Entry from British & World English dictionary
Definition of chit fund in English:
(In South Asia) an institution which accepts savings at interest and lends money for house and other purchases.
- It is perhaps this aspect that tempts lay individuals join a chit fund in a hurry only to lament later.
- However, these days, that notion has been changed by chit fund and gold deposit schemes started by enterprising jewellers.
- The Reserve Bank of India has directed all nidi companies, chit funds and non-banking financial companies holding public deposits to submit annual statutory returns on deposits before 30 September.
Chit from chit1.
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.