What are some useful words and their meanings of Chit Fund?

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Chit Group: a discount cluster refers to a specific range of members agreeing to subscribe a specific quantity for a specific amount. For instance, 30 members, 40 months, Rs.500/- a month.

 

Chit Subscribers: those that invest in a very bill cluster.

 

Term amount: the length of the bill.

 

Monthly Subscription: the number to be saved/paid monthly by the Subscriber

 

Chit worth: quantity collected from members within the cluster.

 

Foreman: he's accountable for aggregation the subscription quantity from the subscribers, recording details of members and conducting the auctions. For these duties, he's paid a fee, of the number collected. The Foreman’s fee is reduced from the number paid to the subscriber UN agency wins the bid.

 

Chit agreement: it's a contract or agreement between the foreman and also the individual subscribers to a discount cluster. Agreement includes rules, laws and different details coping with the procedure for the conduct of chits.