- samithchits2020@gmail.com
- 080 4152 2262
Frequently asked question
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What is a chit fund, and how does it work?
A chit fund is a financial arrangement where a group of individuals contributes a fixed amount periodically over a specified duration. The total contributions are pooled together, and each member can receive the entire amount at different times through an auction or lottery system. The winning subscriber receives the prize amount after deducting a discount, which is then redistributed among all members as a dividend
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What are the benefits of investing in Samith Chits?
Investing in Samith Chits provides several advantages, including lower borrowing costs compared to traditional loans, the potential for higher returns through dividends, and the flexibility to access funds earlier than in standard savings schemes. Additionally, it offers a structured saving mechanism with regulated oversight to ensure the safety of investments.
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What happens if a subscriber wins an auction?
When a subscriber wins an auction, they receive the prize amount but must continue paying their monthly contributions. The winning bidder typically offers to take the chit amount at a discount, which is calculated based on the total contributions and shared among all members as dividends. The excess amount withdrawn must be repaid through subsequent installments until the end of the chit cycle.