Chits

Chitty (MDS)

Monthly Deposit Scheme (Chitty)

Monthly deposit scheme is a special type of deposit scheme in which the subscriber remits monthly instalments. In most of the MDS, there will be lot and auction. The next instalment is decided by the auction. A person in need of money can auction the MDS and receive money in the next instalment date. Monthly deposit scheme is introduced to improve the thrift habit of the people. Society is running monthly deposit schemes ofRs 1000 toRs 25000 and the instalment number varies from 20 months to 100 months.