Question 1

Is GlimmoraNidhi legal in India?

Accepted Answer

Yes. GlimmoraNidhi is a fully registered chit fund company that runs under the Chit Funds Act, 1982 — a law made by the Indian government. Our registration number is CF/TN/2024/00123, and you can check it on the State Registrar's website.

Question 2

How does the auction work?

Accepted Answer

Every month, members who need money can offer a small discount (for example, ₹2,000 off a ₹40,000 chit value). The member who offers the biggest discount that month takes the chit value home. That discount is then shared as a bonus with every member — including the one who took the chit value.

Question 3

When do I get my money?

Accepted Answer

Once the month's payments are received and the chit value is given out, the full amount goes straight to your bank account — usually within 45 days.

Question 4

What happens if another member stops paying?

Accepted Answer

That member loses the right to take the pot. By law, our group manager must either bring in a new member to take their place or cover the missed amount. Your money is protected.

Question 5

Is my money insured?

Accepted Answer

Bank deposits in India are insured up to ₹5 lakh. Chit funds are different — they are not under that insurance. But by law, our group manager must keep one month's pot worth of money with the State Registrar as a safety deposit, so your contribution is protected.

Question 6

Can I leave a chit early?

Accepted Answer

Once a group starts, you stay till it ends — that is what makes the savings work for everyone. But you can pass your place to a family member or another trusted person (with our approval), so you do not lose your money.

Common questions answered