What is Chit Fund Auction ?

Chit Fund News, What is Chit Fund, Name Of Chit

Who could be a prized subscriber?

A subscriber has upraised his account or to whom the account quantity is paid is named a prized subscriber.

Who could be a non-prized subscriber?

A subscriber has not upraised his account or to whom the account quantity has not been paid nonetheless is named a non-prized subscriber.

What is an auction?

Auction may be a procedure for identification of the non-prized subscriber Chit agency needs to require a coupon quantity at the very best permissible discount. All non-prized subscribers Chit agency have paid their installments up thus far square measure allowed to participate within the auction for bidding up to the very best auction discount, at intervals a amount of 5 minutes allowed for every auction.

What is auction discount?

The distinction between invoice price and also the quantity at that a flourishing bidder takes a coupon during a lottery auction is thought as auction discount.

What is invoice dividend?

Auction discount minus company commission (5% of invoice value) is that the total cluster dividend. Total cluster dividend is distributed equally among all the subscribers. This dividend thus distributed is subtracted from subsequent installment collectible by the subscriber.