How ChitTracker works
The short version of how chits work, what the app does, and what it deliberately does not do.
What is a chit fund?
A group of people pay a fixed instalment every period into a pot. Each period one member takes the pot, decided by auction: the member willing to forgo the biggest discount wins, and the discount, less the foreman's commission, is shared back to everyone as a dividend that lowers that period's instalment. Over the chit, every member takes the pot once.
What does ChitTracker do?
It keeps the record. You add the chits you are in, record each auction's discount and your payment, and it shows what you have paid, what you have received, and the real annual rate the chit pays or costs you. If your agent uses it too, the auction, the payment board and the group chat run here as well.
How is the rate calculated?
From your actual cash flows. Each period you pay the instalment less your dividend; in the period you win you receive the pot less your discount. The rate is the internal rate of return of that stream, quoted per year so it compares with a bank's quoted loan or deposit rate. Red means the chit costs you, like a loan; green means it pays you, like a deposit.
What are the benchmarks?
What the same instalments, on the same dates, would have become in a fixed deposit, in Nifty 50, or in gold, held to your chit's last auction. Prices refresh every trading day. They are information, not advice.
Does ChitTracker handle the money?
No. Members pay the agent directly, by UPI or cash, and mark it paid in the app with the UTR and optionally a screenshot. The agent confirms. ChitTracker never holds, routes or guarantees money.
Who is responsible for the chit?
The agent, as the foreman under the Chit Funds Act. An agent accepts that in writing when creating a chit here. ChitTracker records bids, payments and messages so everyone sees the same ledger; it does not run the chit or pick winners.
What does it cost?
Free for three chits in your portfolio and one chit you run. Member Plus removes the portfolio limit and adds the FD, Nifty 50 and gold comparison, the pre-auction nudge and a year-end statement. The Agent plan removes the limit for agents, adds WhatsApp reminders and includes Member Plus.