1996

N.S.N.Reddy

Beside Vinayaka cafe

10:30 a.m. To 9:30 p.m.

Services | Financial Services | Chit Funds

A Chit Fund is a kind of savings scheme practiced in India. In a chit scheme, a specific number of individuals come together to pool a specific amount of money at periodic intervals.
Usually the number of individuals and the number of periods will be the same. At the end of each period, there will be an auction of the money. Members of the chit will participate in this auction for the pooled money during that interval.
The money will be given to the highest bidder. The bid amount will be divided by number of members, and thus determining per head contribution during that period.
Usually the discount will continue to decrease over periods. The person getting money in the last period will receive the full scheme amount.
Chit funds only.

Rail : 0.38 km, Bus : 0.40 km