KSFE Pravasi Chitty

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.).

Pravasi Pension Scheme under KSFE Pravasi Chitty

The KSFE Pravasi Chitty is linked with the Kerala Pravasi Welfare Board Pension Scheme, helping NRKs secure their post-retirement income. Subscribers with chits above a certain amount (for example, ₹10,000 monthly) can have their pension premium, up to ₹300, paid by KSFE. This partnership ensures continued social security coverage while building savings through the chit. The Pravasi Pension Scheme offers monthly pension and welfare benefits for NRKs and their families, making this integration a convenient all-in-one financial solution.