A Chit fund is a kind of savings scheme practiced in India since long back and the Government has brought this scheme under the Chit Fund Act during 1982 and many companies now a days are running under this Act that manage, conduct, or supervises a chit scheme—as defined in Section of the Chit Funds Act, 1982.

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The Chit fund is described with various names such as Chit, Chitty, or Kuri. It’s a rotating saving scheme established in India. The scheme is considered a legal, financial system and has existed for many years in the country. Chit fund users can save and borrow funds from the scheme. Chit Fund scheme beneficiaries can save any amount based on ability. The scheme offers excellent returns to the users. One can also borrow emergency funds which are process fast and with low returns.