- Getting Started
- Auction & Dividend Disbursal
- Approval & Cancellation
Complete the signup process to start your myPaisaa investment journey
Step 1 - Download and install the myPaisaa app on your mobile.
- Download Links
Step 2 - Open the app, sign up with your phone number and enter the OTP for authentication.
Step 3 - Upload your pan card, front and back of the adhaar card and take a selfie to complete the KYC process.
Payments are easy on myPaisaa
Step 1 - Choose a goal that suits your financial needs
Step 2 - Select a chit plan that matches your financial goal
Step 3 - View chit details of your chosen plan
Step 4 - Click on the ‘Choose this plan & Pay’ button to complete the transaction
Step 5 - Make your payment through Phone Pay/ PayTM or Google Pay
You’re just one step away from becoming a myPaisaa member
Step 1 - Click on the Menu tab at the bottom right of the app screen
Step 2 - Click on the ‘Your Details’ tab just below your profile picture
Step 3 - Upload your bank statement and salary slip
Step 4 - Press Submit
You’ll be intimated about your application status within 3-4 working days of completing the registration process. On approval, our executive will visit you to collect your signature on all the documents.
Welcome to the myPaisaa Family! You can join online groups, participate in online bids and receive monthly dividend payments in real-time!
1. Auctions are conducted on 15th & 25th for Bi weekly groups and 10th, 15th, 20th & 25th for weekly groups.
2. The auction starts from 5% of the chit value and can go upto a maximum of 40%.
3. Whoever bids for the highest value of the chit amount will win the auction.
4. In case more than 1 person bids for the highest amount, there’ll be a lucky draw and the system will assign a winner.
After auction, prize money will be disbursed within 24-48 hrs after completion of verification.
Our executive will visit your place to get signatures and collect documents.
If application is conditionally approved, guarantor documents are required.
A. Income proofs & KYC
B. Agreement of guarantor
C. Demand Promissory Letter
D. Surety Form
Documents required from the auction winner:
A. Demand promising letter
B. Minutes format
C. Waiver letter
D. NASH form
E. PS No claim letter
F. PS payment voucher
G. PS request letter
H. PS surety form
I. Cheque leaf ( depending on chit value)
Post the auction; dividends will be disbursed within 24 – 48 hrs.
Dividend disbursal break-up example ( Rs 1 Lakh chit)
A. The auction was won by the max bid of 30%, ie, Rs 30,000
B. Rs 5000 is deducted as company commission
C. The remaining Rs 25,000 is divided equally between all group members.
Step 1 - After making payment, update your personal details along with income proof documents in the app by clicking. Menu (bottom right) --> Your Details --> fill details
Step 2- Our team will review your documents and revert in 2-3 working days.
Step 3- Based on the financial health your application will be “approved” or “conditionally approved” and you will be assigned group and ticket id (“HYD001W-35”, sample).
1. Your chit has been approved without any guarantor requirement when you win the auction.
2. All you have to provide is an updated bank statement, signatures on documents and cheque leaves (3-6) depending on your chit group.
**If the updated bank statement doesn't meet our financial health check while winning the auction you'll need to provide a guarantor as applicable
1. Your chit has been approved and you have to provide a guarantor/guarantors when you win the auction.
2. Along with the guarantor we would require an updated bank statement, signatures on surety documents and cheque leaves (3-6) depending on your chit group.
1. Auctions will be conducted on 10th, 15th, 20th and 25th of every month for weekly action groups.
2. Auctions will be conducted on 15th and 25th of every month for bi-weekly auction groups.
3. There is a one-time processing fee of Rs.200 (for every 1lakh of chit value) at the time of Prize distribution (towards stamp duty and other taxes).
4. 18% GST charges ( applicable on commission value and processing charges).
5. Installment payment should be done by the 5th of every month. You can pay through ECS or directly from our app. As this is a group saving plan and auction payments depend on your payment, we request your prompt payment.
6. Penalty of 18% (1.5% per month) will be applicable for late payment.
Important note - Your profile must be complete in order to avail the prize money upon auction winning. If your profile doesn't meet our financial health check you'll need to provide a guarantor/guarantors as applicable. The guarantor should be a salaried employee and pass the financial health verification conducted by our team.
1. If cancelled before the group starts you will receive 100% refund within 5-7 working days
2. Cancellation charges after the group starts - Commission & processing charges(plus GST) + disbursed dividends (if any)
#2nd auction of the group goes to the company without any bidding.
#Refunds of cancellations that happen after the group starts ( 1st auction) will be processed only after group closure.
As a policy, we do not give any auction commitment to our customers. You need to participate in an auction and win the bid.