A Chit fund is a kind of savings scheme practiced in India. A chit fund company is a company that manages, conducts, or supervises a chit scheme—as defined in Section of the Chit Funds Act, 1982.
5 Years of Trusted Services. Various type of chits conducting here, minimum 10,000 upto 10 Lakhs.
A group of people contribute periodically towards the chit value for a duration equal to the number of investors (members or subscribers).
Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount
It is also known as chit, chitty or kuree. Chit fund is an excellent financial instrument for both – saving and borrowing. As a savings instrument, it gives a good return on investment, and as a borrowing scheme, it can be a reliable source of funds in emergencies and otherwise.
Chit fund is a versatile financial product because it works as both an investment and a borrowing tool: when you pay the monthly installment, you invest that money and when you win the auction, you borrow against the subsequent installments (future savings).
Foreman's commission: Under the Act, the 'foreman' is responsible for managing the chit fund. He is entitled to a maximum commission of 5% of the chit amount.
People who want to invest will benefit more from long-term chitties since they will receive higher profits in the form of dividends.
As per accounting, to invest money in the Chit fund is your asset because you want to get benefit from this. You get money through winning prize. You can also take loan on your chit fund.
THAMIZHAN CHITS being a Registered Chit Company coming under the purview of The Chit Fund Act 1982,the Reserve Bank of India and the Registrar of Companies, investment made in ThamizhanChits is Legal, Secure and Safe and a most way of easing away your financial problems at the right time, in a right manner and providing absolute peace of mind.
THAMIZHAN CHITS, being promoted by a group of people who have been successful in their individual avocations and who enjoy a very good reputation for their honesty, sincerity in the business field, naturally has a large number of customers spread across Krishnagiri District and the State of Tamilnadu as well.
Shop No.5, 2nd Floor, 100 Ft. Outer Ring Road, Behind RC Church, Near Selvaganapathy Tiles Godown, Hosur – 635 109.
Gurney Complex, No.18, 2nd Floor, Town Hall Road, Madurai-625001.
No. 111/29, Shop no-3, Kummalamman koil Street, TCB Complex, Tondiarpet, Chennai - 600 081.
