what is a chit ?

    A Chit fund is a kind of savings scheme practiced in India. A chit fund company is a company that manages, conducts, or supervises a chit scheme—as defined in Section of the Chit Funds Act, 1982.

"Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount"

How it works ?

    The chitty starts on an announced date, every subscriber come together for the auction/lot. When there are more than one person willing to take this minimum sum, lot are conducted and the 'Lucky subscriber' get the prize money for the month. If there is no person willing to take the minimum sum, then a reverse auction is conducted where subscribers open-bid for lower amounts; that is from 1,00,000 >> 90,000 >> 75,000, and so on. The person bidding lowest sum get bid amount.

In both the cases the auction discount, that is the difference between the gross sum and auction amount, is equally distributed among subscribers or is deducted from their monthly premium. For example if the auction is settled on a sum of 75,000, then the auction discount of 25,000 (1,00,000 - 75,000) is divided by 20 (the total number of subscribers) and every one gets a discount of 1000. The same practice is repeated every month and every subscriber gets a chance of receiving some money.

Who We are ?

    Niravath Jubily Chits started its operation on 4th May 2010 in Iritty, Kannur District as a proprietorship concern by Mr Binees Joseph. The company was registered with the Registrar of Companies, Kerala & Lakshadweep under the Indian Companies Act 1956 on 26th September 2011. It has been doing chit business strictly complying with the Rules and Regulation of Central Chits Funds Act -1982 and Kerala Chits Fund Rules - 2012. The company has spread its wings over to almost all the Districts in Kerala and is planning to move over to other parts of the country. Our motto is “Growing Together” We aims to solve all the financial problems of the society by effective chity management. The financial requirements of the needy people can be solved and there by the savings too... Jubily’s proud is more than 50,000 satisfied customers out of which we completed above 1000 registered chit batches. It is the greatest mile stone in the chitty industry in Kerala.


    The Chits system is an ideal way to make your money work to your advantage, giving you far better returns in the future. Niravath Jubily Chits presents you an opportunity to invest intelligently.

  • ISO 9001-2015 Certified Company.
  • More than 13 years of professional expertise.
  • Professionalized services - The secret behind success.
  • Most Secured Chits in Kerala.
  • Pioneer of registered chits in Kerala.
  • More than 75,000 satisfied Customers.
  • Successful Track record of pay-outs since inception.
  • More than 25 Crores as Security deposits in Govt of Kerala.

and many more.

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