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To join a chit fund, you typically need to register with a chit fund company and submit the required documents. You will then be assigned to a group of members and start contributing to the common fund.

As per the image, benefits include:

• Guaranteed Returns: You are assured of receiving your contributions back with potential for additional returns.
• Flexibility: You can choose from various chit fund schemes with different durations and contribution amounts to suit your needs.
• Borrowing Option: Chit funds can provide access to a source of funds when needed.
• Financial Discipline: Regular contributions promote disciplined savings habits.

While chit funds offer several benefits, there are some risks to consider:

• o Default Risk: If some members fail to make their contributions, it can impact the overall returns for other members.
• Fraud Risk: It is important to choose a reputable and registered chit fund company to minimize the risk of fraud.
• Liquidity Risk: Chit funds are not as liquid as bank deposits, so accessing your funds may take some time.