Friday, November 3, 2017

KSFE Pravasi Chitty: A Quick Guide

  • What is KSFE Pravasi Chitty?

It is a brand new initiative by KSFE and the Government of Kerala. It is conducted almost entirely online. One can join chitties online, remit monthly installments online and participate in auction online. All these can be done either through a website or through a mobile app.

  • What is special about it?

It is indeed special. The money gathered by installment remittance is converted into Kerala Infrastructure Investment Fund Board (KIIFB) bonds, which fund various developmental works across the state. In other words, Pravasis can fund Kerala's infrastructure development simply by joining a chitty scheme, which provides them with handsome returns in the form of dividend. (Click here to learn how chitties offer dividend).

  • Okay. What are the development work KIIFB funds?

Well, there are a lot. The prime projects are coastal highway and hill highway. There will be at least two road-building or -renovating schemes in every assembly constituency. Infrastructure facilities of one chosen school in each assembly constituency will be improved with funds from KIIFB. There are a number of other development works too. The motto is this: Join KSFE Pravasi Chitty, see developments in your home town when you return.

  • Sounds good. But KSFE Pravasi Chitty is same as normal KSFE Chitty, right?

The basics are same -- like how you calculate dividend, monthly auctions, all remain the same. But there are some benefits offered for KSFE Pravasi Chitties that are not offered for traditional KSFE chitties.

1. A pension plan, which a subscriber can opt by depositing the prize money of the chitty into a pension fund. This is offered in association with LIC.

2. Insurance coverage: Every subscriber will be eligible for insurance coverage. If unfortunately a subscriber of KSFE Pravasi Chitty dies or suffers permanent disability, the remaining installments of his or her chitty will be remitted by the company. This is applicable for both prized and non-prized chitties.

  • Fine. What about payment, KSFE's notorious bottleneck? Is it also online for Pravasi Chitty schemes?

Payment request and payment money transfer are online. The money will be transferred to the NRO account or ordinary SB accounts (not to NRI accounts). But the security registration and processing is done at individual branches manually. 

But don't worry. There is an online mechanism through which the subscriber can monitor the progress of file processing and security registration. This can also be accessed through the website or app. We assure you there would not be any bottlenecks.

  • Hmm. How to join KSFE Pravasi Chitties?

The website and app for KSFE Pravasi Chitty will be launched in December. Watch this space regularly. In case of any doubts or clarifications, leave a comment here or call 04712737888  to learn more. 

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