partners. If the amount has been debited from your account, go to the transactions tab in the app, click on 'Add Payment Proof' button and upload the bank or UPI payment screenshot. We will resolve this issue. We apologize for the inconvenience caused and would be glad to assist you further.

We give customer satisfaction utmost priority. Email us at info@mypaisaa.com and our team will get in touch with you at the earliest toresolve your grievances.