For many individuals in Tamil Nadu—especially salaried professionals and small business owners—managing savings while maintaining access to funds can be a challenge. That’s where chit-based savings solutions play a powerful role. These structured, community-based models combine the benefits of saving and borrowing under one roof.
In this guide, we’ll walk you through the different types of these savings models, their benefits, the legal safeguards that protect you, a detailed comparison of Mayavaram Financial Chit Corporation’s (MFC) Silver to Platinum plans, and why MFC has remained a trusted name in Tamil Nadu for over 75 years.
What Is a Chit Scheme?
It’s a structured financial arrangement involving a group of individuals who contribute a fixed amount every month. Each month, one member receives the pooled amount through a draw or bidding. The cycle continues until every participant has received the payout once.
This system is ideal for those who want to build savings while keeping the option to access funds early when needed.
The Bidding Model
Members compete by offering discounts on the amount they will receive. The highest bidder takes the sum, and the remaining members benefit from a share of the discount.
✅ Benefits at a Glance
- Savings + Credit: Build wealth while keeping access to emergency funds
- Lower Financial Burden: Often more affordable than traditional loans
- Regular Discipline: Encourages consistent monthly savings
- Safe & Legal: Fully protected when managed by certified operators like MFC
- Customizable: Choose plans based on your financial goals and income
Legal Framework in Tamil Nadu
These savings arrangements are governed by the Chit Funds Act, 1982, which ensures safety, transparency, and accountability.
Legal Protections Include:
- Registration & Licensing: Only authorized operators can offer these plans
- Audit Requirements: Funds are regularly audited for safety
- Defined Rules: Each aspect of the scheme follows strict guidelines
- Dispute Resolution: Legal remedies are available in case of issues
When you choose MFC, you’re choosing an institution that strictly adheres to these protections.
MFC Scheme Comparison: Silver to Platinum
Mayavaram Financial Chit Corporation (MFC) offers plans for every income level and goal.
Silver Plan
- Contribution: ₹1,000 – ₹5,000/month
- Duration: 20–25 months
- Ideal for: New savers, students, and young professionals
Gold Plan
- Contribution: ₹5,000 – ₹15,000/month
- Duration: 25–30 months
- Ideal for: Salaried professionals and families
Diamond Plan
- Contribution: ₹15,000 – ₹50,000/month
- Duration: Up to 36 months
- Ideal for: Small business owners and seasoned investors
Platinum Plan
- Contribution: ₹50,000 and above
- Duration: Flexible
- Ideal for: High-net-worth individuals and large-scale investors
Why MFC Is the Trusted Choice in Tamil Nadu
For over seven decades, MFC has delivered dependable service and transparent financial products across Tamil Nadu.
Here’s what sets MFC apart:
- ✅ Over 75 years of proven trust and service
- ✅ Fully compliant with legal and financial standards
- ✅ Transparent operations and timely payouts
- ✅ Tailored plans for individuals and businesses
- ✅ Branch presence and dedicated customer support
How to Choose the Right Plan
Before committing to a scheme, consider the following:
- Purpose: Are you saving for an event, a purchase, or capital needs?
- Budget: Choose a monthly contribution you can comfortably maintain
- Tenure: Select a duration that aligns with your future goals
- Provider Credibility: Always go with a registered and experienced company like MFC
Get Started with MFC Today
Whether you’re planning for a major milestone or building a financial cushion, MFC offers reliable and flexible plans to support your journey.
📍 Visit your nearest MFC branch or get in touch with a representative today to explore your best options.
