A chit fund is a savings scheme where members contribute a fixed amount regularly and receive a lump sum amount in return.
Benefits include forced savings, access to lump sum funds, and a low-risk investment option.
Reputable chit fund companies ensure safety by following regulations, maintaining transparency, and providing regular updates.
Withdrawals are subject to terms and conditions. Typically, you can withdraw after a specified period.
Interest rates vary depending on the company and scheme. Check the specific terms and conditions.
Research the company's reputation and check for regulatory compliance.
Typically, you'll need proof of identity, address, and income.
Yes, but ensure you understand the terms and conditions of each scheme.