Chains, to my limited knowledge, act in a similar role as the 'RPG cages' found on MRAPs and if I recall, some LAVs had them too. They're not so much armor for ricochets, but armor against shaped-charges such as those similar to the RPG. The idea is to initiate the charge in the round at a distance that provides a safe standoff for the jet of molten metal from the shape charge to not offer a reasonable amount of penetration, if my wording makes any sense.
So, in theory, the jet of molten metal wont be forced into the vehicle like squeezing a banana in your hand and having it ooze through the gaps in your fingers (at hundreds of feet per second), but instead will lose a lot of its energy and bounce off the vehicle like a banana being thrown at your tile kitchen floor.
Whether or not the chains actually accomplish that, I can't say for certain. There were instances of them on tanks during WWII, but modern examples to my knowledge are very limited.