Chit funds are good vehicles in bringing savers and borrowers in the same platform. The dire need with which borrowers are there determine the rate of returns for savers.

Chit fund can be seen as emergency saving, which can be withdrawn at any time interval. There are no complex procedures for applying for loans from chit funds student educations this scheme very useful.

Chit funds can be relied upon to satisfy personal needs. Unlike other financial institutions, you can draw upon your chit fund for any purpose.

A Chit Fund Company Comes Under The The Category Of Non-Banking Financial Companines (NBFC),and it is exempt from being Registered Under Reserve Bank Of India (RBI).A Chit Funds Company Is Regulated By Other Regulators And Thereby,not RBI.

The Collection Summary report provides a summary of receipts collected, how they were applied (invoices, debit memos, service charges, or unapplied), and average number of days to collection, to help you determine a client's payment habits.

Weekly Collection means a Service carried out at a frequency of once every week with no more than 7 days between each occurrence. Weekly Collection means the scheduled collection once every week.

Monthly Collections means the cash proceeds received by the Borrower or any other Credit Party in respect of the sale of Securities Collateral during a Collections Period. Monthly Collections means all Collections received during any Monthly Collection Period.

Registered chit funds are governed by the stringent provisions of the Chit Funds Act, 1982 and the money invested in these chits are very safe. The Chit Fund companies are required to keep an amount equivalent to 100% of the aggregate chit amount of all the chits conducted by them in fixed deposits with banks in the name of the Registrar of Chits for the entire duration of the chit.