Calculator
Chit calculator
Put in a chit value, the number of members and a winning bid, and this works out the payout, our commission, the dividend every member receives and what the period actually costs you. It is arithmetic, not a quotation — the figures for any chit you join are set in its own agreement.
This period
- The pot
- ₹1,00,000
- Instalment per member
- ₹5,000
- Paid to the winning member
- ₹75,000
- Discount bid away
- ₹25,000
- Foreman's commission
- ₹5,000
- Shared as dividend
- ₹20,000
- Dividend per member
- ₹1,000
- Your next instalment
- ₹4,000
Every member receives the dividend, including the one who took the pot. Over a full term of 20 periods each member takes the pot once.
What the calculator is doing
- The pot is the chit value. Each member's instalment is the pot divided by the number of members.
- The discount is the winning bid applied to the pot. The winner receives the pot less that amount.
- The commission comes out of the discount, at the rate set in the chit agreement — 5% of the pot in our standard example.
- The dividend pool is whatever is left of the discount. It is divided equally among all members.
- Your next instalment is the ordinary instalment less your share of that dividend.
This is an illustration of one period, at one bid. Real chits vary from month to month because the winning bid varies, and a month with no bid produces no dividend. Nothing here is an offer, a rate or a promise of a return — see the disclaimer, and read the chit agreement before joining anything.
How the scheme works, step by step · Plans and payment rhythms · Ask us about a chit
About the calculator
What it can and cannot tell you
Is this a quotation?
No. It is arithmetic applied to numbers you typed in. The chit value, instalment, term, commission and auction rules of any chit you actually join are set in that chit's agreement, and those are the figures that bind.
Why does the commission default to 5%?
Because that is the rate in the standard twenty-member example used throughout this site — ₹5,000 on a ₹1,00,000 pot. Change the field if you are modelling a different arrangement.
Why does the dividend change when I change the bid?
Because the dividend is the discount less the commission, shared out. A larger bid means a larger discount, which means more to share. That is the whole economic logic of a chit in one line.
What happens if nobody bids?
There is no discount, so there is no dividend that period, and the instalment is the full amount. The calculator shows this if you set the bid to zero.
Does it show the whole term?
No — it shows one period at one bid, because the bid varies from month to month and nobody can know the sequence in advance. Modelling a whole term would require inventing twenty bids, which would look precise and mean nothing.
Does anything I type get sent anywhere?
No. The calculation runs entirely in your browser. Nothing is transmitted, stored or logged, and there is no analytics on the numbers you enter.
Bring the numbers that came out well
If a chit value and a rhythm look right on the calculator, the next step is the agreement for a chit that is actually forming. Ask us which ones are open.