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Genericchit Product Types
Open (Auction) Chit
Genericchit Open-Auction model is conducted the auction in every month in company, chit Subscriber asking the higher bid amount. Each and Every month Foreman conducting the auction, All the eligible chit subscribers can participate the open-auction meeting in chit company. Here chit subscriber who is asking higher bid amount, that Subscriber is Successful bitter of that month in chit group.Token System is another model of open system, if more than one customer is asking highest bid amount in same month. so Foreman can conduct a token system method.
Fixed Chit
Some chit companies not conduct the auction every month, they are fix the auction amount in chart format. That chart have a each and every month Due Amount, Dividend , Bid Amount, Discount, Prized Amount of every months. Based on the chart chit subscribers can pay the due amount each months. Chit subscriber can get the prized money for as per wish any months. prized money will be provided to more than one customers at same month and same group. here prized money will provided to chit subscribers after discussed with chit company foreman.
Percentage Chit
Few chit companies run percentage chit based, we can split the single ticket into more than one ticket based on percentage. for example ( 1 ticket 100% = 2 ticket (50% + 50%) , here we split single ticket into two tickets . Here split ticket bid amount, dividend, prized amount, Due amount every thing is allocated based on percentage.Percentage based model only the difference between the normal chit fund groups. this chit fund model are getting full credits to only chit company. easy to organize the chit subscribers with out any chit group dummy tickets.