• The Chit Fund Industry
  • About myPaisaa
  • Investment &
    Payment Queries
  • Customer Support

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.

myPaisaa is a simple app that enables you to build your savings by investing in goal-based chit plans. With this app, you get complete control over your chit plan. Unlike traditional chit funds, myPaisaa makes it easy to save for your goals, while giving you the option to borrow from your savings in case of emergencies.

Joining myPaisaa is very simple.

Step 1: Download the myPaisaa app & complete your KYC with Aadhar, Pan & Selfie.

Step 2: Choose a chit plan that suits your goal and make payment.

Step 3: Submit your income proof documents under Menu 🡪 details 🡪 Documents in the app. And you are done.

Our team will validate and follow-up within 48-72 hrs once you submit your income proofs. Post which you shall receive communication via SMS, email and notifications.

At myPaisaa, we offer bank level security for your account. We have enterprise-grade security measures in place to ensure that every detail, including personal and investment details are kept secure. Also, all chit plan information is reported to ROC, Telangana, so that you can visit the official T-Chits website and verify the chit details.

You need to submit KYC documents that include your PAN and Aadhaar card to join a chit plan. If you are a salaried person – 6 months Bank statement and 3 months pay slips. If you are a business owner 6 months Bank statement, ITR & any one of -Business license/GST/Rental Agreement.

If your residential address is different from the address on Aadhaar card, then we'll require address proof as well.

Valid income proofs are required to prove the ability to pay the monthly subscriptions.

Mandatory docs are last 3 months pay slips, last 6 months bank account statement (for Salaried) and last 2 years ITR (for self employed).

myPaisaa customers can login to the myPaisaa app to see their chit information like dividend history, subscription amounts and the interest rate prediction.

Investors can expect to earn returns as high as 10% per annum from chits. However, returns vary for each chit group depending on the auctions. At myPaisaa, we try to balance a group composition with both savers and borrowers so that everyone gets rewarded.

Yes, NRIs can register on myPaisaa and use some of the features on our app. However, in order to start saving in our chit plan, you will need a local representative to sign on the chit agreement. This is a mandatory requirement by the Government of India. You will have complete access to monitor your chitfund performance and participate in auctions from your resident country using the myPaisaa app.

Currently, joint holding is not allowed in myPaisaa. We are working on adding this feature to the app soon.

Yes, you can add a nominee to your myPaisaa account. Infact, you can choose different nominees for different chit plans.

No, it's not mandatory for the nominee to do KYC.

Mandatory docs are last 3 months pay slips, last 6 months bank account statement and last 2 years ITR (for self employed).

Once you register with myPaisaa, using our app you can refer your friends to get special benefits. Further, your friend will also get additional discounts and offers.

For more info click here

You can make payments through cash, cheque, DD or through online payment modes from the myPaisaa app. We prefer the online mode as it gives you complete control over your payment and receipt generation is also instant.

Studies by Edwin A. Locke and his colleagues have shown that specific and ambitious goals lead to betterperformance. So having a goal will help you save with more commitment, ultimately helping you realise your dream faster.

All myPaisaa auctions are conducted via the myPaisaa app. Investors will be informed about the auction date and time in advance so that they can participate.We usually have at least 2 auctions in a month for each of our chit plans.

You can borrow up to 95% from your chit value. However, the actual borrowing amount depends on the auction and demand for money in that month.

Each individual is allowed to borrow once in the entire period of chit.

At myPaisaa, you are actually borrowing money from your own future savings. The effective rate of interest you pay is lower than that of a personal loan and can be as low as 0% depending on when you borrow from your group.

A member can give sureties depending on the future liability of the chit. Below are some of the sureties required to borrow from myPaisaa:

Depending on the chit value you have to submit 2-6 blank cheque of yours.
In some cases we might ask for a guarantor who must be a salaried employee and above 30 thousand

Chit funds are a collective saving instrument. Each person's contribution is very important for timely payouts to the auction winner. We have strict levies and late payment penalties in place to ensure every member adheres to the payment timelines. Please refer to our terms and conditions to better understand the structure of fines.

Yes, dues can be paid in multiple payments.

Particular Charge
Chit company comission 5% of the chit value
Processing fee Rs 200 for every lakh of chit value
late payment fee-NPS Rs 100
late payment fee-PS Dividend (if delayed by more than 3 months)
Interest on delayed subscription 18% per annum
Discontinuation charge 5% commission
GST Rs 600 for every lakh of chit value
Cheque/ECS bounce Rs 500
Notice charges Rs 50 per notice
Legal charges as applicable
Collection charges as applicable
Reauction Bid loss (if any)

You can reach us through multiple channels

# Email us at info@mypaisaa.com or

# call us at +91-7795 665 154 or

# Whatsapp us at +91-8919 524 286 or

You can also raise your concern from the support tab on myPaisaa app.

We give customer satisfaction utmost priority. Email us at info@mypaisaa.com and our team will get in touch with you at the earliest toresolve your grievances.