Unlocking Savings: Exploring the Benefits of Monthly Chit Fund Schemes

A monthly chit fund scheme is a type of savings scheme where a group of individuals come together for a predetermined period to contribute a fixed amount of money each month. The total amount collected is then auctioned off every month to one member, who receives the entire sum, minus a certain commission or fee charged by the chit fund company managing the scheme. This process continues until each member has received their turn to receive the auctioned amount. It's a way for members to save and also have a chance to access a lump sum of money periodically