How do chit funds work? Is there any Android app for Chit funds?

Chit means a transaction whether called chit, chit fund, chitty,committee, kuri or by any other name by or under which a person enters into an agreement with a specified 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

Benefits of chit funds:
The Rate of Return is high as compared to other Investment Options and it is also considered as a secure form of Investment if the organizer is well recognised
It inculcates the habit of saving money and setting aside a particular amount every month towards investment for unexpected expenditure needs.
Interest rate is determined by the subscribers themselves, based on mutual decisions and varies from auction to auction.
The major problem that arises in managing chit funds is the paper work involved in managing its business.

An Android app "finance glass" to manage all your chit fund business is also available on google play for free..
You can create chits , add members to chits , conduct bids , and view outstanding balances , all from this app.the fact that finance glass is android based so it can be accessed anywhere on the go with no need of any computer.
Finance Glass Android app is the Best mobile CRM for Chit fund and committee organizers