How Chits Work

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Chit Value

There is a new chit group that is commencing. The value of the chit is 500,000. This amount is known as the Chit Value.

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Chit Period

For the purpose of this illustration, we will consider the duration of the chit to be 50 months. This is known as term period for the chit group.

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Subscribers

The Foreman or Chit Fund Company has to gather 50 people who are interested in investing in this chit group. These 50 persons are called Subscribers.


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Foreman responsibility (Daivika Chits)

Once the chit group commences

  • The foreman has to register the chit with the registrar of chits.
  • The foreman has to pay 100% of the chit value as security.
  • This amount can be withdrawn only after the said chit group closes and every subscriber is paid what is due to him or her.
  • This regulation protects the interests of the subscriber to a certain extent.