KSFE Pravasi Chitty Scheme 2023 is unique financial savings scheme launched by the Kerala govt. for the welfare of Malayalees abroad. This Chitty scheme in Kerala comes with an insurance coverage and pension plan. The state govt. has launched a new software to join pravasi chitty, pay installments, take part in chitty auction. Accordingly, all the interested Non Resident Keralites (NRKs) can fill the Kerala Pravasi Chitty 2023 Online Registration Form at pravasi.ksfe.com
This is a fund-mobilization platform to solve the problem of infrastructure in Kerala. The remittances of NRIs plays an important role essential for the growth of Kerala’s economy. This scheme will promote savings among NRIs to improve economic stability. The Kerala KSFE Pravasi Chitty Scheme online registration form are now available at pravasi.ksfe.com
Pravasi Chits also has many features which makes it different from other financial instruments. Out of the total Rs. 50,000 crore for developmental activities in next 5 years in Kerala, govt. wants to generate Rs. 10,000 crore from these Pravasi Chitties.
Kerala KSFE Pravasi Chitty Scheme 2023 Apply
Kerala KSFE Pravasi Chitty Scheme 2023 is a unique financial product which blends the advantages of both investment and advance. It is a risk free safe haven for the public as KSFE conducts only chitties fully governed by the provisions of Central Chit Fund Act 1982. The installment per month for chitties range from Rs. 1,000 to Rs. 5,00,000 and the usual duration of chitties are 30 months, 40 months, 50 months, 60 months and 100 months. The total of the periodic subscription, called the chitty amount, will be given out as “prize money” to the person who bids by allowing for the maximum reduction in the prize money. The official website is ksfe.com/chitty/
The maximum reduction possible is 25% as per the prevailing Chitty Act. If there are more than one subscriber interested in bidding at 25% reduction, the numbers of the such bidders will be put to a draw. Thus each subscriber gets an opportunity to receive the prize money once during the tenure of the chitty. All the promoters have to contribute the periodic subscription till the end of the chitty. Now KSFE opens a new provision for the NRIs to join our chitty. KSFE NRI Chitties are specifically designed for the NRI community
Kerala KSFE Pravasi Chitty Online Registration Form 2023
Here is the complete process of how to fill Kerala KSFE Pravasi Chitty Online Registration Form 2023:-
STEP 1: Visit the official website https://www.pravasi.ksfe.com/
STEP 2: On the KSFE Pravasi Chitty Default homepage, click at the “Register Now” tab.
STEP 3: Direct Link for Registration – Candidates can directly click the link given here to open the Customer Registration Form – https://portal.pravasi.ksfe.com/index.php/home/cust_reg
STEP 4: At the opened page, select the residing country for customer registration. If you are residing in India other than Kerala, register using Aadhaar or Voters ID. Registration is for Keralites residing in any Indian state other than Kerala. Other state residential proof is mandatory for completing KYC process. If you are residing abroad, then choose your citizenship type and click at “Proceed” button.
STEP 5: Afterwards, KSFE Pravasi Chitty 2023 Online Registration Form will appear as follows:-
STEP 6: Here candidates have to enter their citizenship country, residing country, passport number, expiry date, personal details, ID type, OCI number, email ID, ISD code, phone number, username and other details asked and then click at the “Register” button.
STEP 7: Now Candidates have to click at the “Verify with NORKA” button to complete the registration process.
Finally, all the registered candidates can make “Customer Login” using the Username and Password.
List of Documents Required for Kerala KSFE Pravasi Chit Scheme Eligibility
Here is the complete list of documents required for Kerala Pravasi Chit by KSFE:-
- Passport / PIO / OCI
- VISA (Except OCI / PIO Holders)
- Expat ID / Labour ID
- For NRKs in India (Aadhaar / Voters ID, Residing Address Proof)
Salient Features of KSFE Pravasi Chits
Online Auction Room – A safe and secure online auction room is developed specially for auctions. It is uniquely designed to keep the auctions simple, hassle free and transparent. Customers can login via mobile/desktop from any part of the world via internet access.
24×7 Customer Support – Customer satisfaction is the primary priority of Pravasi chits. Our dedicated 24×7 contact centre is committed to help you with your questions and doubts always. Apart from our contact centre we are also available on socail media, whatsapp number.
Easy Payment – Payment gateways are integrated with Pravasi chits. Subscribers can pay the installments using internet banking or debit cards. We are trying our best to enable more payment gateways, e wallets, epay and mobile payments in the near future.
Online Security Process – We have enhanced our securitization process to a completely digital platform. With the files being digital, different processes of securitization can be completed in minimum days. With the help of our contact centre it will be easy for the subscribers to track the status of the security documents.
Liability Waiver – KSFE will waive the liability of the chit, up to a maximum of Rs. 10 lakh, in the unfortunate event of the subscriber’s demise. The liability waiver option will act as a de facto, free-of-cost insurance scheme for Pravasi Chitty subscribers.
Pension – Pension is one of the value additions Pravasi Chitty provides along with insurance (in the form of liability waiver). The pension is offered by Kerala Pravasi Welfare Board. KSFE will pay the monthly premium for the pension for prompt subscribers till the termination of the chitty.
Need for Kerala Pravasi Chit Scheme / KSFE NRI Online Chitty Scheme
Large scale migration of malayalees to gulf region plays a major role in Kerala’s economy. These Malayali Pravasis plays an important role in the social, economic and cultural development of the state. As per the report, Remittances sent by diaspora support at least 50 lakh people out of total population of Kerala (3.15 crore). Kerala Govt. will utilize all the generated investment for the development of health, education, public works & services, social security etc.
