1 Lakh - 50 Months

23 seats open. Who receives the money each month is decided by that month's auction.

How this chit works

Every month all members pay the installment. An auction opens 7 days before the due date, and the member who accepts the highest discount (up to ₹20,000) receives that month's amount. If several members bid the maximum, a lucky draw decides. One installment of the discount is the company commission; the rest is shared equally as dividend, so everyone's installment for the next month goes down. A member who has already received the money cannot bid again.

Late payment penalty: 2% of the unpaid installment from 5 days after the due date, then 0.25% per day until paid, as per the chit agreement.

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