KSFE Chitty Schemes


The demand for the KSFE chitty schemes has increased over quite some time. Needless to say, the popularity has made it worthwhile but many people are still not aware of what exactly this scheme is all about. That is why, before you plan to apply for such a scheme, you must have clarity on what exactly it is. Chitty is the main product of KSFE. It is a unique financial product, which blends the advantages of both investment and advance. It is a risk-free haven for the public as KSFE conducts only chitties fully governed by the provisions of the Central Chit Fund Act 1982.

About the KSFE chitty schemes 2020

  • Whether you have been looking forward to applying for the 2021 application or want to know more about the regular scheme process, it is important that you first get some knowledge on KSFE chitty schemes 2020. 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 maximum reduction possible is 25% as per the prevailing Chitty Act and if there is more than one subscriber interested in bidding at a 25% reduction, the numbers of such bidders will be put to a draw.
  • While focusing on the KSFE chitty plans, you need to understand first about the prize money. 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.

About Pravasi chitty

The concept of Pravasi chitty is not new. Rather, it 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 insurance coverage and a pension plan. It has an online portal and a mobile application that allows you to join chits, pay installments, and take part in chit auction from anywhere, anytime. It is one great platform of 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.

How are KSFE Pravasi chitty different from other savings schemes?

  • Pravasi Chits is 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, installment payment, online auction, and prize money collection can be done online. We also have a 24x7 online call center to support our customers.

  • Chit liability waiver and an optional pension deposit scheme is also incorporated in the Pravasi chits.

Advantages of Pravasi Chits

  • Unlike many chit Services, the KSFE chitty schemes 2021 offers a lot of features for its customers.

  • All the services, starting from chit selection to prize money collection can be made online.

  • A 24x7 online call center to support the customers anytime, anywhere.

  • Chit liability waiver and an optional pension scheme are the major features incorporated in the Chits.

Liability Waiver

KSFE will waive the liability of the chit, up to a maximum of Rs. 10 lakh, in the unfortunate event of the prized subscriber's demise. The liability waiver option will act as a de facto, free-of-cost insurance scheme for KSFE chitty online subscribers.


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. 


  • Pravasi chitty by the Kerala State Financial Enterprises is a unique savings scheme that has been introduced for Non-Resident Keralites (NRKs) of any country. Pravasi chitty manages to be many things under a single scheme for an NRK.
  • However, its main objective is to be a chitty scheme by offering insurance coverage and pension plans. What makes it different from other savings schemes is that it is the only chitty fund under a company that is wholly owned and operated by the Government of Kerala.
  • KSFE's new chitty remains to be the only chitty company that is owned by a State Government in the whole of India.
  • Equipped with an online portal and a mobile application, that is available on all app stores, Pravasi chitty offers its members the facility to join chits, pay installments, and take part in chit auctions from anywhere in the world and at any given time by merely accessing any of its multiple digital platforms.
  • It offers every NRK the opportunity to be a part of the overall infrastructural development of their homeland, Kerala. Additionally, these chit funds have various features that transform them into a unique financial saving structure amongst any other financial instruments.


The following are the many features that are unique to KSFE Pravasi chitty plans.

Online Auction Rooms

One of the many features of the KSFE Pravasi chitty is that it offers a completely safe and secure online auction room that is specially curated for auctions to take place. Through these digital rooms, the KSFE can conduct auctions that are simple, hassle-free, and transparent. Through mere internet connectivity, customers and members may log in using their desktops or even mobiles from anywhere in the world.

Online Security Process

The securitization process for the Pravasi chitty by the KSFE has been enhanced to a completely digital platform. By achieving this, various security processes may be executed and completed in just a few days.

Moreover, KSFE, along with the Kerala State Insurance Department (KSID), offers its members with

  • Easy Payments

The Pravasi chitty is integrated with payment gateways of all kinds for every user’s ease. A member may pay their installments using any internet banking platform, debit card, e-Wallets, e-Pay, and much more.

  • Insurance

One of the significant features of the KSFE Pravasi chitty is that it ensures to cover every member through a unique group life insurance scheme. This comes in handy to continue their chitty, in the case of an emergency.

  • Repatriation Charges

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


With a scheme like this investments will be created and it would be pout to the best use for the state’s growth in different fields like infrastructure development, health, education, public service, public works, social security et. Rs.10,000 crores out of a total of Rs.50,000 crores for various developmental activities for the next five years of the state are expected to be raised through the Pravasi chitties.

Question and answer

What is Chitty Loan For?

Chitty Loan is a bridge between your actual financial need and the delay in chitty getting prized in your favor

When can I be eligible for a chitty loan?

If you are a non-prized subscriber in a chitty and remitted 10% of the total number of installments promptly, you are eligible for an advance up to 50% of the total chitty amount or sala (gross subscription to be remitted per month multiplied by the number of installments in the Chitty).

How are the Principal and the interest of the Chitty loan settled?

The principal of the advance is settled by adjustment from the Chitty prize money and the interest has to be remitted every month.

What is the interest rate?

  • Duration of Chitty is above 50 months and up to 120 months: 11.25% (simple) and for defaulted accounts 13.5%.
  • Duration of Chitty is 50 months or below 50 months 11.75% (simple) and for defaulted accounts 14%.

How Much Commission Does KSFE Take?

For each Chitty, KSFE takes a 5% commission. This is in addition to the discount which gets redistributed as dividends.

How Can I Make KSFE Online Payment?

Contact your KSFE branch to get the bank account details of the KSFE branch. Once you remit the amount, you need to send an email/WhatsApp to the branch-provided email/number.

How Can I Avail KSFE Gold Loan?

  • KSFE offers gold loans. Walk into your nearest KSFE office between 10 AM and 4:30 PM to avail gold loan.
  • A maximum amount of Rs 25 lakhs can be availed per day. KSFE charges simple interest. Loans up to Rs.20,000 are charged 9.50% per annum. For amounts above Rs 20,000, interest of 10.50% per annum is charged.
  • The maximum loan duration is 36 months.