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BK Chit Funds is a savings vehicle that facilitates participative savings. Each scheme consists of 20/25 members who contribute a fixed amount for a predetermined period. The foreman, or scheme-runner, conducts a monthly reverse auction where members bid on discounts to the prize amount. The discount is then shared equally among the members. All schemes are registered with the State Government, ensuring regulatory compliance and the safety of members' savings.
Each chit scheme at BK Chit Funds involves 20/25 subscribers contributing a fixed amount monthly for a specified duration. The accumulated amount is auctioned, and the bidder willing to accept the least amount receives the prize. The remaining funds are then equally distributed among the members, allowing them to pay less than their regular monthly instalments.
Absolutely. BK Chit Funds operates under the governance of the Chit Fund Act 1982 and is regulated by the Registrar of Chits. Your money is secure, and the aggregate value of each chit scheme is deposited with the Registrar of Chits.
Any regularly earning member of a family, businesspersons, traders, institutions, and entrepreneurs can become a member of the BK Chit Funds community.
BK Chit Funds offers various schemes to suit everyone's budget, whether you're a salaried individual, a businessperson, a professional, or anyone else. Choose from our range of schemes and get in touch with us to start your chit fund journey.
The monthly contributions in BK Chit Funds are predetermined and fixed for each member of the chit scheme. These contributions are agreed upon at the beginning of the scheme and remain constant throughout its duration.
Yes, you have the flexibility to join multiple chit schemes simultaneously with BK Chit Funds. This allows you to diversify your savings and participate in different schemes tailored to your financial goals.
In the event of a member defaulting on their monthly contribution, BK Chit Funds follows a predefined process outlined in the chit agreement. Typically, the member may be subject to penalties, and their portion of the prize amount may be adjusted accordingly.
