From joining to fund disbursal - explained step by step
Follow these simple steps to start your chit fund journey
Visit any of our branches or contact us online. Choose a chit plan that suits your needs. Complete documentation including identity proof, address proof, and photographs. Sign the chit agreement after understanding all terms.
Start paying monthly or daily installments as per your chosen plan. Payments can be made through cash, cheque, or online transfer. Installments are due on the same date every month.
Every month, an auction is conducted at your branch. Members who haven't won yet can participate. The member willing to accept the lowest amount (highest discount) wins the auction. The process is completely transparent and open.
If you win the auction, you receive the chit amount (minus the discount you bid) within 2-3 working days. You can use this money for any purpose - business, education, medical expenses, or other needs.
Even after winning the auction, you continue paying installments until the chit matures. This ensures fairness for all members. The discount you bid is your cost for getting funds early.
At the end of the chit duration, all members receive their share. Winners get their final installment refunded (minus discount). Non-winners receive their total contribution plus dividend from discounts.
Visual representation of the complete process
How different members benefit from chit funds
What you need to join a chit fund
Any one of the following:
Any one of the following:
Two recent passport-size photographs
Chit fund agreement form signed by you and witnessed
Our chit fund agreement includes:
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