Money Club enables people to form closed and highly trusted clubs within which they can Save, Invest and borrow money more efficiently. The Money Club is a safe and secure mobile platform for a Peer-to-Peer Chit fund or Committee or Beesi.
You can form a Money Club with your trusted peers (family, friends or colleagues) and start saving or investing money on Money Club. Your Money Club will also help you to get bulk money in times of emergency.
Follow the steps below to form your own club:
Step 1) Download Money Club App and drop your details in the ‘Join Money Club’ form. You will receive a call from us within 24 hours of your form submission. Inform the Money Club Team about your interest in forming your own club.
Step 2) You will be required to form a Whatsapp Group with all your group members and a representative of the Money club. This group serves as a common ground to answer all the queries that any members might have
Step 3) The Money Club representative will form the pilot club on the Money Club App and send out invitations to all the respective club members.
Details of the Pilot Club will be the following:
- Contribution per member: Rs 200 per day
- Frequency: daily
- Pooled Amount: Rs 2000 (max)
- Minimum Bid : 1 % of pooled amount i.e. Rs20
- The members will bid in the form of an interest rate for the pooled amount.
- Money club Commission: 10% of the winner’s bid (where bid amount is the interest paid by the winner to pick the pool amount).
- Bidding duration :15 minutes
The pilot will progress as follows:
- The Bidding will happen at 2:15 pm every day. The members bid their interest rate for the pooled amount (For example: The bid value can be Rs 100, Rs 200 ).
- Amount received by the winner = Total pooled amount – Winner’s bid amount – the winner’s contribution.
- No money is transferred before the bid takes place. After the bid takes place, the winner is declared on the Money club app and everyone transfers the funds to the winner.
- No money is deposited in the Money club Platform. After the bid closure, members directly transfer the funds to the winner’s bank account through UPI based apps (BHIM, PhonePe, Google Tez and Banks UPI apps).
- After transferring the funds to the winner, everyone has to update their transaction on the Money Club app along with the transaction ID. Winner is also required to confirm the transactions on the Money Club app.
- Only when all the transactions are completed and confirmed on the Money club app, the club can be activated for the next round of bidding.
After all the transactions are completed and confirmed on the Money Club app , the app would look like in the below image .
Step 5) As per the RBI Guidelines, it is mandatory for all users to complete their KYC on the Money Club Platform. We will verify address and PAN number of every member while the pilot is progressing
Step 6) Once the Pilot Club is completed successfully, form the club button gets activated on the Money club App . Users can click the button and form their own club.
Watch the below videos to get the Money Club app insights..