Moreover, Migrants also lives under unstable and insecure working conditions and the jobs of NRI’s are also not certain. So, KSFE has launched a financial scheme for the betterment of Malayali population abroad. This scheme will provide financial support for their risky businesses and also provides an opportunity for participation in the infrastructure development in the state.
How are KSFE Pravasi chits different from other savings schemes
Pravasi Chits are run by Kerala State Financial Enterprises, established by the Government of Kerala. Unlike other chit funds, Pravasi chits offer a lot of features for its customers. All services, starting from chit selection, instalment payment, online auction and prize money collection can be done online. We also have a 24×7 online call center to support our customers. Chit liability waiver and, an optional pension deposit scheme is also incorporated in the Pravasi chits.
Pravasis can help the govt. to realize the dreams of development through joining ksfe pravasi chitty. It is also important to note that all Non Resident Keralites (NRKs) will not have to contribute any money (even a single paise) to the state government. All NRKs just have to Join Pravasi Chitty. KSFE NRI Online Chitty Scheme is a safe deposit and 100% trusted investment option along with 24*7 assistance. Chit Insurance Cover and an optional Pension Deposit Scheme are most striking features of this KSFE Pravasi Chitty Scheme.
Payment Method for KSFE Pravasi Chitty Scheme in Kerala
The installment can be remitted via online gateways or using the KSFE Mobile App.
How to Participate in Auction
KSFE now facilitates easy participation in auctions from anywhere in the world using your Smartphone. The date and time of auction will be notified in advance.
How to Avail Prize Money in Kerala Pravasi Chits Scheme
Prize money can be availed by submitting any of the documents listed below as security.
- Property security
- Personal security
- Bank guarantee
- Gold security
- Insurance policy
Relatives of NRIs who is a resident of Kerala can be nominated for the power of attorney. The nominated person shall complete the procedure from any KSFE branch in Kerala.
Customer satisfaction is the priority
KSFE has worked over the years towards perfecting the services offered. NRI chitty is one of the recent chitty schemes introduced by the institution. This innovative chitty is very much designed to meet the needs of NRIs. With the help of latest technologies, chitty procedures are now made simple and manageable. KSFE aims at your financial security along with growth of the society.
Kerala KSFE Pravasi Chitty Scheme Launch
Kerala government had launched Pravasi Chitty Scheme for Non Residential Keralites in 2018. Through this scheme, Kerala govt. aims to deploy Rs. 10,000 crore in the span of 3 years through Kerala State Financial Enterprises (KSFE). The state govt. had started implementing this scheme in the first week of March after the approval of National Informatics Center (NIC). KIIFB plays an important role in utilizing these collected funds.
KSFE is a non-banking Finance Company and Kerala govt. fully own this company. Kerala govt. had launched this scheme after the announcement of budget in February 2018. Most of the NRKs who make investments in KSFE Chitties through their relatives or themselves when they come home are waiting for the official launch of this scheme.
Agents for Selling the Pravasi Chitty Scheme in Gulf Countries
Kerala govt. will allow various agents such as banks and others to sell this scheme to the investors residing in the Gulf Countries. Moreover, these agents will have to acquire the required permission from the regulation agency of those countries.
Govt. is going to make provisions such that NRKs are able to join this Chitty scheme online. Moreover, govt. will develop a mobile app for this purpose. Accordingly with this online facility, any person can get involved in chitty activities. People can enroll for memberships, make payment of monthly subscription and enrollment for auctions through online mode. Furthermore, govt. is also going to setup a 24*7 grievance redressal office which will operates at Infopark.
Role of Kerala Infrastructure Investment Fund Board (KIIFB)
As per the survey reports, the funds sent by the people (online transfer) to our country through diaspora provides support to at-least 50 lakh people in Kerala out of the total population of 3.15 crore. NRI Chitties will raise a fund of Rs. 10,000 crore which the state govt. will use for developmental activities.
Kerala Infrastructure Investment Fund Board (KIIFB) will get these collected funds. KIIFB is a technical partner of KSFE Pravasi Chitties. The total amount of NRI deposits is around Rs 1.52 trillion with several public sector and private sector banks in Kerala. Furthermore, Pravasi Chitty Scheme will raise the amount of NRI deposits which the state govt. will utilize in various developmental activities.
KSFE Pravasi Chitty Complaint Helpline Number
To make complaint, candidates can call on the Helpline Number:-
- Registered Office – It is located at Bhadratha, Museum Road, P.B. NO.510, Thrissur – 680 020.
- Helpline Number – People can call on the Helpline Number : 0471-6661888 (8 a.m to 8 p.m), Whatsapp Number : +91 9447097907 or can send and e-mail to [email protected]
- For UAE Applicants – For UAE, candidates can give a missed call to 04-8189669 or send an SMS : KSFE to 3707.
- Official Website for Pravasi Chits – For all other information, visit the official website https://pravasi.ksfe.com/
- Official Website for KSFE – For more details on Kerala State Financial Enterprises (KSFE), visit the official website using the link given below – ksfe.com
Kerala govt. will address all the Complaints / Grievances on Registration & KYC or Installment. People can now get answers to questions like “How to join KSFE – Pravasi Chitts”, “Is NORKA Registration Mandatory”, “Necessity of KYC”, “Modes of Payment, Monthly Dues, Penalty” in FAQ’s (Frequently Asked Questions).