Frequently Asked Question

1. Why should I join Coinplus?

Coinplus brings the trusted tradition of systematic savings plans (SSPs), also known as “chits,” into the digital age. Manage everything from the convenience of your phone, with complete transparency and ease. Coinplus fosters a compulsory savings habit, helping you achieve your financial goals.

2. How are Chit funds (SSPs) beneficial?
Chit funds (SSPs) are beneficial because they act as a dual instrument—they help you save consistently until the end of the chit, often yielding better returns than a bank savings account or recurring deposit (RD). They also allow you to borrow. In case of any unforeseen circumstances, you can lend more than what you have saved, providing financial flexibility. Additionally, the dividends received from chits are tax-free, making them a tax-efficient savings and borrowing tool.
3. What are the modes of payment on Coinplus?

Coinplus supports multiple payment modes, including:

  • UPI: Use your preferred UPI app for seamless contributions.
  • Netbanking: Transfer funds securely from your bank account.
  • Cheque: Traditional payment method.
  • Auto-Debit: Set up automatic recurring payments for hassle-free savings.
  • Cash collection & UPI payment at doorstep: Convenient doorstep services.
4. What are the sureties accepted while availing the prize money?

The following sureties are accepted:

  • Gold (22 carat & above)
  • Non-Prized Chit (NPC)
  • Fixed Deposits (FDs) from Nationalized and scheduled banks
  • Surrender value of LIC policies
  • Personal guarantee of salaried professionals
  • Bonds/Debentures/Deposits of Group Firms
  • Bank guarantee from scheduled commercial banks
  • Unencumbered Land & Building
5. What does dividend mean?
In chit funds, dividends represent the portion of profits or returns distributed to members, typically after each auction or on a monthly basis, continuing until the chit cycle concludes.
6. What happens if nobody participates in an auction?
If no one participates in an auction, one of the prompt, non-prized subscribers will be selected through a high-tech lottery process, ensuring transparency and fairness.
7. Is online auction legal in India?
Yes, online auctions are legal in India as per the Amendment Bill 2019 of Chit Fund Act 1982.
8. What are the charges to join an SSP?
The charges to join an SSP are 0.1% of the chit value, subject to a minimum of ₹200 and a maximum of ₹500. This is a one-time membership fee, and you can join as many groups as you wish.
9. Can NRIs join in chit groups?
Yes, NRIs can join chit groups. NRIs need to provide a valid passport and visa, while
10. Can Business entities join in chit groups?
Yes, GST registered business entities can join chit groups.
11. Can a single person join multiple chit groups?
Yes, you can join multiple groups. However, you will need to furnish sufficient securities while releasing the prized amount.

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