How does Shriram Chit funds work?
The Pooled funds every month are offered to the subscribers at monthly AUCTIONS and the subscriber who BIDS for the highest DISCOUNT is declared the PRIZE WINNER and given the PRIZE AMOUNT on proper security. A Prized subscriber also should continue to pay the subscriptions till the termination of the chit.
Are Shriram chits reliable?
Shriram Chits This is the largest chit fund in the country and probably a very safe one. Interestingly, it has almost 6,000 employees and also serves states like Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra. This is one of the oldest chit funds in India from the private sector.
Are chit funds legal in India?
Chit funds are legal in a majority of states and UTs in India. Chit fund companies in India are under the Chit Fund Act, 1982. Since chit funds are not financial companies, they are not regulated by the rules or guidelines of the RBI.
Is chitty profitable?
Investing in a chit fund may result in a profit, but can also result in a loss. If you win a bid and end up investing more than what you got, then the chit fund becomes a loan. The loss can be considered interest payable on the loan.
How do you calculate chitty?
Amount collected per month = 20*1000 = Rs. 20, 000 – this is known as the Chit Amount. Once the first month’s payment is received, bids are invited from all subscribers. Any subscriber, who is in need of money, can bid for the chit amount, at a lower amount than it.
Which bank is best for fixed deposit for 10 years?
Fixed Deposit Interest Rates by Different Banks
| Bank | Tenure | Interest Rates for General Citizens (per annum) |
|---|---|---|
| HDFC Bank | 7 days to 10 years | 2.50% to 5.50% |
| Axis Bank | 7 days to 10 years | 2.50% to 5.75% |
| Union Bank of India | 7 days to 10 years | 3.00% to 5.60% |
| Canara Bank | 7 days to 10 years | 2.95% to 5.50% |