How does a chit fund works, and is it beneficals?

Chit fund is one among the best saving method that indulges in the fixed amount. Every month the subscriber has to pay certain fixed amount. One among the group must conduct the auction and maintain the records. He is called the foreman. He is responsible to make way ahead in maintaining the amount till the maturity month. He also has the benefit of earning 5 percent of the lowest bid amount.

Here is an example to make you understand the working of chit funds easily.

For instance, let us take the person named Candy as one of the subscribers in a monthly chit scheme. Candy has joined in a chit fund scheme along with 9 others. So, totally the chit scheme holds 10 members. Every person has to contribute 10000 rupees each for 10 months leading to 1,00,000 rupees at the year end.

In this case, during the first-month chit auction, Bheem has came up with 1000 rupees. Once the bidding starts, the person who is in need of money can start biding. The person who bids the lowest amount will get the chance of owning the money. Let us see the representation to understand much better.

Monthly amount paid by every subscriber including Bheem = 10000

Bids made in the auction = 9000, 8000

As the lowest bid is 8000, the person will be given the amount of 8000. But, before that there will be an organiser fee deducted from the lowest bid amount.

Fortunately, every chit fund scheme or organizers will take 5 percent of the lowest bid amount. i.e 5 percent of 8000. So, Bheem, the foreman will get an amount of 400 and the rest amount 7600 (8000–40) will be taken by the person.

Apart from the bid amount, remaining 2000 (10000–8000) will be split up to the other members of the scheme. At the end of 10 months, every subscriber will get a bulk amount depending upon the before auctions. For Free demo chit fund software Visit: Chit Fund Software Live Demo

For more details regarding our product Mazechit Kindly visit :https://mazenettech.in/mazechit/ for any clarification regarding our product contact Tollfree 18002001766 or 7397723052.

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Which is the best software company in Coimbatore?

Mazenet Technologies has developed comprehensive chit fund software called Maze Chit which is an online chit fund application that makes managing the businesses easy and simple. Business owners find the software exclusively designed for their chit fund business with more features to auto updates to the accounts and stay organized.

Some of the salient features:

The application if 100% safe and secured

Fast and reliable software

Statutory and GST compliant software

Customized chit fund software to suit different sizes and needs of the customer

Tried and tested platform

Very happy customers

Generates reports in no time

MazeChit is integrated with a mobile app

All the above features of MazeChit make it unique for managing a successful Chit fund business.

To know more about this please connect with us to get this amazing software: Chit Fund Software Live Demo

For more details visit: https://mazenettech.in/mazechit/ or Contact at:1800-200-1766 or 7397723052.

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Which Software is the best for a Chit fund, Online or Offline?

Chit fund companies have come a long way and people find it an easier option to save money. Those days, the chit fund company owner would have files and paper document of his members when starting an account and the members will actively engage in the activities like an auction. Then the later years saw computerization of accounting and documentation where every transaction was fed into the computer and information from different branches could be mailed or accessed.

The present times have seen a large market for chit fund software apps that are primarily designed for chit fund organizations and its owners. When we consider installing the best chit fund software application for a company, the various features built into the software must be analyzed. Especially, go for an application that can be operated online and offline. We will see why this is important in just a moment.

MazeChit software has all the features a chit fund management would ever want. Some of the features loaded into the app are:

Easy Access

Maze chit software application is the most user-friendly app that can be accessed anywhere, anytime. Its services can be integrated into laptops, desktops and any smartphone device. The owner or the admin can easily access reports, updates, and transactions from different locations. Information from multiple branches can be viewed and retrieved from a single point of access. Managing your business on remote gives the business owner the flexibility to work from anywhere.

Software usage

Operates effectively on offline and online mode. The user can download emails and web pages while he is offline. Multiple users like the admins and employees can access the software simultaneously.

Highly Secured

Subscribers’ information is kept highly secured as they have to provide their personal and financial details which is mandatory. Important information is protected with encrypted passwords and firewalls.

