Chattisgarh took a two-point lead with 19 seconds left on the clock when Deepa sank her three-pointer.
Thereafter, Southern's centre R Rapapri fluffed one of her two free throws with Chattisgarh leading 55-53 and the railway women fell short by one point.
In the three-team round robin, Chattisgarh have won two and lost one, Southern have won one and lost one, while Maharashtra have won one but lost two.
In the men's section, Western Railway - who lost 59-83 against Indian Air Force last night - came up with another dismal performance, losing 28-43 to Indian Overseas Bank in the final Group B League match to crash out of the tournament.
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The bankmen had blanked hosts Maharashtra 78-45 in a late night game yesterday.
Results: Men: IOB 43 (Pratham S 18, V Prasanna 10) bt Western Railway 28 (Prakash Mishra 12, Jaskaran Singh 12). Quarter wise score: 11-8, 27-10, 39-18, 43-28).
Women: Chhattisgarh 55 (Sangeeta M 15, Deepa L 14, Anjanaekka 11) bt Southern Railway 54 (R Rajapri 16, Anitha Pauldurai 11, S Kokila 11) Quarter-wise score: (10-7, 15-20, 31-35, 55-54).