1. LIC/SBI/POSTAL Policy Pledge
Surrender value of only LIC/SBI/POSTAL policy , Family Members equal to the value of future liability to be assigned in Favour of MSIL Chit Funds.
2. NSC/KVP/PLI Pledge
Subscriber’s NSC /KVP/PLI face value equal to future liability to be pledge in favour of MSIL Chit as security.
3. BANK GUARANTEE
Bank Guarantee of Nationalized or Scheduled banks equal to the value of future liability with validity of up to 3months after the termination of the chit group is also acceptable.
4. FIXED DEPOSIT LIEN
FD’s of Nationalized or Scheduled Bank for any amount per subscriber to be liened in favour of MSIL Chit Funds till the termination of the chit.
5. PRIZE MONEY AS FD
In the event of subscriber not able to provide security the PRIZE MONEY can be made as FD in the joint name of MSIL with the concerned subscriber.
6. NON PRIZE PASSBOOK PLEDGE
Paid up value of Non –Prized pass books could also be pledged (Less Foreman’s Commission + interest @ 9% for remaining months ) will be considered as security.
7. PROPERTY MORTGAGE
Properties approved by BDA , KHB , BBMP , BMRDA and approved by our legal expert and valued by our valuator. The approved properties have to be register mortgaged with the concerned Sub – Registrar to cover the Future Liability.