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A chit fund is a rotating saving scheme that has been a part of India’s financial system.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.
A scheme which generates high returns and also allows the investor to withdraw money whenever he needs, would qualify as a good investment scheme

Each scheme admits a specific number of members whose monthly contributions adds up to the total value of the chit fund at the end of the term. A chit fund comprises a group of members, called subscribers. An organizer, a company or a trusted relative or neighbor, brings the group together and administers the activities of the group

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The chit fund begins at the pre-decided date for the number of months equal to the number of investors. The subscribers contribute their monthly instalments into the pot. An open auction is then conducted, allowing the members to bid for the chit fund value. The subscriber who is willing to take the lowest sum is announced the winner and gets to take the chit fund for that month.

In a chit fund scheme, a group of people contribute periodically towards the chit value for a duration equal to the number of investors (members or subscribers). The amount collected is given to the person, who is either selected through a lucky draw (lottery system) or an auction.

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