How to start a chit fund business plan

These small business ideas are suitable for individuals, college students, house-wives and retired seniors based on the time they can spend.

How to start a chit fund business plan

Chit funds in India are governed by various state or central laws. Organized chit fund schemes are required to register with the Registrar or Firms, Societies and Chits.

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Kerala Chitties Act Tamil Nadu: Tamil Nadu Chit Funds Act, In North India, a common type of chit fund uses small paper slips with each member name, gathered in a box.

When all members are at a monthly or weekly meeting, the one in charge in front of the other members picks a slip from the box. Afterwards, that persons name slip is discarded. Special purpose funds some chit funds are conducted as a savings scheme for a specific purpose.

An example is the Deepavali sweets fund, which has a specific end date about a week before Deepavali. Neighborhood ladies pool their savings each week. They use this fund to buy and prepare sweets in bulk just before the Deepavali festival, and they distribute sweets to all members.

Preparation of Deepavali sweets may be a time consuming and costly activity for individuals. Such a chit reduces costs, and relieves members from extra work in a busy festival season.

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Nowadays, such special purpose chits are conducted by jeweler shops, kitchenware shops, etc. Online chit funds conduct auctions online and subscribers can pay their monthly dues and receive prize amount online through online transactions including electronic fund transfers.

Each member has an online account to manage their chit funds.Chit funds are rather popular among the artisans, shopkeepers and many such businessmen running small businesses.

how to start a chit fund business plan

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Chapter 3 – Types of Mutual funds. Mutual funds are designed in a way that they suit every investor’s need, it is like a melting pot of what every investor would desire. To start a business there are certain rules that must be heeded to.

how to start a chit fund business plan

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