Terms and Conditions

Last updated on 18 February 2023

01. Individual Contribution

  • A fixed amount that each user contributes towards the club.

02. Club Frequency

  • Duration between bidding rounds chosen when the club was created.
  • Daily, 3 days, Weekly, Fortnightly, Monthly, etc.

03. Club Amount

  • Total value of the club per round i.e. (Number of members) x (Individual contribution), also known as pooled amount.
  • For an instance, in a club of 5 members, where each member agrees to contribute Rs 10,000/-, the club amount will be 5 x Rs 10,000 = Rs.50,000.

04. Bid Amount

  • The value of interest a member is willing to pay to pick up the Club Amount.

05. Bid Date

  • Date agreed by the Money Club team for bidding.

06. Bid Time

  • Time of the day when the bidding will start on the Bid Date as per the available bidding slots. Bid time is usually between 7 PM to 10 PM.
  • The bid is usually activated within 30 minutes of the previous bid time depending on the slots available.

07. Bid Window

  • Duration for which the members will be able to bid.
  • The Bidding Window is 15 minutes except in case of Super timer.
  • Super Timer: This feature increases the bidding window by 1 minute every time any club member places a bid in the last 1 minute of the bidding. Super timer will not work in last 10 seconds of bidding as we will be closing the bid during the last 10 seconds.
  • The app sends alarms to members before the bidding starts as a courtesy, however members should ensure not to miss the bidding.

08. Penalty for delayed transactions

  • Penalty structure is not applicable in the pilot clubs.
  • Clubbers will need to pay a penalty in case their transactions are delayed and done after 18 hours from the bid end time.
  • After 18 hours from the bid end time, a penalty of Rs.20 will be added after every 6 hours of delay in transaction.
  • Maximum penalty will be 80% of the individual contribution amount.
  • Penalty will be collected by the Money Club and the bid winner will get 50 % of the penalty amount in the Vault section of the Money Club app as soon as it is received from the sender.
  • All club members give their consent to abide by this penalty structure if they accept their invitation to join a money club.

09. Defaulted Club

  • A Club will be declared defaulted if any of the following conditions are met:
    • One or more members of a club refuse or fail to make the necessary transfers against a round of bidding before the scheduled bid date of the next round of bidding + 1 day.
    • One or more members of a club refuse or fail to confirm the necessary transfers against a round of bidding before the scheduled bid date of the next round of bidding + 1 day .
  • If someone defaults in a club, he/she gets blacklisted from the Money Club platform. Therefore, if someone defaults in 1 club, he/she is considered as a defaulter in all his/her active clubs.
  • The moment someone is unable to complete his/her transaction in a particular round on the scheduled date and time (shown on the app) in any of his/her clubs + 1 day, he/she is declared as a defaulter in all his/her active clubs on the Money Club platform.
  • Due amount: In case of a default, the due amount is the sum total of all the present and future commitments in all the money clubs wherein someone has defaulted. And it will also include the penalty amount for delayed transfers, whenever applicable.
  • If a net investor (someone who has not won the club amount in his/her money club/s) fails to complete his transaction in his/her money club/s before the next scheduled bid date + 1 day and the club defaults, he will be replaced with another member to continue the club. The investor can get the invested amount refunded (after deducting penalty/commission if any) by writing to the Money Club support team through the Help section of the Money Club app.
  • In case of pilot clubs, if any member fails to make the payment within 18 hours from the bid start time, he would be considered to have defaulted at the platform.
  • Replacement of members (in case of default):
    • Borrower default: If someone defaults in his/her club after winning the pooled amount, he/she will be replaced with one of the Money Club team members who will make the payment for the current and the subsequent rounds in that club.
    • Investor default: If someone defaults in his/her club without winning the pooled amount, he/she will be replaced with another verified member who will make the payment of the previous rounds of that club to the Money Club and will complete the payments for the current and the subsequent rounds in that club.

