1) The customs to open Chit Fund Accounts are extremely straightforward. Chit organizations don’t require much documentation, which is one of the preferences over banks and other monetary establishments. A portion of the organizations, be that as it may, request pay evidence and address confirmation from new part yet the greater part of the cases this is not an obligatory prerequisite.
No business or address check is attempted by the chit reserves unless it is felt completely vital. In short the KYC (Know Your Customer) prerequisites are not by and by pertinent for Chit organizations. Most chit organizations concede just individuals who are either associated with other existing chit individuals or known to the foremen actually.
2) Most of the chit organizations are going on in the chaotic division without legitimate enlistment or endorsement, so the pay from these organizations is out of the extent of Income Tax or some other pertinent expenses. Accordingly the real return produced from chitty business is more appealing than bank stores or different ventures where the assessment is deducted at source or the investor is obligated to uncover the salary in his/here expense forms.