The subscribers are the individuals who form a group in order to invest their money according to the given chit value for the proposed chit period. The subscriber’s main motto behind investing in chits is saving money.
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The duration of the chit is referred to as the chit period. Each chit subscriber pays or contributes once a month for the duration of the chit period that has been assigned to them. It denotes the duration of the chit or states how long the chit will exist.
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The value of the chit is known as chit amount in a newly formed or established group of investors or fund raisers. The subscribers or members of the chit decide on and agree on a chit value.
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