WebApr 22, 2024 · The subscribers of this chit, pay the monthly subscription amount to the chit fund company, also known as agent/foreman. The agent is responsible for bringing … WebChit terminology (explained with the help of the above example). Instalment = Monthly Subscription =₹10,000. Period = Number of months = 50. Gross Chit Amount = Total of Instalments by all members = ₹5 lac (₹10,000x50). Bid offer Amount = Amount willing to be foregone by the subscriber to win the prize Money = ₹1,75,000 (if we consider Bid = …
The Chit Process – How it Works - Muthoot Chits
WebFeb 3, 2024 · Here is a look at how a chit fund works. A joins a chit fund worth Rs 60,000, at a monthly subscription fee of Rs 1,000, for 60 months. The scheme will have 60 participants contributing to the ‘pot’. At the end of the month comes the auction. Any group member can bid for the pot (worth Rs 60,000 now). A member can bid for the pot at par ... WebJan 18, 2024 · Chit Funds: Chit funds are obviously not as popular as the above two options. But if you examine it carefully, you will realize that chit funds are a very powerful and simple financial instrument. Firstly, it is … greensmart services
What happens when no one is willing to take money from a chit …
WebSubscription ₹20,000 Monthly. 20249+ Members enrolled. A. A. A. Duration: 50 months. CHIT AMOUNT ₹1,00,000. Subscription ₹4,000 Monthly. 21775+ Members enrolled. A. A. A. ... Chit fund returns depend on the month you participate in and win an auction. A customer who stays for 25 months gets an annual interest of around 10%. WebIn this video, I am showing you Chit Funds Full Details in Telugu Full Details about Chit Funds in TeluguHi friends, Today I am showing you Chit Funds Full... WebJul 7, 2011 · The returns in a chit fund scheme are not equal for all. The later a person bids, the higher is his return. Since the organiser is also a member of the group, he normally retains the previlege of being the last person to bid – i.e. in the 20th month as in the example given by you. ... Chit value 10,00,000/ Monthly instalment Rs 20,000/ Tenure ... fmwchristmas discount