Introduction

These Terms and Conditions apply to all users of the Chango Investment feature. 

These Terms and Conditions shall form part of the main Chango Terms and Conditions document. In the event of a conflict between these Terms and Conditions and the Chango Terms and Conditions, the Chango Terms and Conditions shall take precedence.  

By using the Chango Investment Feature, you agree to the following terms and conditions. If you do not agree to these terms and conditions, do not subscribe to the Chango Investment feature.

Chango Investment enables private Groups to invest their pooled funds through fixed deposit investments securely. Groups can review available investment products, vote to approve investments, and receive both principal and interest at maturity. Each investment is subject to the Group’s internal voting process before execution. 

Group Responsibility for Information Accuracy

The Chango Group shall be fully responsible for the accuracy, completeness, and truthfulness of all information provided when initiating an investment. This includes Group details, selected investment packages and funding sources. The Group must promptly notify Chango in writing of any changes to its Group name or other relevant details. Chango may request additional information at any time, and the Group is obligated to comply.

Suppose any information provided is found to be incomplete, inaccurate, or false. In that case, the Group may be held liable for any resulting losses or issues incurred by Chango or its partner institutions.

Interest Payment Terms

Chango shall pay the Group the interest amount in line with the terms outlined in the selected investment product at the time of initiation. The interest will be calculated and made known to the Group at the point of initiating the investment. Interest is accrued throughout the agreed investment period and paid in full along with the principal at Maturity.  Chango will automatically credit the Group with the total maturity value of the investment.

Investment Rate Validity and Adjustments

Each investment product (rate) comes with a defined effective and expiry date. Investment rates may be adjusted periodically. When a rate expires and is updated, all pending investment cashout votes linked to the expired rate will be automatically cancelled. Administrators will be notified via email of the cancellation, and an in-app notification will be sent to all Group members.

Premature Termination  and Rollover

Early cancellations of Group investments will attract a penalty on the accrued interest. Any Group wishing to cancel an active investment prior to maturity must notify Chango in writing.

Additionally, an investment rollover feature will be introduced as an add-on option soon. 

Investment Amount Limits.

Each investment product has a defined minimum investment amount. However, there is no cap on the maximum amount a Group can invest.

Investment Cashout Voting Rules

A “No” vote by any Group member results in the cancellation of the investment cashout. However, the Group administrator may reinitiate the request if desired.

If the Group does not complete the voting process within seven (7) days of initiating the investment request, the cashout will be automatically cancelled, and the Group will be notified.

Investment Report

A downloadable report will be available within the app that provides a summary of the Group’s investment activities. It includes details such as the investment amount, interest rate, tenure, maturity value, and transaction history related to each investment made by the Group.