gvdochit Product Types

Open (Auction) Chit

Open Chit Auction is conducted by the chit company on a monthly basis. After the auction is conducted, the due amount is allocated to the other members in the group based on the dividend amount.

The monthly due amount for each group member will vary depending on the dividend amount.

This also includes a Token System model. In the Token System model, more than one member may take higher amounts in the auction. As a result, all group members will have to pay a lower due amount.

Fixed Chit

Fixed Chit means the chit company provides the due amounts in a chart format. The chit due amounts are provided as a schedule based on the chit duration, such as 20 months, 30 months, or 50 months.

In this system, Based on the chit company’s recommendation, the member can choose the month in which they want to receive the prize money.

Percentage Chit

Percentage Chit means that a single ticket is divided into two or three tickets based on the percentage allocation.

In a Percentage Ticket, the subscriber’s prize money, chit due amount, and chit dividend amount are all calculated on a percentage basis.