In India , chit funds are hardly legit as sometimes they are considered as Scam and some of them are legit . While it is difficult to distinguish which platform can scam or can provide your quick returns but you can try for most of the platforms . The money club @moneyclubber.com is considered as one of the popular online chit fund deposit platform where people make deposits every month to make Rs 50000 per month with just a deposit of Rs 1000.
What is the ideology behind running the money club and what amount you can make as a depositor in the scheme is what we have explained in detail in this article. If you want to make Rs 1000 deposit every month for your urgent fund needs you can consider the fund deposit program of moneyclubber.com.
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What is the Money Club ?
It is easy to understand , where earlier the monthly deposit schemes were run by the banks now some private companies also run some sort of deposit schemes where the depositor with making a small deposit can obtain a higher amount for his or her urgent needs. The money club creates a pool of investors where a definite amount of funds are deposited by the depositors.
On bidding the lowest amount , the amount will be provided to the bidder and the rest of the members will be able to earn an interest amount on their investment . The minimum amount of pool to join in the moneyclubber.com is Rs 200 where being connected with the trusted profiles to join the pool and make deposits. The pool is created by verifying people based on their physical visits and profile of deposits made in the application .
How people make money with the money club ?
It is simple pool fund application where members make joint contribution to a fund created by the money club team. There is no requirement of funds to be deposited onto the bank account of the company . On the particular period of withdrawal , the company will make a bidding or the members of the group will make bidding to receive a pool of funds after certain discount and the other members making contribution will pay to the person with their UPI or bank account .
For instance , the pool of funds at the money club is created for Rs 50000 per month , and 50 members make a deposit of Rs 1000 , then on the 30th day of the month a bidding will take place and suppose a member A claims that 50000 @ 45000 in the bidding and wins the bid . The 5000 remaining will be distributed among the other members as return on their investment . The fund will continue till the bids run on to every member .
Moneyclubber.com and other Chit Funds in India Legit or Not
Moneyclubber.com or the Money club is a fund pool investment option for a depositor as against recurring deposits offered by banks . On the platform ,you don’t have to make any deposits with the company , rather you have to make direct payment to the bid winner on the application .
In India , Chit funds in offline mode are illegal as such transactions are difficult to trace. While making through online payments and with the money club it is a legal service and a good option to invest and receive return on your investment . It can be risky as their is least control of the platform on the defaulting person . While intiatial verification steps like KYC and security deposits can be undertaken by the application .
Also , the company is not yet registered under any legal records and claims for the brand mark registered but , the legality of the money club cannot be verified online .
How to make investment in the Money club online 2023 ?
In the money club , investment can be made by just joining on the application with proper documents and information placed on the money club mobile application . On the mobile application of moneyclubber.com , you can join any club as per your finance preferences and contribution created by the money club team .
Once you join the club and the club becomes active from the company with all members , the bidding will take place every month with the lowest amount of funds to be taken by any one person . The rest amount is provided as their return on investment to payment makers. Their is no need to deposit any funds in the application , rather the bid winner is to be made payment directly onto his bank account through UPI.
Is it safe to deposit money in the money club ?
In India , Chit funds are not legit and such clubs cannot be registered under Government records . Making deposits to such platforms like the money club and getting returns can be too risky . Based on online reviews , it can be said that the application does provide pool of funds on investment based on the bids .
While their is no legal support or legal security in terms of registration of the company can be discussed . So , making investment in the money club is highly risky and is not safe. The company provides assurance for legal support to its depositors while in case of default , it might take time for the legal suit to happen to claim money from the defaulting person .
How do Chit funds work and provide return ?
Chit funds in India , generally operate in a natural way and through offline payment modes. Where the depositors , make payment to a single person they know and the bidding is done with the normal chits based on their withdrawal amount .In the online , Chit fund system of the money club , the online bidding will take place and sometimes if no one bids for the amount the application algorithm will automatically make payment to a selected person after deducting 1% as return and some commission for the platform owner.
The return in chit funds are obtained from the discounted amount out of total pool amount which is taken by the bidder to takeaway . For instance , in a pool of Rs 1 lakh and the discounted bid is for 90000 , then Rs 10000 will be distributed among the other members for taking such risk.
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Receipt of Chit funds from the money club
The receipt of chit funds will directly be made from the money club through using the UPI or other payment gateways provided by the member to the money club team while creating their profile. The payment will be made once the bidding is over and for the pool amount , the depositors will make the direct transfer from their account to the bid winner account .
For the amount of returns , the discounted amount will be deducted by the depositors while making the payment which will be their return for making deposits. For instance , if A wins the bid for 40000 on a pool of Rs 50000, then the 50 members have to make payment of only Rs 800 to the bid winner and not Rs 1000.
Alternatives to the money club for better Income Online
In India , other than investing in Chit fund companies and fund pools like the money club or the moneyclubber.com , you can also receive returns from investing onto the following deposit alternatives including :
- Mutual Funds – Returns upto 11%
- Fixed deposits – Returns upto 6%
- Recurring deposits – Returns upto 6%.
- Shares and Debt Instruments – Returns upto 10%.
- Real Estate – Returns upto 15%.
Moneyclubber.com Mobile Application for Investment in Chit Fund
Get access to the Money Club on Playstore : Money Club Mobile Application
Moneyclubber.com Contact Support for the Money Club Deposit Issues
Their is a grievance redressal system on the money club and the moneyclubber.com to handle queries and problems of depositors or pool partners . The company provides direct support to its depositors through the following contact options :
Mr. Vikrant Singh
E-mail Id: [email protected]
M: +91-7289822020
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Conclusion
Money Club @moneyclubber.com can be considered as a legit platform to help you make Rs 25000 earn per month . But the application or the platform is not yet registered under the government records . So , deposits and earnings from the platform can be too risky with making investment in the pool of the money club. You can start by investing very low amount in the application . Once , you receive your payout of funds , then you can continue to invest in the pool for an unlimited time frame as you like.