What is this calculator?
This calculator builds a chit fund payment schedule with two flat stages — one contribution up to and including the withdrawal month, a higher one from the following month until maturity — and compares your total contributions against the payout you actually receive. Like every chit tool here, it encodes no organizer rules.
Use it when:
- Your chit group charges one amount before you take the chit and a higher amount afterwards.
- You know your payout amount and want the true cost or benefit across the full tenure.
- You want to see how much of your commitment remains after the withdrawal month.
Intended for: Members of chit funds, kuris, and committee schemes with a two-stage contribution structure.
How is this calculated?
- The schedule is generated in two flat stages: the pre-withdrawal contribution applies to every month up to and including the withdrawal month, and the post-withdrawal contribution applies from the next month to maturity.
- Due dates are laid out from the start date, keeping the same day of month.
- Contributions are accumulated across both stages to give the total paid, with the amount paid up to the withdrawal tracked separately.
- Commission is computed from your configuration and is either deducted from the payout or reported alongside it, according to the setting you choose.
- Net amount received is compared against total contributions to give the surplus or shortfall, in currency and as a percentage of what you paid.
- The same difference is restated per 100 contributed and as a multiplier, so the outcome is readable without percentage arithmetic.
Formulas
Monthly instalment
Installment(n) = Before-withdrawal amount, if n ≤ Withdrawal month; otherwise After-withdrawal amount
Two flat stages rather than a gradual rise — the step happens the month after the chit is received.
- n
- Month number, from 1 to the tenure
- Before-withdrawal amount
- Fixed contribution up to and including the withdrawal month
- After-withdrawal amount
- Fixed contribution from the month after withdrawal to maturity
- Withdrawal month
- The month the chit amount is received
Total contributions
Total paid = (Before × Withdrawal month) + (After × (Tenure − Withdrawal month))
The two stages summed across their respective numbers of months.
Surplus or shortfall
Difference = Net received − Total contributions
The gap between the money you received and the money you contributed. Positive is a surplus; negative is the cost of having received your money early.
Example
A 20-month chit paying 33,500 per month through the month-8 withdrawal, then 37,000 per month, with a payout of 620,000 and no commission.
- Months 1–8 at 33,500 total 268,000.
- Months 9–20 at 37,000 total 444,000.
- Total contributions are 712,000, of which 268,000 was paid before the withdrawal.
- Net received 620,000 against 712,000 contributed leaves a shortfall of 92,000.
Result: Total contributions 712,000, net received 620,000, a shortfall of 92,000 — about 87.08 back per 100 contributed, reflecting a withdrawal 40% of the way through the tenure.
Frequently asked questions
Why does the contribution increase after the withdrawal?
Once you have taken the chit, you are effectively repaying it to the group for the rest of the tenure, and many groups set a higher instalment for that stage. The calculator does not assume this pattern — it applies exactly the two amounts you enter.
Why do I have to enter the withdrawal amount myself?
Because it is not derivable. In most chit groups the payout is decided by auction — members bid a discount, and the winner receives the chit value less that discount and the organizer's commission. Estimating it would mean inventing a bid, so the calculator asks you for the actual figure from your organizer.
Does this tell me whether my chit is a good investment?
No, and that is deliberate. It shows exactly what you paid, what you received, and the difference between them. Judging that as good or bad needs a benchmark — an alternative investment, or your own cost of borrowing — that the calculator has no way to know.
Why is there no annualised return or IRR?
A chit combines borrowing and saving in one instrument, and its cash flows have no single standard annualising convention. Quoting an IRR or annualised figure would suggest a comparability with fixed deposits or mutual funds that does not actually hold.
What does "return per 100 contributed" mean?
For every 100 units of currency you pay in across the whole tenure, it is how much you receive back. Above 100 means you came out ahead; below 100 means the chit cost you money, which is normal for an early withdrawal — you were effectively borrowing.
Does withdrawing early or late change the outcome?
Substantially. Withdrawing early means you receive money before you have contributed much, so you are borrowing and typically end below what you pay in. Withdrawing late means you have already contributed most of your commitment, so you are saving and typically end ahead. The calculator shows where in the tenure your withdrawal falls for exactly this reason.
Assumptions
What this calculator takes as given:
- The pre-withdrawal amount applies through the withdrawal month inclusive; the higher amount begins the month after.
- The withdrawal amount is exactly what you enter — it is never estimated, because chit payouts are set by auction or by the organizer and cannot be derived from the schedule.
- Organizer payout rules, auction mechanics, and bidding behaviour are not modelled in any way.
- The payment schedule follows precisely the values you enter: start date, tenure, and contribution pattern.
- Every instalment is assumed paid in full, on the due date, for the whole tenure.
- Due dates keep the day of month of the start date, month by month.
- Commission is applied exactly as you configure it — as a fixed amount or a percentage of the withdrawal, and deducted from the payout only if you say so.
Limitations
What this calculator cannot know or does not model:
- The actual amount your organizer pays out may differ from what you enter; only your organizer can confirm it.
- Commission and foreman policies vary widely between chit groups and jurisdictions, so no default is assumed.
- Taxes on any surplus received are not calculated.
- Dividends distributed to members from the auction discount are not modelled — if you receive them, enter their effect yourself.
- No annualised return, effective annual rate, IRR, or XIRR is reported. A chit has no standard, widely accepted annualising convention, and publishing one would imply a precision that does not exist.
- No "good" or "bad" verdict is given, because the calculator has no external benchmark to compare your chit against.
- Default by other members, group dissolution, and organizer insolvency are outside the calculation entirely.
References
- Chit Funds Act, 1982 — Government of India. The statute governing registered chit funds in India, including the ceiling on foreman commission. Rules vary by state and by scheme; confirm what applies to your group.