A chit fund is a traditional Indian financial scheme where a group of people contribute a fixed amount of money at regular intervals into a common pool. This pool is given to one member of the group each cycle— either through a bidding process or a lottery.

It is a savings-cum-borrowing system that allows members to:

• Save regularly
• Access a lump sum of money when needed

The chit fund continues until all members have received the pooled amount once.

In simple terms, it's a community-based method of managing both savings and credit—ideal for people who need funds without going to banks.

Dual Benefit – Saving & Borrowing
Chits serve both as a saving tool and borrowing option, depending on when a member takes the prize money.

Regular Savings Habit
Encourages disciplined, monthly savings, making it ideal for individuals looking to build financial stability.

Easy Access to Funds

• Subscribers can get a lump sum amount when needed—especially useful during emergencies, business needs, or large purchases.

Community-Based & Flexible

• Based on trust and mutual benefit among members. Also offers flexible bidding options for those who need early access to funds.

Low or No Interest Cost

• Members who win the bid early pay a discount, not interest—making it cheaper than traditional loans in many cases.

Better Returns for Late Winners

• Members who take the prize money later receive higher returns, as they continue to earn dividends from others' bid discounts.

Regulated & Transparent

• Registered chit funds (like those governed by the Chit Funds Act, 1982) are legally recognized and regulated, ensuring safety and transparency.

1. Trusted Legacy Since 2022

With nearly two decades of proven service, Manikya Chits Pvt Ltd is Karnataka's trusted chit fund company, serving thousands of satisfied customers across the region.

2. Government Approved & Legally Compliant

• We are registered under the Chit Funds Act, 1982 and operate with full compliance—ensuring your investments are safe, secure, and legally protected.

3. Quick & Hassle-Free Disbursal

• We ensure fast and seamless prize money disbursement immediately after the auction—helping you meet urgent financial needs without any delay.

4. Minimal Documentation & Digital Process

• Say goodbye to lengthy paperwork! We offer a simplified documentation process with most operations now digitized, ensuring speed, convenience, and transparency.

5. Digital-First Customer Experience

• From enrollment to monthly statements and auction alerts, our fully digitized services make us one of Karnataka's most tech-savvy chit fund companies.

6. Extensive Branch Network

• With a growing presence across Karnataka, we're always nearby and ready to serve your local needs with personalized attention.

7. Transparent & Flexible Plans

• Our chit groups are designed with clear rules, open auctions, and flexible options—tailored for individuals, families, and businesses alike.

8. Dedicated Customer Support

• A well-trained, experienced team ensures timely communication, expert guidance, and reliable support at every stage of your chit journey.

9. Ideal for Business Growth

• Chits offer an easy, interest-free, and economical way to access capital—perfect for entrepreneurs, shopkeepers, and self-employed individuals.

10. Achieve Goals Without Debt

• Whether it's a wedding, education, home renovation, or an emergency, Manikya Chits helps you fulfill dreams without taking on traditional loans or debt burden.

A chit fund is a financial arrangement where a group of individuals (called subscribers) contribute a fixed amount of money every month for a set period. This money is collected into a common pool, and each month, one member receives the total amount through a bidding or lottery system.

Step-by-Step Process

1. Formation of a Group

• A chit group is formed with a fixed number of members (e.g., 25 members for a 25-month chit).
• Each member agrees to contribute a fixed monthly amount.

2. Monthly Contribution

• All members contribute the agreed amount into a common pool each month.

3. Auction or Lottery

• The total amount collected is given to one member every month:
• Through auction: Members bid to take a lower amount; the one with the lowest bid (i.e., highest discount) wins.
• Through lottery: If there's no bidding, the winner is chosen randomly.

4. Prize Money Distribution

• The winning member receives the net prize money (total collection minus the bid/discount and foreman commission).
• The discount is shared among the remaining members as a dividend.

5. Cycle Repeats Every Month

• Each month, a new member wins the chit. The cycle continues until all members have received the prize amount once.

Example

• 25 members × ₹20,000 = ₹5,00,000 pool
• One member bids ₹4,20,000 → wins
• ₹80,000 shared, commission deducted
• Foreman takes a small commission
• Process continues monthly until all 25 members get their turn.

