Hi, How can We Help?

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". 
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 
For NRKs within India 
  • 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. 
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.

54 Years Of Trusted Services

More Than 50 lakhs Satisfied Customers, Thank You Subscribers For Your Trust And Faith


Turn over






Paid-Up Capital