In a chit fund scheme, a group of people contribute periodically to the chit value for a period equal to the number of investors (members or subscribers). The amount collected will be given to the selected person through auction.

The slip is viewed for personal use and savings. It can be withdrawn at any time interval. There are no complicated procedures to apply for a loan from chitfunds. Simple procedure is followed.c…

In a Chitfunds scheme a group periodically contributes to the value of the ticket for a period equal to the number of investors (20 subscribers for 20 months).The amount collected from this group is paid to the selected person through auction (or) interest calculation.

In a Chitfunds scheme a group periodically contributes to the value of the ticket for a period equal to the number of investors (20 subscribers for 20 months).The amount collected from this group is paid to the selected person through auction (or) interest calculation..

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Registered chit funds (companies) are governed by strict rules under the Chit Funds Act, 1982. And money invested in tickets is very safe. Chitfund companies are required to keep an amount equal to 100% of the total chit value of all chits they conduct in fixed deposits with banks in the name of the chit registrar throughout the chit period.