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A chit fund (chitty) is a savings and borrowing scheme where a group pools money every month and one member receives the pot each month. Here’s how it works, in plain language.
Prize money, discount, dividend, commission — chit fund words can sound confusing. This step-by-step example with simple numbers shows exactly where the money goes each month.
Chit funds are safe when they’re properly registered and well run. Use this checklist before you sign up, so your savings stay protected.
Big expenses rarely come with warning. Here’s how to match a chit’s size and duration to your goal, so the money is ready when you need it.
“Chits are only for the poor.” “You always lose if you bid early.” We look at five popular myths about chit funds and what’s really true.