Door No 24-12-1202/26, Attavara Road, Nforce Lezorin Apt, Ist Floor, Shop No 4, Nandigudda ,Attavara, Mangalore -575002
Chit funds are a system of financial savings and credits where people pool their money to make regular contributions. These contributions are gathered and then distributed among group members periodically. One member wins the total amount through a bid process.
The benefits include disciplined saving and investing, the ability to access funds when needed, and the chance to win the total amount collected, which can then be used to meet various financial goals.
Yes. Regulatory bodies supervise chit-fund operations to protect members' interests and ensure legality.
Members who do not pay their contributions will be penalized or disqualified from receiving the collection amount for that cycle.
The winnings can be put to various uses, including starting a new business, paying back loans, or investing, depending on the financial needs of each individual.
The distribution is usually determined by the rules for the group of chit funds, and one member wins the total amount collected during each cycle via a bid process.