A member can give sureties depending on the future liability of the chit.
Following are the sureties generally submitted by the members.
Personal Surety
✦
Any salaried person working in State/Central Govt./ Public Limited Companies/Banks and other Reputed Companies will be taken as surety.
Pledge
✦
Deposits with the company in chits or otherwise, net paid amount of which, after deducting foreman's commission should not be less than 1 1/3rd of the successful bidder's liability to the company.
Bank Guarantee
✦
Guarantee given by the Scheduled Bank in a schedule format can be submitted as surety.
Income Tax Assessor
✦
Any person having I T Assessment for the past three years having business, profession etc will be taken as sureties.
Property Pledge
✦
Deposit of title deeds of urban property can be submitted as surety. Third party property can also be given as surety.