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How to avail in profit sharing, incentives and bonuses?
You are eligible for the profits, incentives and bonuses of a particular month only if you have made the minimum purchase of ₹250 (single purchase) at the M.R.P. in that calendar month, on or before the 24th of that given month.
Minimum order value will be ₹250 in order to calculate profit sharing.
After you submit the duly filled application your Membership Identity Number (MIN) and card will be issued.
How the system works?
- To enroll as Family Member, Bank Account and PAN is not compulsory.
- Family members shall purchase Minimum purchase of Rs. 250.00 (MRP Based) products of their choice and shall get the 15% profit share instantly.
Example A: A member purchasing ₹250.00 MRP worth of products:
- MRP ₹250 X 15% profit share = ₹37.50
- She will avail the profit share instantly and pay ₹250.00 – ₹37.50 = ₹212.50 only to the Service Point.
- There is no upper limit, minimum is ₹250.00 during the payout period of 25th to 24th of the following month.
Example B: A member has the following credit to her account:
- Sponsor incentive 1 X ₹250.00 = ₹250.00.
- Profit share earned from the down line on purchase of ₹500.00 (MRP Based) by the member = ₹500 X 7.5% = ₹37.50
- ₹250.00 + ₹37.50 = ₹287.50 x 10% = ₹28.75 TDS (in case of PAN holders) = ₹258.75 and For Members without PAN the % of TDS will be more as per IT Rules it will be deducted.
- Next month when the Family member purchases ₹350.00 worth MRP based products, she avail this credit. ₹350.00 – 52.50 (15%) = ₹297.50 – ₹258.75 (Credit amount) Net she will pay ₹38.75 only but gets ₹350.00 worth products.
Example C: A member who earns over and above ₹250.00 credit
- If one sponsors 4 Members, she earns ₹1000.00 as introduction incentive.
- When the down line members purchase ₹1000.00 all put together, she earns ₹75.00 (₹1000.00 X 7.5%) as 1st level profit share. In this case there is a promotional incentive earned, if earned the same will accounted here.
- The total Profit share earned is ₹1000.00 + ₹75.00 = ₹1075.00. Less TDS ₹107.50 (In case of PAN details available or else as per IT rules) = ₹967.50. Out of this ₹250.00 will be in the members’ credit and Balance of ₹717.50 will be transferred to her Bank Account, through NEFT.
- In this case Bank Account with IFSC code is compulsory, till we get the bank details (copy of the bank pass book or one cancelled cheque leaf with MIN Details) the amount will be in the members ledgers, which can be carried over, till such time the details are made available to the company.
- The amount of ₹250.00 credited and laying in her account has to be utilized during following months purchase only CARRY OVER is permitted.
Total Product Satisfaction
My Family Biz assures total product satisfaction in quality, taste and safety. However, in case there is a genuine complaint, 100% money back is guaranteed if reported within 30 days from the date of purchase and with purchase details.
My Family Biz Partners
CRM Solutions: Oracle CRM on Demand Accounting: SAGE ACCPAC.
Service Points are open for all members of My Family Biz in unrepresented areas.