In the worst case scenario, the Money Club will take the following actions:

  • Initiate the recovery protocol–   “Notices of default” with a 3-Level escalation will be sent to the defaulters email and physical address to allow the Money Clubber some time to respond and clear his dues. This may be supplemented with a physical visit.
  • Penalty & Interest– The defaulter has to pay a penalty (subject to change) as well as interest @ 1% of the due amount per day starting from the date we start the recovery process.
  • Make calls to your contact list– If no affirmative response is received from the defaulter then the debt recovery team will call the defaulters contacts to convince the defaulter to repay the amount.
  • Issue a legal notice to the defaulter– If no response is received from the defaulter even after this, a legal notice will be sent asking to repay the debt before a certain date or else a legal case will be filed against him. Post that a civil suit will be filed against the defaulter in the court of competent jurisdiction and a court case will be initiated thereafter.

Bidding rules

01. Minimum bid amount

  • The minimum amount that the first bidder can bid with will be 1% of the club amount rounded up to a rupee. If the club amount is Rs 50,000, then the minimum bid amount will be Rs 500.
  • Bid amount is Rs 0 for final round and priority round.

02. Maximum bid amount

  • The maximum amount that any bidder can bid in a round can be 40% of the club amount rounded up to a rupee. If the club amount is Rs 50,000, then the maximum bid amount can be Rs 20,000.

03. Minimum bid increment

  • It is the minimum difference between two consecutive bids.
  • Bid increment is Rs 100 (fixed) for –
    • Weekly, Fortnightly and Monthly clubs
    • where the minimum club amount is Rs.1000 and the maximum club amount is Rs.20000
  • Bid increment is 0.5% of the club amount for –
    • Daily and 3 Days clubs
    • all the clubs where the club amount is lesser than Rs.1000 or greater than Rs.20000

04. Commission

  • This new commission structure is applicable for the clubs formed under the terms and conditions version 8 and above.
  • The commission of every user will be calculated based on the tables below and it is the percentage of the total pooled club amount. (For example – If a user’s current commission is 2% and he participates in a club of 10,000 INR pooled amount, then he would pay 200 INR as commission to The Money Club when he wins the round.)
  • The commission for the Pilot club is fixed at 15 INR. Applicable for the pilot clubs formed under the terms and conditions version 9 and above.
  • The commission will be taken as the average of the three factors – Real closed clubs, contribution amount & weighted average transfer time.
  • The commission(%) will keep on changing and it ranges from [4.0 – 0.5] % depending on these three factors.
Real Clubs Closed Commission(%)
0-3 4
4-6 2.5
7-9 2.25
10-11 2
12-15 1
16-20 0.75
20+ 0.5
Contribution amount(INR)* Commission(%)
0-20000 4
20001-35000 3.5
35001-75000 2.5
75001-100000 2
100001-150000 1
150001-200000 0.75
200001+ 0.5
Wt Avg Transfer Time (Hours)** Commission(%)
24+ 4
18.1-24 3.5
10.1-18 3
6.1-10 2
3.1-6 1.5
1.1-3 1
0-1 0.5

For example – If a user has closed 4 real clubs whose total contribution amount is 22000 INR & weighted average transfer time is 1.5 hours, then his commission would be –

Commission(%) = (2.5+3.5+1)/3 = 2.33 % (Refer above tables to understand the calculations)

Contribution amount = Contribution amount paid by user in every round + Money Club credits used by user + Winning bid amount by user in club + Penalty paid by user to Money club + Commission paid by user to Money club

Weighted average transfer time

Your recent transactions have more weightage than the earlier transactions. So if you want to improve your weighted average transfer time, then try to complete your upcoming transactions at the earliest and your weighted average transfer time will improve faster.

For example, suppose there are total 5 transactions. The 1st transaction’s weight is taken as 1 and it’s multiplied by the transfer time. The 2nd transaction’s weight is taken as 2 & so on and it will be divided by n(n+1)/2 where n is the number of your transactions.

