A chit is a contract between the foreman (the organizer) and the subscribers (the members). It's a financial system where a group of people regularly save a specific amount of money each month for a set period. Each month, the pooled funds are auctioned, and the member who bids the highest discount wins the prize amount. The winner must provide proper security and keep paying the monthly installments until the chit period ends. The discount amount, minus the foreman’s commission, is shared among the members as a dividend.

We are a registered chit fund company regulated under the Chit Funds Act, ensuring complete transparency and security.

The foreman is the person in charge of managing the chit. This could be a branch manager or anyone else performing the foreman's duties.

No, the contract is only valid for the duration of the chit group until all debts between the members and the foreman are settled.

Save small amounts regularly to receive a lump sum during the chit period. Borrow money against future savings in advance. Some people join chit funds to borrow money, while others join to save.

The chit agreement is a contract between the foreman and each member. It includes the rules for running the chit. Members sign the agreement, which includes details such as their name, address, the number of installments, the amount payable, penalties for late payment, the start date of the chit, how the prize winner is chosen, the maximum discount allowed, the dividend and foreman’s commission, auction details, the bank name, and security requirements for the prize winner. Members usually sign a declaration stating they have read and understood the agreement, which is then filed with the registrar.

Members must fill out an application form with their name, addresses, monthly salary, and nominee details. They must also sign a declaration that they have read and understood the terms and conditions of the chit agreement.