Regular alerts

Updates on payments and notification details through SMS and email services. The members are kept informed on the activities happening and payment notifications and receipts of payment are regularly sent. This lends trust and good reputation to the chit fund owner without much effort.

Mobile App

Mobile App integration of the MazeChit software has provided the business owners the flexibility, transparency and quick coordination while doing the business. It helps maintain a good relationship among the subscribers, clients and the administrators.

Custom-built

We offer a free version of MazeChit with limited features. For enterprises, we customize the application as per the customers’ preferences with specified features.

For a Free demo visit: Chit Fund Software Live Demo

For more clarification regarding product kindly visit at : https://mazenettech.in/mazechit/  more details contact at : Toll free 18002001766 or 7397723052.

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Which is a chit fund software Company in Bangalore ?

MazeChit is one of the best chit fund software application in India. It is technology driven, highly secure and user-friendly. The purpose of this software is to have an effective communication process with the subscribers and the employees by keeping track of the transactions. We have our operations throughout the country and Bangalore is the city where MazeChit has maximum clients.

Here are some great reasons why MazeChit is the best option when it comes to Chit fund software management.

Easy Access:

MazeChit software can be accessed anywhere, anytime. All you need is an Internet connection, better still it works online and offline.

Fast, easy and reliable: MazeChit has a minimalistic interface that gets the work done faster and in the most reliable way.

Regular Alerts:

Prompt SMS and email notifications to members regarding payment of a subscription, due reminders, auction schedules, and daily updates.

Comprehensive reports are generated:

All financial and business reports needed for fast decision making is possible as the reports can be generated with ease.

Highly secured:

Personal details of members are safe in MazeChit as it is protected by a high-security wall and encrypted passwords.

Mobile-friendly:

The mobile app version is for members to easily access their account and keep them updated.

Cost-effective: MazeChit is value for money and is integrated with multiple modules to manage the business from anywhere.

Custom-built: MazeChit has default facilities and can be customized according to the requirements of the company, making it versatile and tailor-made for the business.For a Free demo Visit: Chit Fund Software Live Demo

For more details visit: https://mazenettech.in/mazechit/ or Contact at :1800-200-1766 or 7397723052.

#Chit #Chitfund #ChitFundSoftware #ChitManagementSoftware #OnlineChit #Mazenet #MazenetTechnologies #Mazechit #MazeChitFundSoftware

How do I register a chit fund company?

Many organizations has involved in organizing chit fund groups. Mostly, chit funds occur among 

family members or friends or neighbours.

Documents required for chit fund company registration

Registering chit funds is mandatory and it requires the following documents.

For every director and member the necessary documents are,

• PAN card
• ID proof
• Bank statement/ Electricity bill/Mobile bill/telephone bill - Any one of these
• Other documents as per the chit registrar. If he/she needs some other documents for proof, the member or the director has to produce those documents.

To owe registration for registered address

• Ownership document or the rent agreement
• Electricity bill
• Copy of NOC

After preparing the documents necessary to register the chit fund company, follow these steps.

• Apply for Digital signature and DIN number
• Apply for Name approval of chit fund company
• Prepare for the documents as per chit fund company’s objectives
• MInimum capital requirement for chit fund company
• Apply for Chit fund company registration
• Apply for chit registration with chit registrar

Following these steps, the chit fund registration becomes easier. For a free demo Chit Fund Software Visit: Chit Fund Software Live Demo

For more clarification regarding product kindly visit at : https://mazenettech.in/mazechit/ for more details contact at : Toll free 18002001766 or 7397723052.

#Chit #ChitFund #ChitFundSoftware #OnlineChit #ChitManagement #OnlineChitSoftware #ChitManagementSoftware #Mazenet #Mazenettechnologies #MazenetCoimbatore #MazeChit #MazeChitFundSoftware