Geo Chits business intention is that your hard earned money is safe and we at Geo are the trustworthy, the safe and the reliable companion to help you reap maximum benefits from investing in chits. The activities of the company are monitored by government officials through the chit fund Act of 1982.

Geo Chits has built for itself a sterling reputation among the many chit fund companies in Coimbatore. GEO CHITS PRIVATE LIMITED, managed by a Board of Directors, was incorporated under The Companies Act 2013. The vision of our founders of providing a reliable, hassle-free and efficient means of savings for people from all walks of life, led to the formation of GEO CHITS. Market conditions around the world make it obvious how savings is no more a luxury, but an absolute necessity.

We take pride in our loyal clientele, thanks to our absolutely hassle-free services and our steadfast commitment to being reliable, transparent and efficient. This continues to be our biggest strength. We values result in a culture of fairness in all our dealings with customers as well as the wider community. Geo Chits firmly believes that Transparency and Quality must not be optional. As a result, the value that a customer gets by investing in us is far beyond what he actually pays for.

Geo chits is backed by a group of experts under the leadership of Mr. Tony George, whose family has been running successful businesses, even from the time of his grandfather Mr. K.V.Mathew, who was an agriculturist, financier, and owner of multiple businesses.

Our Managing Director – Mr. Tony George is at the helm of Geo Chits Private Limited. A born leader, he is blessed with sharp business acumen and keen decision making skills, balanced by a strong desire to contribute to the growth and the best interests of the community. He has over a decade of professional experience in Finance, Telecommunications and Information Technology and has been constantly delivering results par excellence. His family has been running successful businesses for generations.

•CHIT is a financial product which blends the advantages of both investment and borrowing.

• Concept: Under a Chit, a group of persons join together to contribute specific sum of money periodically (monthly contribution is most common). The individual/institution who/that has undertaken the responsibility of the organizing and conducting the Chit and assumes the associated responsibilities and risks is called ‘Foreman’. The other persons who contribute the money periodically are known as ‘Subscribers’. The money paid by all the subscribers every month or in any periodical interval will be pooled together which is called as ‘Chit Value’ and all the subscribers have right to bid for the chit amount by means of open auction conducted for the purpose. The subscribers who are willing for bidding the chit amount have to be prepared to forego a portion of the total amount to which he is otherwise eligible for and that portion is known as the ‘Discount’. The maximum bidding percentage will be 40% of the Chit value and minimum is 5% of the chit value which is Foreman’s commission. This foregone amount by the subscriber is utilized to distribute among all the subscribers of the chit group in proportion to their tickets in the form of ‘Dividend’, after deducting 5% of the Chit value towards Forman’s Commission. The successful bidder is called as ‘Prized Subscriber’. The money which the prized subscriber is eligible for minus the discount forgone is called ‘prize money’ which will be disbursed to the prized subscriber after he/she produces the adequate security for the future liability as per the Company norms. This process is being repeated every month and every month there will be one prized subscriber. The prized subscriber has to continue paying the installments till the termination of the chit.

Those members who do not want to bid and want to just contribute to the chit till the end can do so. When there are no bidders for any particular auction, one of the non-prized subscribers will be picked as Successful Bidder through lucky draw. The monthly dividends accrued for the whole duration of the chit are the returns on investment for the monthly deposit made to their accounts.

• In case of ‘GEO Chits’, GEO is the ‘Foreman’ and is the First Subscriber of every group.

Security Norms

The Prized subscriber/successful bidder shall provide security of any one of the following types either single or in combination to the satisfaction of the Company.

•     Only 50% of the market value as given by the Valuer in his report, 90% value of the Fixed Deposit, 80% of Bank Guarantee and 90% of Non-Prized passbooks will be considered by the Company.



•     Once the Legal Opinion and Valuation is over, Registered Mortgage of Title Deeds will be done at the Sub-registrar’s office after getting clearance from the Head Office.



•     Subscriber must pay the charges towards documentation, Legal Opinion and Valuation of the property to the company. Applicable stamp duty and other related charges for mortgage registration must also be borne by the subscriber at the sub-registrar’s office.



•     This whole process beginning from preliminary scrutinization to mortgage registration may take at least 15 -20 days time to complete and hence subscribers must plan properly and ensure that the property papers are acceptable even before bidding to avoid delay in receiving prized money.



•     LIC Insurance, Mutualities funds, etc would not be considered or accepted as security.