1st transaction transfer time  = 12 Hours
2nd transaction transfer time = 10 Hours
3rd transaction transfer time = 4 Hours
4th transaction transfer time = 2 Hours
5th transaction transfer time = 1 Hour

Weighted average transfer time = 12*1 + 10*2 + 4*3 + 2*4 + 5*1 / 5(5+1)/2 = 3.8 Hrs

05. Bidding

  • Every member is eligible to win the bid in one of the rounds.
  • A member cannot bid if he/she already won the bid in a previous round.
  • The member who bids the highest wins the round.
  • Winner will transfer commission to the Money Club.
  • Rest of the club members share bid amount equally and transfer ((individual contribution amount – (winner’s bid amount/(club size -1))) to the winner.
  • In all cases the amount is rounded up to a rupee with a minimum of Rs.1.
  • If no one places a bid for the first 2 minutes, the system will randomly pick a member eligible for bidding and place a minimum bid on his/her behalf.
  • The last round does not involve bidding.
  • For Priority Clubs, the club owner gets to choose a round that he can pick the amount without bidding for it.

06. Fund Transfer Rules

  • Once the bidding is complete, the app will compute and show the amount that each member has to pay to the winner.
  • Golden Rule: All the club members should complete their transaction and update it on the app within an hour from the end time of bidding. Members following this rule build a reputed transaction history on the platform and gain more benefits.
  • The winner has to transfer commission to the Money Club bank account as calculated by the app
  • Other members will have to transfer their contribution amount – (bid amount/(club size-1)) to the bid winner.
  • The app requires each member to update the transaction ID (UTR number or reference number) of the transaction on the Money Club app so that the winner can check and confirm the receipt of funds.
  • The Club can be moved to the next round only after all fund transfers are updated/confirmed by the club members.
  • All members of the club will receive courtesy reminders about the pending transactions both through the app notification, SMS and email, however members should ensure to transfer the amount right after the bidding is complete.
  • If any member does not complete his/her transaction for the current round in any of his clubs before the scheduled day of bidding for the next round, we give additional time to that member and he/she can complete his/her transaction before 6 PM the next day and avoid defaulting on the platform.

07. Removal From Club

The Money Club team has the authority to remove any member from a club at any point of time if the member is found guilty of any fraud or misconduct or does not adhere to the rules of the Money Club platform.


01. Our Partner Chit Fund Companies

Opibus Chits Private Limited – https://opibuschits.com/

2. Eligibility criteria for users

  • No individual under 18 years of age should be allowed to register on the platform.
  • You may use our services only if you are legally permitted to do so under applicable laws.
  • You should be an Indian citizen and resident.

3. Usage of platform

  • You shall use the Services only for your lawful and personal use. You will not use our Services for any purposes not permitted under applicable law and these Terms.
  • You agree to not interfere with or use non-public areas of our App and our technical delivery system. You will not introduce any trojans, viruses, any other malicious software, any bots or scrape our App for any user information. Additionally, you will not probe, scan, or test the vulnerability of any system, security or authentication measures implemented by us. If you tamper or attempt to tamper with our technological design and architecture, we may terminate your Money Club account. We may further report such actions to the appropriate law enforcement authorities and initiate legal actions.
  • You shall not use the App or the Services for committing fraud, embezzlement, money laundering or for any other unlawful and/or illegal purposes. Further, although we may, from time to time, monitor or review any facilities, if established or otherwise offered on the App for discussions, chats, transmissions, and the like on the app, you are prohibited from posting or transmitting any unlawful, threatening, libelous, defamatory, obscene, scandalous, inflammatory, pornographic, profane material or any material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law. We are under no obligation to do so and assume no responsibility or liability arising from the content of any such locations nor for any error, defamation, libel, slander, omission, falsehood, obscenity, pornography, profanity, danger, or inaccuracy contained in any information contained within such locations on the App. We will fully cooperate with any law enforcement authorities or court order requesting or directing us to disclose the identity of anyone posting any such information or materials.

