Chit Fund Member and Nominee Records
Every person has one member record holding identity details, occupation and income, a nominee, bank details and the introducing agent. Tickets in any group are placed against that single record.
What the member record holds
One person, several tickets
A member is a person. A ticket is that person’s place in one group. Because the two are kept apart, a subscriber is entered once however many groups they join. KYC documents attach to the member too, so papers verified once hold for a later ticket, while dues, payments and balances stay with each ticket.
Who works with the record
- Office staff enrol members and fill in these details at the counter
- Collection agents see the members they introduced linked to them
- Foremen and managing directors read member details when approving a payout
- Subscribers see their own dues, payments and KYC status in the member portal
What the record leaves to the office
The record stores what staff enter. It does not check a PAN or Aadhaar number against any government database. What a company asks of a member before accepting them is for the company to decide. Any further fields, such as extra nominee details, are decided with the chit company in the first workshop.
Frequently asked questions
Can one member hold tickets in more than one group?
Yes. The member record is shared, and each ticket keeps its own number, dues and balance.
Where is the nominee recorded?
On the member record, at enrolment. It is not repeated for each ticket the member holds.
Is a member tied to a collection agent?
Yes. The introducing agent is stored on the record, so the member’s tickets are linked to that agent when collections are taken in the field.
Does it verify PAN or Aadhaar numbers?
No. It stores the numbers and the uploaded documents. Verification is a judgement made by a named person in your office.
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- If it fits, a proposal follows with the order of work, what we need from you and what you receive at each step.
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