Business Development Officer – Chit Fund
1. Position Details
Particulars Details
Job Title Business Development Officer
Department Business Development / Sales
Industry Chit Funds / Financial Services
Experience 1–2 Years Mandatory
Preferred Industry Experience Chit Fund / NBFC / Banking / Financial Services
Employment Type Full-Time
Location As per company requirement
Reporting To Branch Manager / Sales Manager / Business Development Manager
Level Executive / Officer
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2. Role Purpose
To drive business growth by acquiring new customers, generating quality leads, promoting and enrolling customers into suitable chit fund schemes, maintaining strong customer relationships and achieving assigned business targets while ensuring complete compliance with company policies, regulatory requirements and approved sales processes.
The Business Development Officer will be responsible for developing the assigned market, converting prospects into customers, generating referral business and contributing to branch-level revenue and customer acquisition.
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3. Key Responsibilities
A. Business Development & Customer Acquisition
• Identify and develop new business opportunities within the assigned territory.
• Identify prospective customers through field visits, references, networking, database calling and market activities.
• Build and maintain a healthy sales pipeline.
• Meet prospective customers and understand their financial requirements.
• Present appropriate chit fund schemes based on customer requirements and eligibility.
• Convert qualified prospects into chit subscribers.
• Achieve monthly, quarterly and annual customer acquisition and business targets.
• Develop new customer segments and local market opportunities.
• Generate business through existing customer references and networking.
B. Chit Product Sales
• Explain chit schemes, ticket value, tenure, instalments, auction process, dividend, applicable charges, security requirements and other relevant terms accurately.
• Ensure customers understand the product before enrollment.
• Avoid making unauthorized commitments, guarantees or representations to customers.
• Explain the documentation and onboarding requirements clearly.
• Promote only company-approved chit products and schemes.
• Maintain adequate knowledge of all active chit schemes and product features.
• Keep updated with changes in products, pricing, processes and company policies.
C. Lead Generation & Conversion
• Generate leads through:
o Field visits
o Customer referrals
o Existing customer database
o Tele-calling
o Networking
o Business associations
o Local market activities
o Corporate/professional contacts
o References from existing customers
• Qualify leads based on customer requirement and potential.
• Maintain systematic follow-up with prospects.
• Track lead status from enquiry to conversion.
• Minimize lead leakage and ensure timely follow-up.
• Maintain a healthy ratio of fresh leads, prospects, negotiations and closures.
D. Field Sales & Market Development
• Conduct regular field visits within the assigned territory.
• Identify potential markets, institutions, businesses and customer groups.
• Develop relationships with local business communities and referral sources.
• Participate in customer meetings, promotional activities and business development campaigns.
• Conduct market intelligence activities and share relevant competitor/customer information with management.
• Identify opportunities for increasing branch-level customer acquisition.