4. Cancellation and Refund Policy

  • If you wish to quit from any money club without completing it or if you wish to cancel your subscription from any money club provided you have not picked up funds in any round of the club, you may write to us on support@themoneyclub.in and your funds will be refunded to you within 10 working days of receipt of request (after deducting penalty/commission if any).
  • If a net investor (someone who has not picked up the club amount in his/her money club/s) fails to complete his transaction in his/her money club/s before the next scheduled bid date + 1 day and the club defaults, he will be replaced with another member to continue the club. The investor can get the invested amount refunded (after deducting penalty/commission if any) by writing to the Money Club support team through the Help section of the Money Club app.
  • A Refund Request will be deemed valid only if it is made through an email to support@themoneyclub.in
  • Refunds shall be made to bank account within 10 working days of receipt of request.
  • The customer shall ensure that all information provided by the customer is true and correct, including UPI ID or bank account or other details provided for refund. Money Club shall not be liable for any issue arising from incorrect information provided by the customer.

5. Disclaimer

A) For the cases where Money Club offers a technology platform, the Money Club mobile app, as a service to partner chit fund companies: Money Club only helps you gain access to chit funds, i.e., we are only a facilitator and we are not a chit fund company. You are contracting a service directly with our Chit Fund Partners. We accept no responsibility for the provision of chit funds or its consequences. Our responsibility is limited to connecting you to the Chit Fund Partner, displaying your eligibility. We accept no responsibility for the terms that we communicate to you in good faith. We are not liable for any losses that may occur as a result of the acts or omissions of the Chit Fund Partner. We do not accept responsibility for any amounts transferred to your bank account or any remittance to your account that has failed. However, we shall undertake all reasonable steps to ensure such actions do not take place. In case you are facing any issues on the amount remitted to your account, please write to support@themoneyclub.in immediately.

The App and Services are provided on an “as is” basis without any representation or warranties, express or implied except otherwise specified in writing. We do not warrant the quality of the Services or the App, including its uninterrupted, timely, secure or error-free provision, continued compatibility on any device, or correction of any errors. In no event shall we or any of our Affiliates, successors, and assigns, and each of their respective investors, directors, officers, employees or agents be liable for any special, incidental, punitive, direct, indirect or consequential damages or losses suffered as a consequence of a breach of the Terms by another user or arising out of the use of or the reliance on any of the Services or the App.

Notwithstanding anything to the contrary set forth in these terms and conditions and/or the Chit Agreement, the Partner Chit Fund Company may, upon (i) any breach of these terms and conditions; (ii) breach of the Chit Agreement; and/or (iii) default of payment by the borrower; may take actions as deemed appropriate by the Partner Chit Fund Company.

B) For the cases where Money Club offers a technology platform for the users to connect with each other to Save and Invest money: Money Club is a technology platform which enables the users to connect with other users across the country to join groups and Save or Invest money. The Company provides the services of connecting users via Money Clubs and does not facilitate any financial transactions between any of the users in any manner. It provides match-making service where the matches users having different profiles to join the group and make the most out of it.

You fully understand and agree that Money Club only facilitates a virtual meeting place between the Users on its online platform. The decision to conduct financial transactions with other users is entirely at the discretion of the User and MoneyClub does not guarantee that the Users will successfully complete the financial transactions as per their understanding with other Users.

You fully understand and agree that Money Club provides a technology platform that enables users to form closed clubs within which they can Save, Invest and borrow money more efficiently among themselves totally at their own risk.

The User acknowledges and confirms that he/she is well aware of the rules & regulations and the risks involved in services offered by the Company. Changes are periodically added to the information herein.

The Company may make improvements and/or changes on this platform at any time. We will not be responsible for any data accessed / mis-utilized by unauthorized use of the platform by third party due to user’s neglect or due to allowing access to personal data to third party intentionally or unintentionally.

The Company will not be involved in any financial handling. The user hereby agrees not to raise any claim or dispute against the Company and its directors, officers, employees or agents against any breach of law which is done by user or money changers which is beyond the control of the Company.

