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A chit fund comprises of a group of members known as subscribers. Each subscriber contributes a monthly amount towards a total collection known as “chit fund value” or “pot”.

Subscribers make these monthly contributions for the number of months equivalent to the number of subscribers in the group.

For monthly chit groups, an auction is held every month where subscribers bid for a percentage of chit fund value (pot). This periodic auction is conducted by the foreman (in other words, the chit fund company).

The subscriber who bids for the maximum permissible discount on the chit value wins the monthly prize money (chit value minus discount). 5% or 7% of the chit/pot value is the foreman’s commission. The balance amount of discount after this deduction of foreman’s commission is distributed equally among all subscribers as chit dividend.