I invested first time in Margadarshi chits which claims better returns than banks. To my surprise, it was a loss. I withdrew afetr 34 months on 50 X 20000 scheme. Since no surity (very complicated scheme to find two surity with three years IT returns etc), they deducted balance 16X20000 and gave me 850000-320000=549966. Even banks with 6% would give me 599820. Even if I had waited till end, I still would lose about 5000. So pl do not fall into this trap. It is only good for business men who take early withdarwal and rotate in business. NOT FOR SIMPLE PEOPLE LOOKING TO SAVE AND EARN BETTER RETURNS THAN BANK. If you can find two surity then you can reduce your loss. See calculations below.
No Instal Cum Int@6% Cum bal bank with interest
1 20000 20000 100 20100
2 20000 40100 201 40301
3 15000 55301 277 55577
4 15000 70577 353 70930
5 15000 85930 430 86360
6 15000 101360 507 101866
7 15000 116866 584 117451
8 15000 132451 662 133113
9 15000 148113 741 148853
10 15000 163853 819 164673
11 15000 179673 898 180571
12 15000 195571 978 196549
13 15000 211549 1058 212607
14 15000 227607 1138 228745
15 15000 243745 1219 244963
23 15000 375788 1879 377667
24 16000 393667 1968 395635
25 17200 412835 2064 414899
26 18000 432899 2164 435064
27 17960 453024 2265 455289
28 18000 473289 2366 475656
29 18190 493846 2469 496315
30 18066 514381 2572 516953
31 18230 535183 2676 537859
32 17660 555519 2778 558296
33 17680 575976 2880 578856 Got after 34 months
34 549966 17980 596836 2984 599820 - 549966 Loss
35 18300 618120 3091 621211
36 18500 639711 3199 642909
37 18628 661537 3308 664845
38 18980 683825 3419 687244
39 19400 706644 3533 710177
40 19240 729417 3647 733064
41 19240 752304 3762 756066 paid to another member after 42 mon
42 701494 19240 775306 3877 779183 loss
43 19240 798423 3992 802415
44 19240 821655 4108 825763
45 19240 845003 4225 849228
46 19240 868468 4342 872810
47 19240 892050 4460 896511
48 19240 915751 4579 920329
49 19240 939569 4698 944267
50 20000 964267 4821 969088- frombank
950000 from Marg
at 6%
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