KSFE Pravasi Chitty

Chit funds are a popular form of savings as well as an emergency credit solution for many people. However, in Kerala, Non-Resident Keralites, or NRKs, did not have the option to participate in such funds. The need to invest arises from the fact that Kerala has a substantial population in Arab nations, often outnumbering the local citizens. The Kerala State Financial Enterprises (KSFE) launched the Pravasi Chitty as a unique financial savings scheme designed for the welfare of every Malayalee living abroad. This article delves into the KSFE Pravasi Chitty and its various essentials.

Overview

Pravasi Chitty by the Kerala State Financial Enterprises is a unique savings scheme introduced for Non-Resident Keralites (NRKs) worldwide. It combines various features under a single scheme for NRKs, with the primary aim of being a chitty scheme offering insurance coverage and pension plans. It is the only chitty fund under a company wholly owned by the Government of Kerala, making KSFE the sole state government-owned chitty company in India.

Equipped with an online portal and a mobile application available on all app stores, Pravasi Chitty provides members with the facility to join chits, pay installments, and participate in chit auctions from anywhere globally by accessing its digital platforms. Moreover, it offers every NRK the opportunity to contribute to the infrastructural development of their homeland, Kerala. These chit funds feature various attributes, transforming them into a unique financial saving structure among other financial instruments.

Features

The following are the many features unique to KSFE Pravasi Chitty.

Online Auction Rooms

KSFE Pravasi Chitty offers a completely safe and secure online auction room, specially designed for transparent and hassle-free auctions. Customers and members can log in using their desktops or mobiles from anywhere in the world with just internet connectivity. This ensures a seamless auction experience.

Easy Payments

The Pravasi Chitty is integrated with various payment gateways for user convenience. Members can pay their installments using any internet banking platform, debit card, e-Wallets, e-Pay, and more, offering a seamless payment experience.

Online Security Process

The securitization process for KSFE Pravasi Chitty has been streamlined to a fully digital platform, enabling various security processes to be executed and completed swiftly. Members can track their security documents' status via a 24X7 contact center that provides assistance and answers to all user queries.

Insurance

A significant benefit of the KSFE Pravasi Chitty is its comprehensive coverage through a unique group life insurance scheme. This coverage ensures the continuity of the chitty in emergencies, thanks to a collaboration with the Life Insurance Corporation of India (LIC). The premium charges for this insurance are borne by KSFE.

In partnership with the Kerala State Insurance Department (KSID), KSFE also offers accidental insurance coverage and body repatriation in case of a member's unfortunate death. For more details on insurance schemes, refer to Emergency Credit Line Guarantee Scheme (ECLGS).

Life Insurance

In the unfortunate event of a member's death:

Non-Prized Subscriber: KSFE ensures the chitty's continuation until termination using the insurance. The complete prize money is paid to the registered nominee after deducting a foreman's commission.
Prized & Paid Subscriber: KSFE ensures chitty continuity, with prize money paid to the registered nominee if deposited in fixed deposits or pension funds, on request. Security documents are released to the nominee or mortgager.
Prized & Unpaid Subscriber: KSFE ensures continuity, with the prize amount paid to the registered nominee using life insurance.

Accident Insurance

Accident Insurance protects the continuity of your chit in emergencies or accidents. The extent of the accident determines the insurance claim entitlement.

Repatriation Charges

In the unfortunate expiry of a member, the registered nominee can claim airfare expenses up to INR 100,000 for transporting the remains and a companion to their homeland. In the event of an insurance-covered death and disability, KSFE undertakes the responsibilities of chit payments.

Homeland Development Contributions

In addition to empowering Keralite expatriates through financial support, the KSFE Pravasi Chitty offers ex-NRKs the chance to contribute to the infrastructural developments of Kerala. Joining the Pravasi Chitty allows expatriates to assist in the state's growth without direct financial contributions to the government.

With the Pravasi Chitty, investments are generated and utilized for Kerala's overall growth and development in sectors like Infrastructure, Health, Education, Public Service, Public Works, Social Security, and more. INR 10,000 Crores, out of a total of INR 50,000 Crores, have been allocated for various developmental activities over the next few years, sourced via the Pravasi Chitty.

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Frequently Asked Questions

Common questions about KSFE Pravasi Chitty.

KSFE Pravasi Chitty is a unique financial savings scheme introduced by the Kerala State Financial Enterprises (KSFE) specifically designed for Non-Resident Keralites (NRKs) residing in foreign countries. It combines the features of a traditional chitty scheme with insurance coverage and pension plans, offering NRKs a comprehensive savings and investment solution.

The KSFE Pravasi Chitty stands out as the only chitty fund operated by a company wholly owned by the Government of Kerala. Additionally, KSFE is the sole chitty company owned by a State Government in India. This governmental backing and oversight provide added credibility and security for NRK investors.

KSFE Pravasi Chitty offers an online portal and a mobile application available on all app stores. Members can access these digital platforms from anywhere in the world to join chits, pay instalments, and participate in chit auctions with ease and convenience.

The KSFE Pravasi Chitty ensures a safe and secure online auction room for transparent and hassle-free auctions. Additionally, the securitization process for members is entirely digital, making it more efficient and streamlined. A 24/7 contact center is available to assist members with any queries regarding their security documents.

Yes, the KSFE Pravasi Chitty provides a unique group life insurance scheme in collaboration with Life Insurance Corporation of India (LIC). This insurance covers members from the time of registering their chitty until its termination, ensuring continuity in case of emergencies. KSFE bears the premium charges for this coverage.

In case of a member's unfortunate demise, KSFE ensures the continuity of their chitty using the life insurance coverage. Depending on the member's subscription status (non-prized, prized and paid, or prized and unpaid), the prize money or amount will be paid to the registered nominee, and any pledged security documents will be released.

Yes, the KSFE Pravasi Chitty provides accident insurance coverage to protect the continuity of a member's chitty in case of an accident or emergency. The insurance claim amount will depend on the extent of the accident.

KSFE Pravasi Chitty allows NRKs to participate in the overall infrastructural development of their homeland, Kerala. A portion of the investments generated through the chitty scheme is allocated towards various developmental activities in sectors like infrastructure, health, education, public service, and social security, without requiring additional contributions from NRKs.

KSFE Pravasi Chitty is integrated with various payment gateways, allowing members to pay their instalments using internet banking platforms, debit cards, e-wallets, e-pay, and other convenient options.

Yes, the KSFE Pravasi Chitty is open to Non-Resident Keralites (NRKs) residing in any foreign country, providing them with a unique savings and investment opportunity while also contributing to the development of their homeland, Kerala.