Chit Funds have been used for time immemorial by people from all sections of society.
Among them, government employees are known to be avid investors in chit funds. Even from our thorough analysis of our user base, we were able to validate this. This indeed propelled us to understand the reasons behind chit funds being one of the preferred funding/borrowing tools among government employees.
Well, the first reason for investing in chits is the stability factor. Government employees take delight in the stability that their respective jobs provide. Similarly, operate on the same foundation. Compared to dynamic financial tools in the market like stocks and crypto, chit funds are efficient.
You can calibrate the result of your chit fund and plan your life based on the monetary bliss it provides. Hence, the support a chit fund provides makes it one of the most considerable forms of funding in the market.
This is another reason chit funds are reckoned with. When it comes to receiving interest, there is a lot of govt. Financial tools like government bonds, post office deposits, sovereign gold bonds, FD’s in nationalized banks, National Savings Certificate, and a lot more. Although, the interest they provide is nominal.
It is between 5% to 8%. Whereas when it comes to investing in a govt, registered chit fund like myPaisaa, you receive about 10% interest per annum in your savings. Thus, being one of the most favored financial tools for investment.
Every person needs financial support at some point or the other in life. When it comes to govt employees or anyone in general, they are bound to find the financial aid they seek in a chit fund. The best part about investing in a myPaisaa chit fund is that on signing up, you can choose the chit fund you wish to invest in based on the goal you wish to achieve.
This goal-based approach gives the user a sense of structure and spurs ambition in them to respect their commitment, in the hope of rewarding themselves for having accomplished it.
Chit funds do not require a thorough analysis of the market as the value of the chit remains consistent. It does not vary. Hence, it is easy for people of all ages to not only understand the functioning of a chit fund but manage/handle it as well. Hence, pensioners can find respite in investing / funding from a chit fund. They can invest a part from the monthly share they receive in a chit fund and receive lucrative interest or they can rely on funding from a chit fund to manage their expenses.
In this manner, right from youngsters to elderly/retired employees, everyone can find solace in investing in a registered & regulated chit fund like myPaisaa.