How SmartGrow Chits Works
From registration to receiving your chit amount — here's exactly how saving and growing with SmartGrow Chits works, step by step.
The Process
Your Journey, Step by Step
STEP 01
Register
Create your free SmartGrow account in minutes with your basic details and KYC documents.
STEP 02
Choose & Join a Chit
Pick a chit plan that matches your savings goal and join a group of like-minded members.
STEP 03
Pay Monthly Installment
Pay your fixed monthly contribution online before the due date — reminders included.
STEP 04
Participate in the Auction
Each month, eligible members bid in a transparent auction. The highest discount wins that month's payout.
STEP 05
Receive Your Chit Amount
The winning member receives the chit amount, minus the auction discount, directly to their account.
STEP 06
Earn Dividends Till Maturity
Non-winning members share the auction discount as a monthly dividend, until the chit completes.
Understanding Auctions
How the Monthly Auction Works
The auction is the heart of every chit — it's how members access funds early and how everyone else earns a dividend.
- Every month, all eligible (non-prized) members can place a bid in the auction.
- The member willing to forgo the highest discount wins the chit amount for that month.
- A small commission goes to SmartGrow; the rest is shared as dividend among the remaining members (in Dividend-scheme plans) or added to the group's admin pool (in Admin Pool plans).
- Auctions are conducted online with full visibility — no hidden bids, no favoritism.
- Total Chit Value
- ₹1,00,000
- Members
- 20
- Monthly Installment
- ₹5,000
- Winning Auction Discount
- ₹40,000
- Winner Receives
- ₹60,000
- SmartGrow Commission
- ₹5,000
- Remaining for Dividend
- ₹35,000
- Dividend per Member (₹35,000 ÷ 20)
- ₹1,750
In Dividend-scheme plans, this ₹1,750 is deducted from that member's next installment. In Admin Pool plans, the ₹35,000 instead builds toward opening a new member seat.
Why Choose SmartGrow?
Built on Trust. Driven by Transparency.
We combine technology with trust to deliver a seamless chit fund experience.
Government Compliant
Registered & regulated chit fund company
Transparent Auctions
Fair & transparent bidding process
Timely Payouts
On-time disbursement you can count on
Digital Tracking
Track payments and chit status 24/7
Secure Payments
100% safe and protected transactions
Frequently Asked Questions
Ready to Start Your Savings Journey?
Join SmartGrow Chits today and take a step towards a secure financial future for you and your family.