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HOW DOES CHIT WORKS

  • The ceiling amount in our company is 25%, 30% and 40% discount.
  • A chit scheme generally has a predetermined value and duration (10 months & 20 months, 25 months, 30 months and 40 months).
  • Each scheme admits a particular number of members (generally equal to the duration of the scheme), who contribute a certain sum of money every month to the customers who are screwed up'.
  • Auctions are bidding every month for "selective customers".
  • The highest bidder (also known as the prized subscriber) wins the ’pot’ (COMMON FUND OF A GROUP) for that month.
  • The bid amount is also called the ’discount’ and the prized subscriber wins the sum of money equal to the chit value less the discount.
  • The company commission will be deducted from the discount money.
  • The company commission is 5%.
  • The discount money is then distributed among the rest of the members (or the non-prized subscribers) as ’dividend’ and in the subsequent month, the required contribution is brought down by the amount of dividend.
  • The chit release amount will be paid to the subscribers as a cheque.
  • Due date for the month on or before 10th of the month. If the payment is cheque, the customer should pay on 7th of the month.

BENEFITS

  • “All the rules mentioned in THE CHIT FUNDS ACT 2013 will be followed.
  • Enrolment fees will be charged to all the customers according to the chit they enroll.
  • Every customer will be required to sign the chit agreement before they enroll in any chit.
  • Every month the PASSBOOK will be checked. You will register your money in the checking card instead of your passbook get back to our hand until the checking amount is verified.
  • All the subscribers should pay the subscription within 30 days from the auction date.
  • Prized subscriber will be required to submit the surety documents before they receive the prize amount.
  • The prize amount will be given to the prized subscriber within a period of 30 days from the auction date.

To know more about our service related details.

The prize amount will be given to the prized subscriber within a period of 30 days from the auction date.