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In my region we have a money saving system. Some friends or relatives or colleagues, gather and decided to give a particular amount a month to one of us appointed as the manager. He doesn’t receive any charges for this. You can say he only keeps the money.
Supposing, there are ten people, and each person gives 100 $, this makes a sum of 1000 $ a month. For ten months each person gives this amount (100 $) and the sum (1000 $) is given to one of the members of the group.

What would you call it? Is there any particular name for this thing in English?

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This is a related term "Rotating savings and credit association (ROSCA)". In wikipedia, ROSCA is defined as "a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending."

"Each member contributes the same amount at each meeting, and one member takes the whole sum once. As a result, each member is able to access a larger sum of money during the life of the ROSCA, and use it for whatever purpose she or he wishes."

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It is loosely a kitty party (IndE).

Kitty parties are popular ways in India and Pakistan for women to socialise within the context of an informal savings club. It is a kind of party usually organised by women and held in the afternoon on a monthly basis.

My wife is a part of it! It is beneficial because you don't invest anything and get a good amount of rupees in some month.

The procedure is exactly the same that you describe. Each month, each member needs to pay some amount and then it is given to one of the group members. Nevertheless, this seldom happens among men (at least I am not aware of it).

Other loose terms for that include chit fund or microfinance organization. But again, you need to clarify the terms while communicating with others.

  • I mean to ask the word for the 'system of this sort of saving', not the gathering itself. – xeesid Sep 19 '19 at 7:23
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    It is a system! Check Wiki article. Even precise is informal savings club. But nobody would understand it unless you make them! – Maulik V Sep 19 '19 at 7:25
  • Yes, read it; but what about native users? Would they understand this term? That's what revolves in my mind. – xeesid Sep 19 '19 at 7:26
  • Good point! If natives don't practice something, you need to make them understand though you have a term for it. It is more of a culture/practice than English in that case. – Maulik V Sep 19 '19 at 7:27
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    It does not start overnight. Once the ladies from the same society or circle develops trust with each other, they start it. It is an age-old practice in India. You won't believe the kitty parties' collection can range from hundreds (from poor ladies) to even a hundred-thousand rupees (rich ladies)! – Maulik V Sep 19 '19 at 7:35

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