Chit fund: How it works, red flags and your rights as an investor

Verified earnings chit.

You can join a Money Club with other like-minded people from all over India who are verified by the Money Club team.

The Money Club mobile app

Start saving or borrowing money in the chit fund digitally. Money Club is not only a good saving and borrowing platform but it also provides you a great investment opportunity to earn returns more than bank fixed deposits or recurring deposits. How does The Money Club help you?

It is managed completely on your mobile phone.

verified earnings chit

Unlike the other chit funds, we do not take deposits from the members. Fund transfers are done from one member to verified earnings chit other member directly.

verified earnings chit

All the transactions are done online from bank to bank. Your investments can earn more than Fixed Deposits and Mutual Funds.

Product Details

Easy access to funds in emergencies. You can make good friends here as you can freely interact with your club members. The Money Club Highlights: 1. No documents required to join a Money Club. Only verification fee is charged once you join the pilot club a trial club for new members.

Join like-minded people from all over India who are experienced in investing in Chit Fund, or Beesi or Committe offline. Club members limit: minimum 6 and maximum 15 members in a club. No money is deposited in verified earnings chit Money Club app.

Members transfer funds directly to verified earnings chit other and update their transaction on the Money Club app along with the transaction ID. Frequency of the money club: daily, 3-days, weekly, fortnightly and monthly.

verified earnings chit

The app keeps track of all the transactions and notifies every one of their due payments and receipts through SMS, email and app notifications. How to get started? If you are reading this then most probably you are already investing with your offline Chit Fund, Committe or Beesi and you want to go digital.

Comment Synopsis Do not invest in chit funds without knowing how it works. Here is all you need to know about investing in them. Getty Images A chit fund is both a savings and credit product.

Download the app and register yourself 2. Watch the Intro Video or you can skip the video if you already understand the Money Club concept.

Frequently Asked Questions

Apply with your details and submit the form 4. Expect a verification call from us within 24 hours 5. If there are 6 number of members in the trial club, the club will run for 6 days.

Members go through Level 1 Verification after the closure of the Pilot trial Club 7.

verified earnings chit

After the completion of the Pilot trial Club, members who get successfully verified, make it to the Real Club. The first Real club comprises of max.

Chit fund: How it works, red flags and your rights as an investor - The Economic Times

As users build transaction history on the platform they get a chance to move to higher amount and more number of clubs. Happy Money Clubbing!

PS: We are currently money clubbing in India only. Read more.

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