10 Lakh Chit Group Scheme (20 Month)
A 10 lakh chit format for 20 months is a type of financial arrangement in which a group of people agree to contribute a certain amount of money on a regular basis, and one member of the group receives the entire pot of money at the end of the term. The 10 lakh chit format for 20 months will depend on the specific terms and conditions agreed upon by the group, but typically it will include the following information:
- The name of the chit group
- The names of the members of the group
- The duration of the chit term (in this case, 20 months)
- The amount of money to be contributed by each member at each chit meeting
- The date on which the money is due to be contributed
- The date on which the winner of the chit will be announced
- The method for determining the winner (e.g., by draw, auction, etc.)
- Any other terms and conditions agreed upon by the group (e.g., penalties for missed payments, etc.)
It is important to put the terms of the 10 lakh chit format for 20 months in writing in order to avoid misunderstandings and disputes later on. You may want to consult a lawyer to help you draft a legally enforceable chit agreement.
Chit format for a 10 lakh chit
Here is an example of a chit format for a 10 lakh chit:
Title: “10 Lakh Chit Group“
Members:
- [Name of member 1]
- [Name of member 2]
- [Name of member 3]
- [Name of member 4]
- [Name of member 5]
Duration: 20 months
Contribution amount: [Amount to be contributed by each member at each chit meeting]
Contribution dates: [Dates on which money is due to be contributed]
Winner announcement date: [Date on which winner of the chit will be announced]
Method for determining winner: [Method for determining the winner (e.g., by draw, auction, etc.)]
Terms and conditions: [Any other terms and conditions agreed upon by the group (e.g., penalties for missed payments, etc.)]
Note: This is just an example, and the specific terms of your chit may vary. It is important to put the terms of the chit in writing in order to avoid misunderstandings and disputes later on. You may want to consult a lawyer to help you draft a legally enforceable chit agreement.