Chits

A Chit Fund is a mutual benefit saving scheme of a group of people who are the subscribers to the scheme. All subscribers contribute to the scheme in installments. After receipt of every installment, a lump sum amount is given to one of the subscribers by auction, so that everyone of them is awarded the amount by the end of the scheme.

At Lenaxis, chit auctions will be conducted once in a month for all the groups. The time and date of auction would be intimated to the respective subscribers on completion of the enrolment of each group. If auction day falls on a holiday, it will be held on the next working day at the same time and place. Nominated proxy will be allowed to attend the auction on prior approval.

Chit Fund Schemes

Group Monthly Subscription Total Members Total Months SALA (IN RUPEES) Calculation of Daily Collection
L2H 25000 20 20 500000 1000
L3H 20000 25 25 500000 800
L3G 12000 25 25 300000 500
L2G 15000 20 20 300000 600
L2F 10000 20 20 200000 400
L3E 4000 25 25 100000 150
L2E 5000 20 20 100000 200
L2D 2500 20 20 50000 100
L3D 2000 25 25 50000 80
LRA 500 20 20 10000 20