Effective Date: 15/10/2025
Welcome to Uyir Chit Fund (“we”, “us”, “our”). These Terms & Conditions (“Terms”) govern your use of our website, services, and any interactions you may have with us (collectively, the “Services”). By accessing or using our website or services, you agree to these Terms. If you do not agree, do not use our Services.
1. Definitions
Member / Subscriber / Participant: any individual or entity that joins or participates in a chit fund scheme managed by Uyir Chit Fund.
Scheme: a particular chit fund plan (with defined number of members, periodic contributions, prize amounts, duration, etc.).
Contribution / Installment: periodic amount to be paid by the Member under a Scheme.
Prizes / Auction / Dividend: amounts distributed among members as per the chit fund rules (e.g. through bidding, draw, dividend).
Default / Defaulter: a Member who fails to pay the contribution on time or as per schedule.
Services: the website, platform, management of chit fund schemes, customer support, and related offerings.
2. Eligibility & Registration
To become a Member, you must be legally capable (e.g., at least 18 years old, of sound mind) and satisfy any eligibility criteria (residency, KYC, etc.) as required by applicable laws and as determined by us.
You must register with accurate information and keep your information updated.
You must complete KYC (Know Your Customer), identity and address verification, as required by regulatory or internal policy.
3. Membership & Participation
On acceptance, you become a Member of a particular Scheme. You agree to pay the contributions/installments as per the schedule and abide by the rules of that Scheme.
The number of members, periodicity, contribution amount, and duration is fixed for each Scheme.
Members may participate in bids, lotteries, auctions or drawing (as applicable) to win prizes, subject to the Scheme’s rules.
4. Payments & Contributions
Contributions must be paid by the due date by the mode(s) we accept (bank transfer, digital payment, etc.).
Late payments or defaults may incur penalties, interest, or loss of eligibility to claim prizes, as per the Scheme’s rules.
In the event of default, the Member may be declared defaulter and may forfeit some or all benefits under the Scheme.
5. Distribution of Prizes / Auction / Dividend
The process for awarding the prize amounts (via auctions, bidding, or draw) is as per the Scheme’s rules, and is binding on all Members.
Prizes will be disbursed only after all due contributions are paid or subject to deduction of outstanding amounts as per the Terms.
Tax deductions (TDS) or other statutory withholdings may apply to prize amounts or returns, as mandated by law.
6. Termination & Exit
A Member may not withdraw mid-Scheme unless permitted by the Scheme’s rules (e.g. via transfer, resale, or other mechanism).
If a Scheme is prematurely terminated (for example, due to insufficient participation or regulatory reasons), Members will receive refunds or residual amounts after settling liabilities, in proportion to contributions.
Uyir Chit Fund reserves the right to terminate or suspend a Member’s participation or membership (e.g. for breach, fraud, non-payment, or violation of Terms).
7. Rights & Responsibilities of the Company
We will administer the Scheme, collect contributions, process bids/draws, disburse prizes, maintain records, and comply with applicable laws.
We will maintain confidentiality of Member data, except as required by law or regulatory authority.
We may amend, suspend, or discontinue any feature, Scheme or the Services, with notice (if required) to Members.
8. Member Obligations & Conduct
You must comply with all applicable laws, rules, and regulations (including KYC, anti-money laundering, taxation).
You should not engage in fraudulent or illegal acts in connection with our Services.
You must promptly notify us of any changes to your contact or banking details.
9. Disclaimers & Limitation of Liability
The Services (including website) are provided “as is” without warranties of any kind, express or implied.
We do not guarantee any specific return or outcome in the bidding/auction/draw; the prize depends on member bidding, competition, and contributions.
We shall not be liable for any direct, indirect, incidental, special, or consequential damages arising out of or relating to your use of the Services, except to the extent required by law.
Our liability shall, in any case, be limited to amounts you have paid to us under the Scheme (or as mandated by law).
10. Dispute Resolution & Governing Law
These Terms shall be governed by and construed in accordance with the laws of India (or the State in which Uyir Chit Fund is registered).
Any dispute arising under or in connection with these Terms or the Services shall first be attempted to be resolved amicably via negotiation or mediation.
If unresolved, disputes may be submitted to the competent courts or arbitration (as agreed) in the jurisdiction where the Company has its registered office.
11. Privacy & Data Protection
We collect, use, store, and process your personal data (identity, address, bank details, etc.) to provide Services, comply with law, and maintain our operations.
We will maintain security measures to protect your data.
We may share your information with regulatory authorities, auditors, or third parties as required by law or for operational needs (e.g. payments, verification).
Please refer to our Privacy Policy for more details.
12. Intellectual Property
All content on the website (text, graphics, logos, design) is our property or used with permission, and is protected by copyright, trademark, and other intellectual property laws.
You may not copy, distribute, modify, frame, or publicly display our content without our consent.
13. Amendments
We reserve the right to amend or update these Terms at any time. We will provide notice (via email, website notice, or other means) before changes take effect.
Continued use of the Services after changes constitutes acceptance of the revised Terms.
14. Severability & Waiver
If any provision of these Terms is held invalid or unenforceable, the remaining provisions will remain in full force.
If we do not enforce a right or provision under these Terms, it is not a waiver of our right to do so later.
15. Contact Information
For any questions, notices or communications concerning these Terms, you may contact us at:
Uyir Chit Fund
Address: Santham Complex, Shop No: 7, Sharadha College Main Road,
Alagapuram Periyaputhur,
Salem – 636016. Tamilnadu, India.
Email: uyirchitfundmanager@gmail.com
Mobile: +91-87785 58185
