Who is eligible to join the KSFE Pravasi Chitty scheme?

Non-Resident Keralites (NRKs) residing outside Kerala, either within India (outside Kerala) or in a foreign country, are eligible. Individuals residing in Kerala cannot apply.

How does a chitty work?

It's a group savings scheme. Members contribute a fixed installment monthly for a set period. Each month, one member receives the Prize Money through a draw or an auction (bid). The prize money is the total contribution minus a discount (foreman's commission and the auctioned amount).

Is it safe to invest in KSFE Pravasi Chitty?

Yes, it is considered safe as KSFE is a Government of Kerala undertaking and operates under the regulations of the Central Chit Fund Act, 1982, ensuring state-backed security and transparency.

Do I need to visit a branch to start the KSFE Pravasi Chitty?

No, the entire process, from registration to installment payment and auction, can be completed online through the mobile app or portal.

KSFE Pravasi Chitty – Savings Scheme for NRKs

KSFE Pravasi Chitty

The KSFE Pravasi Chitty is a financial savings scheme launched by the Kerala State Financial Enterprises (KSFE), a non-banking financial company wholly owned by the Government of Kerala. Specifically designed for the welfare of Malayalees residing outside Kerala (Non-Resident Keralites or NRKs), the scheme blends the traditional chit fund model with modern digital convenience, risk coverage, and an option for pension payments.

Primary Objective of KSFE Pravasi Chitty

Below are the objectives of KSFE Pravasi Chitty:

Providing a secure and profitable savings and borrowing platform for the Malayalee diaspora.

Offering value-added benefits like insurance coverage and facilitating the premium payment for the Kerala Pravasi Welfare Board pension scheme.

Serving as a fund-mobilization platform for the Kerala Infrastructure Investment Fund Board (KIIFB) to finance large-scale infrastructure projects in the state, allowing NRKs to indirectly contribute to Kerala's development.

Key Features and Advantages of KSFE Pravasi Chitty

Fully Online Operation: Registration, chit selection, installment remittance, and auction participation can all be done remotely through the mobile app or website, accessible 24/7.

Safety and Security: As a Kerala Government undertaking, KSFE conducts its chitties under the Central Chit Fund Act, 1982, ensuring a reliable and transparent process.

Liability Waiver (Risk Coverage): In the unfortunate event of a subscriber's demise, the future liability for the remaining installments (up to a specified limit, typically ₹10 Lakhs) in a prized chitty is generally waived, providing financial relief to the family.

Pension Premium Payment Option: Subscribers to chits above a certain monthly subscription (e.g., ₹10,000) may have their monthly premium (up to a limit, e.g., ₹300) towards the Kerala Pravasi Welfare Board Pension Scheme paid by KSFE.

Contribution to Infrastructure: Funds mobilized through the Pravasi Chitty are invested in KIIFB bonds, giving NRKs a direct opportunity to participate in the state's infrastructural growth.

Flexible Options: The scheme offers various chit amounts and durations, allowing subscribers to choose a plan that aligns with their savings and financial goals.

How to Join the KSFE Pravasi Chitty Scheme

Below are the steps on how to join the KSFE Pravasi Chitty scheme:

Registration: Download the 'KSFE Pravasichit' mobile application (Android/iOS) or visit the official website. Register as a new user by providing personal details, including your name, email ID, and a valid mobile number with the correct ISD code.

Verification: Complete the mobile number and email verification using the received OTP and verification link.

KYC: Log in and complete your profile and KYC (Know Your Customer) registration. This typically requires uploading copies of documents.

Documents (for NRKs outside India): Valid Passport/PIO/OCI, Valid Visa, National/Labour ID of the residing country, and a passport-size photo.

Chit Selection: Once verified, you can select an ongoing or upcoming Pravasi Chitty scheme that matches your desired monthly installment and total chitty amount (sala).

Payment: Remit the first installment online using various payment gateways (internet banking, debit cards, etc.).

FAQs

Who is eligible to join the KSFE Pravasi Chitty scheme?

Non-Resident Keralites (NRKs) residing outside Kerala, either within India (outside Kerala) or in a foreign country, are eligible. Individuals residing in Kerala cannot apply.
How does a chitty work?

It's a group savings scheme. Members contribute a fixed installment monthly for a set period. Each month, one member receives the Prize Money through a draw or an auction (bid). The prize money is the total contribution minus a discount (foreman's commission and the auctioned amount).
Is it safe to invest in KSFE Pravasi Chitty?

Yes, it is considered safe as KSFE is a Government of Kerala undertaking and operates under the regulations of the Central Chit Fund Act, 1982, ensuring state-backed security and transparency.
Do I need to visit a branch to start the KSFE Pravasi Chitty?

No, the entire process, from registration to installment payment and auction, can be completed online through the mobile app or portal.