Understanding the Concept of Chits
Welcome to the world of chit funds, a traditional and trusted form of financial cooperation! Chits, also known as chit funds or kuries, have been an integral part of our financial culture for many decades. Let's delve into what chits are and how they can benefit you.
Process
How Chits Work
Unlock the Simplicity and Potential of Chit Funds.
Formation of Chit Group
Formation of Chit Group
A set number of individuals voluntarily form a chit group, facilitated by a chit fund company.
Monthly Contributions
Monthly Contributions
Each member commits to a fixed monthly contribution for a predetermined duration.
Auction Process
Auction Process
Every month, an auction is held among the members, where the prize amount is bid upon.
Prize Distribution
Prize Distribution
The highest bidder in the auction wins the prize amount, which is the total contributions for that month minus the bid.
Chit Completion
Chit Completion
The cycle continues until all members receive the prize amount once during the tenure.
Advantages of Chit Funds
