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|