Prized money company-wide basis

The calculation in this model is done on a company-wide basis. For example, if the company is running 20 or 30 groups, the total number of groups is considered together, and prize money may be awarded to 20 members across the company.

The calculation is not done group-wise; it is done company-wise. Therefore, two or more members, or even more than three members, may receive prize money from the same group. At the same time, in some groups, no member may receive prize money for a particular period.

In the Fixed Chit Model, groups are generally designed with 20 or 30 members. However, the company may conduct and complete a group with only one or two actual members. The remaining 18 or 28 members will be allocated as dummy tickets to complete the group. The Fixed Chit Model consists of groups that are not registered. In general, these types of groups are conducted as unregistered groups. Therefore, the Fixed Chit Model is considered and operated more like a finance company model.

In Tamil Nadu, the Fixed Chit Model is similar to the traditional Thandal model.

Genericchit Support Fixed chit model system

In Genericchit Software, to support the Fixed Chit model, temporary groups are created first to enroll subscribers. At the end of the month, based on the number of members who have joined, a main group is created with the corresponding number of members.

Members who have paid their first installment are then allocated to the newly created main group. They are subsequently transferred from the temporary group to the main group.

In the Fixed Chit model, the prize money for each month is announced in advance in the chart. The amount specified in the chart will be paid as the prize money for that particular month.

For example, if the amount is being taken in the 4th month, the prize money specified for the 4th month will be provided. Similarly, the prize money specified for the 5th month will be provided in the 5th month, and the amount specified for the 15th month will be provided in the 15th month.

After deducting the dividend, the remaining amount will be paid as the prize money. The total dividend is considered as a discount. After deducting the auction amount and the applicable discount, the remaining amount will be provided as the prize money.