chit (n.1)

"a short letter, note," 1776, short for chitty (1690s), from Mahrati (Hindi) chitthi "letter, note, memorandum," from Sanskrit chitra-s "distinctively marked" (see cheetah).

chit (n.2)

"small child," 1620s, originally "young of an animal" (late 14c.), of uncertain origin; perhaps a playful deformation of kitten, but Middle English Dictionary compares Old High German kizzin "kid" and Century Dictionary mentions Old English cið "a shoot, sprout, sprig."