Chitty Schemes

Gokulam chit funds all the details 2023

Sree Gokulam Chit Funds: Overview

One of the leading chit-fund companies in India was Gokulam chit funds. This company started in 1968 and provides different types of financial services to lakhs of customers. Gokulam chit funds over the past 55 years successfully running because of its reliability, transparency, and good customer support.

What is a chit fund?

A chit fund scheme is one type of saving scheme in which a group of people are ready to contribute money in a predetermined period of time. In a particular date, one of the members in this group will receive the money. The selection process may be bidding or coupon draw. The company that operates the chit funds receives a commission called the foreman commission. This process continued until the last member of the group received the amount.

Sree gokulam chit fund company profile

The company started its finance business at at Mylapore, Chennai on 23rd July 1968. The founder’s name is Mr. A.M. Gopalan, started with one branch presently it is operating over 472 branches spread across the country.The company had exponential growth over the decades with a turnover of over Rs 7,000 making it as largest chit fund company operating in India.

How do Gokulam chit funds work?

Gokulam chit funds work the same way as other chit funds. However, there are some differences compared to KSFE chit funds. The chit fund tenure is short and up to 25 months. The chit fund starts from 1 lakhs to 1 Cr. Gokulam chit funds had a major difference compared to traditional chit funds in that they can claim the prize money after some months without bidding or coupon draw.

gokulam chit funds

Let us understand the chit fund with an example. consider a chit fund of 1 lakh the chital (member of the chit fund) needs to be repaid only Rs 88000. Every month’s contribution of the money will change, In the first month it is Rs 5000 and in the second month to the fifth month, Rs 4000 needs to be paid. This amount keeps reducing after the fifth month onwards. At last, the end of the chit total amount the chital needs to pay is approx Rs 88000 .

If any chital requires the prize money he needs to contact the branch manager one month before. In a 20-month duration chit after the fourth month only there can claim the prize money . In a 25-month tenure chity the chital needs to wait until the sixth month to claim prize money. In a 1 lakhs chitty maximum deduction is 25 % which is Rs 25000 only. Also, the GST of approx Rs 600 was deducted from the chital prize money .

Hence in a 1 lakh chitty after the fourth month, the chital can claim the amount of Rs 74400 (Rs 100000- (25000+600)). Every month the prize money that is received by the chital is increasing. The person who claimed prize money last he had got less deduction and more amount.

GST calculation

The GST amount will be deducted from the chittal. The GST is calculated above the foreman commission. This can be understood with an example. In a 1 lakh chity the foreman commission is 5% which is Rs 5000,12 % of this foreman commission is Rs 600. This 600 will be deducted from the chital prize money.

Features of Golukalm chit funds

  • Transparency: This company is well known for the transparency of its operations. The company conducts audits with reputed auditing firms.
  • Security: The company is registered in the Reserve Bank of India and works under chit fund act.
  • Flexibility: Gokulam chit fund offers different types of chit fund schemes. Customers can choose suitable chit schemes .
  • Professional management: Experienced and qualified professionals managed the company. Hence the track record of the company is very good.

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