What is ChipNGift?

What is ChipNGift?

It is an innovative idea of chipping in and gifting your dear ones the gifts of their choosing. We believe in celebrating family, friendship and life. ChipNGift caters to all life events in an individual’s lifetime that lend themselves to gifting. We have given digital India a platform to fund these life events. You can create an event for yourself or create one for your loved one. In short, a whole new way to gift! Call it gifting redefined, if you may!!!!

How does ChipNGift work?

Please refer to any of the videos in the “Video” gallery to understand the process.

Great idea, but how do I get started?

It is very easy. Log in and become a member of ChipNGift. Once you are a member, you can create an event for yourself or your loved one. Then you can send out the invites.

Do you include all events? My event category doesn’t exist in ChipNGift, what to do?

Yes, we have tried our best to cover all life events, festivals, etc., which lend themselves to gifting. However, there is a chance we might have missed out on something. For that eventuality we have created an option to customize and “make your own event” category.

What about my money…can you explain the process?

Once you have completed the initial stage of creating an event and assembling sponsors, a pool account at our registered bank will be created only for your event. Few days before the event, the process of collection will be concluded. At a desired date selected by you, you will receive a secure bank link wherein with minimal information, money will be directly deposited in to your account. It will be confidential. Only the initiator of the event will have these details. ChipNGift will not hold any money at any given time. Money will always be with bank, partnering with us, at all times which will finally be transacted to your account.

Will my bank details be stored safely with ChipNGift?

We at ChipNGift will not have any of your banking details. All the transactions are carried out with the registered bank only. The bank will employ all security measures to ensure that your money is safe. The banks partnering with us will be a known bank .

Is my money safe?

Yes, your money is very safe. We strictly follow the RBI rules laid down for such business transactions. Something about security certificates-Bhaskar. Our processes and compliances have been audited and certified by the world’s leading certification companies. To lay your doubts at rest, all your money transactions are happening at the bank website.

What are private and public events?

Private events are “closed” events where only select people are invited

A public event on the other hand is an “open” event wherein anyone can view & contribute for the event.

Can people who are not invited view my event listing? Or can my invite, without my permission be forwarded to others?

Yes, your invite link can be forwarded. However, your invite is linked with the email address you used for the invitee when you created an event.

So even if the invite link was forwarded without your permission, an uninvited guest won’t be able to see the event on ChipNGift. If the event link is shared on social media, anyone who clicks and reaches the event entry page will be able to be a part of the group only after you add his/her name to the invite list.

As for a public event, yes, anyone and everyone can see and contribute.

When do I get the money?

During the process of creating an event, we provide you with an option of “collection closure date” to specify the date when you want the process to close. A day after this specified date, we inform you via an email to get bank link, wherein you will fill your credentials and have the money credited to your bank account right away.

What if the gift doesn’t get fully funded?

It does not matter if your event/product is not fully funded. The system will auto generate reminder emails for your invitees to come and pay. At a predefined date by you, you will be informed about the collection closure via an email to gather the collected funds.

What are my tax implications?

Broadly, if your gift value from “friends and co-workers” exceed Rs. 50,000, you will be liable for gift tax. Gifts from “family” are tax exempted. We will be able to provide you breakup of total funds mobilized wherein there are 3 categories i.e., family, friends and co-workers. For details see the Indian Govt. Income tax link below: http://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=

What’s co-owner and will he or she have full rights?

A co-owner is someone who can drive an event along your side. Both of you have equal rights and access to the gift account.

Can other invitees see how much I chipped in?

We at ChipNGift respect confidentiality. No one other than the event creator or co-owner of the event will have access to that information.

Can I have more than one event at the same time?

Can I have more than one event at the same time?

Can I host an event for someone else?

That’s the beauty of the system. We highly encourage that you do! Wouldn’t it be nice to give someone special in your life a reason to smile? You can create a surprise birthday party for a loved one, brothers can get together and fulfill sister's Tag Heuer watch dream on Rakhsabandhan, the entire family can chip in towards grandparent’s world tour or char dhamyatra. The possibilities are endless!

How many gifts can I chose at one time?

As many as you want. For events such as wedding, we recommend you adding as many gifts as possible, that way your wish list is never empty. What we are doing in the system is showing only 12 gifts to your invitees at a time. At any given time, if an item from the wish list gets fulfilled, the 13th item which was invisible till now will become your 12th item.

What happens when all the gifts are paid for and there are more guests who need to chip in?

There are 2 options here. Option 1 is the event owner adds more gifts on the fly. Option 2 is that the invitee will have an option to create a gift of his/her choice and chip in.

Can the system be used just as an invite management system?

Yes, ChipNGift has the capability to manage your invites. The event creator can create customized invites. Invitee’s can RSVP. Event creator can keep track of the people expected at the event. Digressing a bit, but the system will also serve as a great database to track who chipped in and how much, a quintessential tool which will be much used by saass’ and bahus’ of our Indian families.

I just created an event and still don’t see the same published. What’s going on?

Event creation on ChipNGift is something similar to you creating content on Facebook. You are bringing in content from outside and creating your event. Just to maintain the sanctity of the website and what people see coming from us, we will audit every event before posting. This process depending on the backlog can take anywhere from 5 minutes to an hour and thus the delay between event being created and being published.

Can I add a gift afterwards?

One can add more gifts at any time of the running event. Your event will continue to show up as it was before adding more gifts. Your invitee will see the new gifts only after passing the sanctity test by the backend team.

Is there a fee for charity events?

Charity is always free. No profit, no loss here. We will just charge the basic bank transaction fee.

Is ChipNGift charging for this service?

ChipNGift is charging a very minimal fee for this awesome platform they are providing you to reinforce those special relationships.

To break it up, your total fee is bank transaction charges and our service fee. You as a host don’t pay anything…… nada, zilch. The fee will be imbedded in the gift pricing. Let us explain that with an example. Say you are collecting Rs. 100 for an event. We will post your gift for Rs. 107. All your invites are now raising funds for your gift and the fee to ChipnGift. So your fee is getting distributed amongst your friends and family.

Now let us reiterate, ChipNGift is probably the only place on the face of this earth where the event owner gets a free lunch.

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