⇒ A Chit fund is a savings cum borrowings scheme, wherein a few people (known as members or subscribers) come together and invest a fixed amount every month for a fixed period. The Chit fund scheme is managed by one of the members, who is known as the Foreman During the process of collection, any member can draw a lump sum through various ways like a member should fix a payout date based on a known expenditure.
⇒ The number of members equals the number of times a contribution is made to ensure everyone gets a turn. For example, if a group of say 15 people pay 2,000 each a month, the total monthly pool becomes 30,000. if three members need money at the same time they are choosen by lucky draw.
⇒ Ceiling on auction bid starts from 25% to it reduces each month and foreman commision is 5%.
WHY INVEST IN CHIT FUND ?
This allows you to invest as per your needs and spending habits
Steady returns because dividends are earned every month
Inculcates the habit of compulsory and regular saving every month
A subscriber can bid for the amount he requires in financial exigencies
You can get funds in a timely manner without the hassles of extensive paper work
Investments are not affected by any market conditions
Once the chit group commences
Once the chit group commences
The Subscriber does not always pay the entire Subscription amount every month. Let us find out how and why he does not have to pay the entire amount.
The maximum discount or maximum bid permitted ranges from 25% to 30%. For the purpose of this illustration we will assume that a Subscriber has bid 25% of the chit value. 100,000 is 25,000. This amount is known as Chit Discount.
The foreman charges 5% of chit value as commission. In this illustration, the amount is 5000. This is deducted from Chit Discount i.e. 25000-5000=20000. This amount is available for equal distribution among the subscribers.
In our example, 20000 would be divided equally among 20 subscribers. Each subscriber would get a discount of 1000/20 This amount is known as Dividend.
In the following month, all subscribers would have to only pay 4000 instead of 5000. This is because they have earned a chit discount of 1000.
⇒ Amaravathi has completed 25 years of service to its customers. Amaravathi is followed by Indian Reserve Bank (NBFC) and registered under the Chit Funds Law of State Government (ROC).
⇒ We understand the needs of the people well and suggest them the chit schemes that will suit their requirements.we endeavor safe,secure and simple financial investment options.we engage customers by understanding their financial business planning.
⇒ All transactions are carried out in a transparent manner and we strictly comply with all the laws relating to chit funds.
⇒ Amaravthi is carrying chit business complying 100% with the Chit Fund Act 1982. Moreover Amaravathi makes a Security deposit equal to chit amount in a Scheduled Bank in the name of Registrar of Chits.
Amaravathi Chit Fund (P) Ltd.
173, First Floor, Raahat Plaza,
Vadapalani(Opp. Bus Depot),
Copyright © 2020 Amaravathi Chit Fund (P) Ltd.
Name : Arvindraj.V.S
A/c No : 21260110036389
IFSC : UCBA0002126
Bank name : UCO Bank
Branch : Valasaravakkam Branch, Chennai