MDS
 

A Chit fund is a kind of savings scheme."Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount".
Such chit fund schemes are conducted in Ranni Service Co-operative Bank Ltd No.65. In some variations of chit funds, the savings are for a specific purpose. Chit funds also played an important role in the financial development of people of south Indian state of Kerala, by providing easier access to credit. In Kerala, chitty (chit fund) is a common phenomenon practiced by all sections of the society.
The MMBF schemes provided by our bank ranges from Rs.75000 to Rs.500000 which can benefitted by our customers for their day to day emergency financial needs. The auction method is followed by the bank for MMBF schemes. So that the customers can call for auctions whenever they are in need, unless they need not wait for maturity of chitty.

Upcoming MMBF (Chitty)