![]() Now there will be a bid on who will take this money. That will make a total of Rs 20,000 every month. So each month all these 20 people will meet on a particular day and deposit Rs 1,000 each. In this group there will be one organiser, who will take the pain of fixing the meetings, collecting money from each other and then doing other procedures. Each one will contribute Rs 1,000 per month and this will continue for next 20 months (equal to number of people in the group). Let’s say there are 20 people who come together and form a group. ![]() However, a lot of people do not understand the working and wonder how chit fund works. ![]() Over the past many years there has been large scale frauds and scams done by large chit fund companies. What are Chit funds and how do Chit funds work ? There are lots of chit funds in india like shriram chit funds, margadarsi chit funds and I would like to show you how chit funds exactly work and what are pros and cons in Chit funds.
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