Summary

A chit fund works like a rotating savings and credit group, helping people save monthly and also get access to a large sum when needed—without interest and with community benefit.

• Min 21 - Max 55

1. Trusted Legacy Since 2022

With nearly two decades of proven service, Manikya Chits Pvt Ltd is Karnataka's trusted chit fund company, serving thousands of satisfied customers across the region.

2. Government Approved & Legally Compliant

• We are registered under the Chit Funds Act, 1982 and operate with full compliance—ensuring your investments are safe, secure, and legally protected.

3. Quick & Hassle-Free Disbursal

• We ensure fast and seamless prize money disbursement immediately after the auction—helping you meet urgent financial needs without any delay.

4. Minimal Documentation & Digital Process

• Say goodbye to lengthy paperwork! We offer a simplified documentation process with most operations now digitized, ensuring speed, convenience, and transparency.

5. Digital-First Customer Experience

• From enrollment to monthly statements and auction alerts, our fully digitized services make us one of Karnataka's most tech-savvy chit fund companies.

6. Extensive Branch Network

• With a growing presence across Karnataka, we're always nearby and ready to serve your local needs with personalized attention.

7. Transparent & Flexible Plans

• Our chit groups are designed with clear rules, open auctions, and flexible options—tailored for individuals, families, and businesses alike.

8. Dedicated Customer Support

• A well-trained, experienced team ensures timely communication, expert guidance, and reliable support at every stage of your chit journey.

9. Ideal for Business Growth

• Chits offer an easy, interest-free, and economical way to access capital—perfect for entrepreneurs, shopkeepers, and self-employed individuals.

10. Achieve Goals Without Debt

• Whether it's a wedding, education, home renovation, or an emergency, Manikya Chits helps you fulfill dreams without taking on traditional loans or debt burden.

Eligibility to Participate

A customer becomes eligible to participate in the chit auction from the 2nd month of the group onwards.

To be eligible, the subscriber must have

• Paid all previous installments.
• No pending dues in the chit account.

Modes of Participation

Customers can take part in the auction in two ways

• Online Participation

Customers can join the auction using our digital auction platform (details will be shared at the time of enrollment).

• Offline

Visit the nearest branch and submit the bid form in person.

Proxy Bidding Option

• If the customer cannot attend the auction personally (online or offline), they can submit a proxy bid form at the branch in advance.
• The staff will place the bid on behalf of the customer during the auction.

Manikya Chits Pvt Ltd has completely digitized its operations. You can now sit in the comfort of your home and participate in our E-Auction. You have to just download our App through which you can participate in the E-Auction, get digital receipts, and view your balance.

Customer can bring in a third person who is interested to subscribe / continue the chit in his/her place. If the prospect is acceptable to MPCIL, we will consent for transfer of chit from old subscriber (TRANSFEROR) to new subscriber (TRANSFEREE). This is also called assignment (substitution) of chit.

Customer is discontinuing the Chit by not making instalment, a Forfeited Penalty of 5-7% of the Chit value with GST will be deducted. If any balance is available, then the same will be settled only after substitution or completion of Chit period, whichever is earlier.

You can make the chit payments through UPI, Electronic Clearing System, and the Payment Gateway integrated into the chit-care app. We also have doorstep collection, wherein, our executive comes to your doorstep to collect the amount.

• Online: UPI, Net Banking, App Gateway
• Offline: Cash, Cheque, DD at branch
• Doorstep Collection by executive

• The chit is awarded via lottery as per chit rules

We have different chit schemes, suiting the salaried class, businessmen, housewives, Pensioners, etc. You can visit our branch to understand more about the schemes or Call Us on (8 123 444 787) for more information.

You can view your balance by logging into the Chit Care App and clicking on the E-Passbook option. You will be notified through an SMS, each time you transact with us.

Manikya Chits operates under the Chit Funds Act and provides statutory security and transparency for all subscribers.

Withdrawal is subject to chit terms and conditions. Emergency requests are handled as per company and legal guidelines.

Applicants must submit valid ID proof, address proof, photographs, and any additional documents required by the company.