No legal right is there to any member or user of the platform to raise dispute against the Company. The Company shall have the absolute discretion to amend or supplement any of the Terms at any time. We may communicate the amended terms by hosting the same on the platform or in any other manner as decided by the Company. The user shall be responsible for regularly reviewing these terms including amendments thereto as may be posted on the platform.

6. Suspension or Termination of Services

Money Club may, at its sole discretion, suspend / disallow / modify / restrict all or any of the facilities offered under the App or deny access to the App to any specific user at any time and for such time period and for such reasons as it deems fit, including on account of inactive/dormant user ID, non- compliance of these Terms, death, insolvency, or bankruptcy of the user, any restriction imposed by any legal/judicial/regulatory authority, or for any other cause arising out of the law/regulation or for such other reasons as we may deem fit.

Money Club shall be entitled to withdraw or terminate all or any Services without assigning any reason whatsoever, without any prior notice to the user. We shall not be liable for any loss or damage that may be sustained by any user on account of such suspension / withdrawal / termination by Money Club.

7. Indemnity

You shall indemnify and hold harmless the Company, its owner, licensee, affiliates, subsidiaries, group companies (as applicable) and their respective officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys’ fees, made by any third party or penalty imposed due to or arising out of Your breach of this Terms of Use, Privacy Policy and other Policies, or Your violation of any law, rules or regulations or the rights (including infringement of intellectual property rights) of a third party.

8. Limitation of Liability

  • In no event shall the company be liable for any special, incidental, indirect or consequential damages of any kind in connection with these terms of use, even if user has been informed in advance of the possibility of such damages.
  • The Company (including its officers, directors, employees, representatives, affiliates, and providers) will not be responsible or liable for any injury, death, loss, claim, act of god, accident, delay, or any direct, special, exemplary, punitive, indirect, incidental or consequential damages of any kind (including without limitation lost profits or lost savings), whether based in contract, tort, strict liability or otherwise, that arise out of or is in any way connected with (i) any failure or delay (including without limitation the use of or inability to use any component of the Website), or (ii) any use of the Website or content, or (iii) the performance or non-performance by us or any provider, even if we have been advised of the possibility of damages to such parties or any other party, or any damages to or viruses that may infect your computer equipment or other property as the result of your access to the Website or your downloading of any content from the Website.
  • The platform may provide links to other third party websites. However since the Company has no control over such third party websites, you acknowledge and agree that the Company is not responsible for the availability of such third party websites, and does not endorse and is not responsible or liable for any content, advertising, products or other materials on or available from such third party websites. You further acknowledge and agree that the Company shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such third party websites.

9. Dispute Resolution and Governing Law Provisions

  • Without limiting the foregoing, under no circumstances shall we be held liable for any damage, loss, loss of services of App, due to deficiency in provision of the Services resulting directly or indirectly from acts of nature, forces, or causes beyond its reasonable control, including, without limitation, internet failures, computer equipment failures, telecommunication equipment failures, or any other government regulations, floods, storms, electrical failure, civil disturbances, riots.
  • These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The place of jurisdiction shall be exclusively in New Delhi.
  • You fully understand and agree that any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be determined by alternate dispute resolution mechanisms, including Arbitration and / or Mediation in accordance with the Indian Arbitration and Mediation Laws in force at the commencement of the dispute resolution proceedings. To fully understand our dispute resolution procedure, please contact us at support@themoneyclub.in or +91 7289822020 between 9:30 am to 6:00 pm IST from Monday to Saturday.
  • If any provision of these Terms is held illegal or unenforceable, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. Any such provision held invalid, illegal or unenforceable shall be substituted by a provision of similar import reflecting the original intent of the parties to the extent permissible under applicable laws.
  • We reserve the right to change, modify, add to, or remove discounts, portions of these Terms at any time, subject to the policies of the Company and applicable regulations.
  • You shall not assign or transfer any right or obligation that has accrued to you under these Terms, and any attempt by you to assign or transfer such rights and obligations, shall be null and void. We may assign or transfer any right or obligations that accrued in our favour, at our sole discretion, without any restriction.