Banking & Insurance

Top 10 Chit Fund Mobile Apps You Must Know About

chit fund mobile apps India

A chit fund is an age-old rotational savings scheme which is quite popular in the Indian subcontinent for decades. It is a very effective community-led saving and borrowing instrument that yields good returns on investment and provides easy access to funds during an emergency situation or otherwise. 

There are various kinds of chit funds. Registered Chit Funds are companies that are registered under the Chit Funds Act, 1982. This act applies to all states in India and regulates chit fund companies across the country. Being a very old financial instrument, there are a lot of unregistered companies that operate among family members, a closed social group or friends. These are often riskier than registered chit funds as any regulatory body doesn’t regulate them. 

With the onset of India’s digitalisation wave and the rapid growth and penetration of internet technology, chit funds have also gone online. Large and established chit fund companies with lakhs of subscribers have designed unique chit fund mobile apps in India to enable their customers the ease of e-banking. Through this approach, subscribers make their contributions via online payments. They receive regular updates, reminders and notifications about their investment, and they can also manage their contribution via the mobile app. 

Here is a list of the top 10 chit fund mobile apps curated for you:

1. The Money Club

The Money Club is an online chit fund or beesi which operates across India. The app joining process begins with a pilot fund (trial fund for new members). Once the trial period is over, members are charged a verification fee. The app is seamless, easy to use and uses online payment modes like PayTM, UPI, Google Pay, IMPS, etc., to carry out the transactions. A unique feature about the app is that, unlike other chit fund mobile apps, which charge 5% commission rates, this app’s commission charges begin from 4% and can go as low as 0.5% based on the user’s healthy transaction history.

Play Store Link: 
No. of Downloads: 100,000+
Customer Reviews: 2192

2. Chit Fund by Prayuta

Chit Fund by Prayuta is an app designed for their specific locale. It adopts the reverse auction chit fund system to manage the chit fund. A commission is paid to the organiser each month who helps organise the entire fund. The app has an in-depth reporting system. All the data of every user is stored securely and it can be accessed any time by the user. 

Play Store Link: 
No. of Downloads: 10000+
Customer Reviews: 68

3. myPaisaa

MyPaisaa is recognised as India’s first truly digital chit fund. It conducts the entire process from registration to onboarding to payment roll out online. The app is Licensed by the Government of India, regulated by the Registrar of Chit Funds, making it trustworthy. It offers high monthly returns of up to 10% per annum, low borrowing rates as well as bonuses for users who renew their subscriptions in a timely manner. 

Play Store Link: 
No. of Downloads: 10000+
Customer Reviews: 203

4. Margadarsi Chits Mobile App

Margadarsi is a very old and established Chit Fund started in South India in October 1962 by Sri Ramoji Rao. He is credited to be the pioneer of this concept in southern India, which has become a household name today in Tamil Nadu, Kerala, Karnataka, Telangana and Andhra Pradesh. Having a reputation of sincerity, honesty and integrity, the fund employs 4,300 employees and has 8,000 agents with 105 branches and 3,50,000 subscribers. 

Play Store Link: 
No. of Downloads: 100,000+
Customer Reviews: 1267

5. Shriram Chits E-Payment

Shriram Chits is India’s largest chit fund started by the Shriram Group, a well-reputed name in microfinance. The fund has a turnover of INR 3000 crores with a community of 22,00,000 subscribers. The fund operates in Andhra Pradesh, Karnataka, Maharashtra, Puducherry (Pondicherry) and Tamil Nadu through 465 branches and 65,000 agents. 

Play Store Link: 
No. of Downloads: 10000+
Customer Reviews: 236

6. Sree Gokulam

The Sree Gokulam Chit Fund is an initiative of the Sree Gokulam Group of companies and was established in Chennai in 1968. It is currently in the fourth decade of existence and has expanded its network across the country, including Tamil Nadu, Kerala, Andhra Pradesh, Pondicherry, Telangana, Delhi, Haryana and Maharashtra. 

Play Store Link: 
No. of Downloads: 10,000+
Customer Reviews: 348

7. ChitMonks – Empowering Digital Chit Fund Companies

Chitmonks is creating India’s largest network of chit fund companies, subscribers, agents, regulators, banks and the entire ecosystem through the process of blockchain technology. The app aims to decentralise the entire financial system of savings and borrowing. 

Play Store Link:

No. of Downloads: 5000+
Customer Reviews: 67

8. ChitBook

Chitbook is a chit fund tracking software that is useful for chit fund companies and their agents and subscribers to keep track of the chit fund, generate reminders, conduct online auctions, etc. It enables  chit funds to conduct their activities with greater convenience and transparency within their group.

Play Store Link: 
No. of Downloads: 1000+
Customer Reviews: 27

9. Balussery Chits Member App

The Balussery Chit Members App is created especially for members of The Balussery Chit Fund Pvt. Ltd. This fund has been in existence since 1947.

Play Store Link: 
No. of Downloads: 1000+
Customer Reviews: 5

10. Narvee Chits Member

Narvee Chits Private Limited is a registered chit fund company under the Chit Funds Act, 1982. The company has been providing attractive investment options since several years to salaried persons, businessmen, professionals and self-employed people. The company stands out for its reputation of being trustworthy and transparent in all its financial undertakings. The Narvee Chits Member is an app designed specifically for members of the Narvee Chit Fund. 

Play Store Link: 
No. of Downloads: 100+
Customer Reviews: 5

The process of chit funds is a win-win situation for all parties. Through the method of rotational contributions, members are able to make small investment instalments which are then useful in withdrawing a larger sum of money when needed. Chit funds are also a very popular method of raising funds for special events, emergencies or otherwise. The digitalisation of chit funds has been an integral step towards promoting this technology across the country. 

Must read: 10 Best Mutual Funds to Invest in 2021

Hello, I'm Sejal Jain, Editor at Currently, Pursuing B.Tech in Computer Science from Medi-Caps University, Indore. I am a Tech Enthusiast and a Voracious Learner, getting my hands dirty in as many fields I can, including, Content Writing| Designing | Marketing| Develpoment. Connect to me on LinkedIn and let me know your feedback for my work. I would love to hear from you.

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