The Best Chit Funds in Bangalore to Build Your Savings – myPaisaa
Welcome to myPaisaa
Why is myPaisaa one of the best Chit Funds in Bangalore?
myPaisaa is India’s Trusted Online Chit Firm. Our organisation has all the licenses and certifications from the legal authorities in place. Moreover, we’re recognised by the Government of India and regulated by the Registrar of Chits. Our customers' trust is of utmost priority to us, and we’ve taken all measures to ensure it.
Additionally, being a completely digital chit fund in Bangalore we’re able to offer our services at just 2% commission instead of the 5% charged by other traditional players in the market. This enables our members to earn much higher returns on their chit plans without losing to processing fees and other charges.
Lastly and most importantly we’re a 100% digital chit app. All our processes from document collection to dividend payouts and prize money distribution is handled in real-time.
Currently, we have over 10,000 app downloads, and this number is growing at a fast pace. We have several happy customers and an average rating of 4.1 on Play Store. Lastly, we’re backed by Bharat Inclusion Initiative & Department for Promotion of Industry and Internal Trade (DIPP). We’re well on the way to becoming the Best Chit Fund in the country!
Why choose Chit Funds?
Chit Funds are one of the oldest forms of investments used by many Indian households. This financial concept allows each and every subscriber to save, grow and borrow money from their own savings easily. In case of borrowing the interest rates are much lower than personal loans, while the returns on savings are as high as 10% annually.
Additionally myPaisaa offers some unique benefits:
We offer 24hr payouts of dividends and chit prize
With myPaisaa, you can participate in 4 e-auctions per month
All auctions are held online through our app
We’re a fully compliant chit company
Our customer support team is available 24/7
There are 4 main advantages of investing in chit funds:
- Chit fund is the only financial instrument that allows customers to save and borrow from their own funds.
- Chit funds are one of the oldest forms of investments used by households to grow their money. Today, with FDs and RDs offering low interest rates of 5-6%, chit funds have become a much more attractive investment that offer more returns, and more value for money.
- Chit funds bring discipline to both the saving and borrowing activities of individuals. While the money you set aside for chit funds maybe low, you'll definitely see steady growth and a clear path to achieving your financial goals.
- Borrowing through chit funds is very easy and effective. As you're essentially borrowing from your own savings, the rate of interest is lower than market rates and can be as low as 0% depending on when you borrow from your plan. Chits are a reliable source of funds for emergencies.
Chit fund returns depend on the month you participate in and win an auction. A customer who stays for 25 months gets an annual interest of around 10%.
We offer durations ranging from 12 months to 50 months.
Traditional chit fund companies operate using traditional, complicated manual processes. Customers are required to visit chit fund offices in order to participate in auctions, leading to the loss of valuable time and energy. With digital chits, you can enjoy all the benefits of a traditional chit fund at your convenience. Digital technology has also automated the entire process making chit funds much more transparent, reliable and easy for the millennial customers of today.
Registered chit funds are regulated by the Government of India. A registered Chit Fund Company makes a security deposit of a sum equal to 100% of the chit value into a Scheduled Bank as FDR, which is pledged in favour of the Registrar of Chits. A Chit Fund cannot be started unless this deposit is made. Therefore, as a participant in a registered Chit Fund Company you can be rest assured that your investments are secure.
To see our Government approved documents, click here
Mutual funds and chit funds serve different purposes. Mutual funds are long-term investments directly linked to market performance. There's no guarantee of you getting your principal amount back or making profits. Chit funds on the other hand, have zero market risk. They are a great tool for guaranteed short-term investments that enable you to save steadily for your goals and emergencies. Also, unlike mutual funds, you can both save and borrow withChit funds.
Recurring deposits offer low interest rates of 5-6% per annum. Also, if a customer withdraws from the RD before maturity they're charged a penalty. Moreover, RD returns are taxable too. However, customers who save in chit funds can expect much higher returns - up to 10% per annum. They can participate in online auctions and get their money in advance. There's the additional benefit of borrowing from your fund in case of emergencies. The best part about chit fund is that the returns are tax-free. Customers can enjoy the full value of their investments without any deductions.