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chit fund

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Definition of chit fund in English:

noun

(In South Asia) an institution which accepts savings at interest and lends money for house and other purchases.
Example sentences
  • 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.

Origin

chit from chit1.

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