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A Chit is a kind of savings scheme practiced in India. A Chit Fund Company is a company that manages, conducts, or supervises such a Chit Fund, as defined in Chit Funds Act, 1982. According to Section 2(b) of the Chit Fund Act, 1982:
"Chit means a transaction whether called Chit, Chit Fund, Chitty, Kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the Chit Agreement, be entitled to the prize amount".
"Chit means a transaction whether called Chit, Chit Fund, Chitty, Kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the Chit Agreement, be entitled to the prize amount".
KSFE Pravasi Chitty is a unique financial savings scheme introduced for the welfare of Malayalees living outside Kerala. It's many things, under a single scheme. It is a chitty scheme with risk coverage and pension plan. It has an online portal and a Mobile application that allows you to join chits, pay instalments, and take part in chit auction from anywhere, anytime. It also gives NRK's, an opportunity to partake in the overall infrastructural development of the State. Moreover, the Pravasi Chits also has many features that make it a unique financial saving structure amidst other financial instruments.
Unlike KSFE's existing traditional chit system, an “online portal” has been exclusively developed for Pravasi Chits. You can visit the KSFE Pravasi Chit web portal or Mobile application and register by providing your basic information. You will receive a username and password and you can login using these credentials and complete the process.
Those who are attained 18 years of age can join Pravasi chits.
KYC or Know Your Customer is a mandatory verification process, the customer has to undergo, by uploading the required documents for verification for subscribing KSFE Pravasi Chits.
For NRKs outside India
- Valid Passport/PIO/OCI
- Valid Visa
- National/Labour ID of residing country
- Photo
- Aadhaar/Voter ID
- Any address proof of the residing state.
- Photo
If the information you have entered and the document you have uploaded do not match, then KSFE will mark your KYC file as discrepant. You will receive an email or SMS asking you to re-upload the concerned document.
In KSFE, each chitty has a fixed number of Tickets i.e. Subscribers. For example: A 40 months chitty will have 40 subscribers including Foreman (KSFE). Each subscriber is given a number ranging from 1 to 40. This number is called Chittal Number.
Chits are organised on a monthly basis. KSFE Pravasi Chit is a completely web based Chit scheme. NRIs/NRKs can visit the website or Mobile application to complete the registration process, subscribe the chits and take part in the auctions online.
It is completely an online Chit solution. Customers can register, subscribe, make chit payments and participate in the online auctions. It is simple and transparent. Safe savings, security for deposits and hassle-free chit payment options are a few features of the Pravasi Chits. Besides, Risk coverage and optional free Pension Premium Payment towards the pension scheme of Kerala Pravasi Welfare Board, unique opportunity to partake in the development of Kerala, and many more.
The monthly payments in the chits are deposited in KIIFB bonds guaranteed to be returned at any time. The deposits made in the KIIFB Bonds will be invested in the various developmental projects by the State government. All the deposits made in the bond are guaranteed by Government of Kerala.
The pension scheme in Pravasi Chit, is in association with Kerala Pravasi Welfare Board. KSFE will pay the monthly premium towards the Pension Scheme of Kerala Pravasi Welfare Board, for those already members of the pension scheme and subscribing to Pravasi Chits, having a gross monthly subscription of ₹10000 and above.
Pravasi Chits are run by Kerala State Financial Enterprises. Unlike the other chit funds, Pravasi chits have the guarantee and security of KSFE under Govt. of Kerala. Customers are also offered a Liability Waiver up to Rs.10 Lakhs and a free Pension Premium Payment for pension as value additions. This makes Pravasi Chitty more attractive. Moreover, the chit subscribers will get a unique opportunity to partake in the development of the state by joining KSFE Pravasi Chits.
As of now, Pravasi Chit offers chits with Sala starting from ₹1 lakhs to ₹50 lakhs for a period ranging from 25 to 60 months with a gross monthly instalment of ₹2500 to ₹125000.
At present it is ₹2500. However, the minimum amount for gross monthly subscription of ₹2500 will be ₹1875, when the auction discount comes to 30% of Sala of the Chit.
KSFE offers, at present, chitty for a gross monthly subscription amount of ₹125000. However, the minimum amount for gross monthly subscription of ₹125000 will be ₹93750, when the auction discount comes to 30% of Sala of the Chit.
A subscriber can join up to 10% of the total number of chittals in a Chit. For e.g.,
a subscriber can join up to a maximum of 4 chittals in a 40 months chit.
a subscriber can join up to a maximum of 4 chittals in a 40 months chit.
No, Pravasi Chits do not accept foreign currency for payments.
No, Pravasi chits do not allow the subscribers to make payments in cash. All the payments are to be made online.
No, NORKA ID is not needed to join Pravasi chits.
No, AADHAAR is not necessary to join Pravasi chits.
Yes, you can add Nominee in Pravasi chits. You can also add multiple Nominees.
The subscriber can make payments online using Internet Banking/Debit cards/UPI. Please note that subscribers cannot make payments in cash, in KSFE Pravasi Chits.
Yes. Every chit has a monthly due date. The subscribers are supposed to make their monthly chit payments before the due date to participate in the Auctions.
No, the auction timing of each chit on a particular date will be different. The subscriber has the option to select a Chit with his preferred auction timing, at the time of enrolling in a Chit.
Yes. The penalty for defaulted payments is calculated on the actual number of days delayed for making the payment. Please read the Chit Agreement for more details.
No, daily or weekly part payment option is not available in Pravasi chits.
Yes, the monthly instalments should be made as whole, no partial payment option is provided.
You can make payments using your Debit card however, Credit card payments are not allowed in Pravasi chits.
As of now, this facility is not available. We are planning to incorporate this feature in due course.
No. In Pravasi chitty, customers cannot make payments by cash. Only online payments are accepted. However, cheques are accepted at KSFE branches, but the amount will be credited to concerned chits only after realization of the same.
For availing Chit prize money, the subscriber has to give sufficient security for the future liability of the prized Chit. The subscriber has the option to give different types of securities like property security, gold, personal surety (salary certificate of salaried employees of institutions recognized by KSFE), fixed deposits of different banks and of KSFE, bank guarantee, insurance policies etc. as per his convenience. The subscriber has the option of depositing the prize money at KSFE itself, which doesn’t demand any other security.
No, as per existing RBI guidelines the chit prize money can only be transferred to an NRO Account/regular Savings Account.
No, PAN card is not mandatory for joining Pravasi Chit. But, if you deposit the prize money as fixed deposit, TDS will be deducted from FD interest. If you are planning to claim the refund of the deducted TDS, you should provide PAN card details at the time of prize money deposit so that we can upload the deducted TDS details against your PAN to Income Tax website, which will help you to claim the refund of your deducted TDS.
30% of Sala of the Chit.
54 Years Of Trusted Services
More Than 50 lakhs Satisfied Customers, Thank You Subscribers For Your Trust And Faith
₹73000Cr+
Turn over
8300+
Employees
670+
Branches
₹100Cr
Paid-Up Capital