Chit is a mutually beneficial scheme where in a group of people contribute towards the chit value and one member from the group is given the prize amount and the dividends are distributed to all the other members. For Example if we consider a chit value of Rs.500000/- with 50 members in the group each member has to contribute Rs.10000/- where by (50X10000) Rs.500000/- is collected.

The auction is conducted in which the members participate and the person who discounts the maximum is declared as the prized subscriber. If there are more than one participant for maximum discount the Successful Bidder will be determined by way of lottery. Where in, the tokens bearing the numbers allotted to the members is put into a box and one token is drawn by any of the member present in the auction and thus, the member whose number is mention on the drawn token will be declared as the Sucessful bidder.

30% is the maximum bid allowed, which means a person foregoes Rs.150000/- and the balance Rs.350000/- is paid to the prized subscribers. Out of 30% discount 5% goes to the company towards company's commission for conducting the chit and balance of the discount amount is distributed equally amongst all members of the group. That is 25 % is distributed to all the members by which next month they have to contribute (Rs.10000/- - Rs.2500/-) = Rs.7500/- only and Rs.2500/- is declared as dividend for that month.

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 Rs10000/- 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.

The Board of directors of the company, to carry out in this company in Guruvayur, started Radhakrishna Kuries Private Limited in the year 1987.P.S.Premanandan,. Chairman , has built in a system to administering this financial concept. What used to be a financial help to business class and savings for house wives has been led to a dynamic activity with professional integrity.

RKK has established strong experience during these 31 years since its inception that enables the service to be rendered meticulously and it has become a household name in the state of Kerala.

We have a subscriber base of 15000 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 30 years. This speaks of their satisfaction in the service rendered by the company.

RKK has done 2 crores of qualitative business turnover which comprises members from different walks of life like Doctors, Engineers, Chartered Accountants, Advocates, Government employees and business people.

RKK is highly conscious about the quality of membership by screening every enrollment form that is received and only if the financial capacity seems to be satisfactory, we approve the enrollment.

We have an excellent track record of 98% recovery, which is a key to any successful financial company. Good recovery is possible only with qualitative members.

Most importantly RKK 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).

RKK is having a vide 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 vide range of Chit values starting from Rs.100000/- to a maximum range of Rs.40,00,000/-.

RKK is having various range of chit duration. They are 60 months (Long Term), 50 months (Fifty Term), 40 months (fourty Term), and 20 Months (Twenty Term) 30 Months (10Days,Short Term), groups with 1 Lakh, &5 Lakh, : 60, 50 and 25 members respectively forming the group.

A person cannot take more than 2 (Two) chits in a group that too he should have paying capacity for the same.

1. Member can make payments either by cash, Demand Draft or cheques, NEFT , Net Banking. Third party cheques are not acceptable. Issued cheques have to be realized before the auction date if the member wants to participate in auction.

2. Online Payment Facility : Pay online directly from your Bank Account through Net Banking from our web site. For details visit our website "www.radhakrishnakuries.in".

3. ECS, NACH Facility : A Mandate is enough to authorise us to debit your Bank Account every month towards chit installments. For details contact any of our branches.

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 favour 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.

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 realised 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 30 % of Chit value.

The maximum bid limit varies between 30% to 20% 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.

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.

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.

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.

Better Returns to Investors
Lowest Cost to borrowers.
Easy liquidity through advances under Pass Book Loan (PBL),
Investor protection through Chitty Act.
Public trust, credit worthiness and branch network.
Door collection and service of agents.
Convenient duration and subscription amount.
Easy and transparent operation & inter branch facility.