A Chit fund is a kind of savings scheme practiced in India. A Chit fund company means a company managing, conducting or supervising, as foremen, agent or in any other capacity, chits as defined in Section 2 of the Chit Funds Act, 1982. According to Section 2(b) of the Chit Fund Act, 1982, “Chit means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount”
Chit fund businesses help both the investors and also who need loan. While the investor get much more than what he would otherwise get with Bank Deposits, the borrower can save lots of interest in Chitfunds. Chitfunds are a preferred choice of many businessmen. At Karthavya, we understand your need of having a Software that can efficiently manage your chit activities. Our web based Chit Fund Software helps you to monitor your chit activities and at the same time makes it easy for your customers to access their account information from whichever place they are in.