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 insurance coverage and 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 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.
Benefits of the scheme
- Expats would be provided insurance cover, which effectively means that the family of the subscriber would receive funds on the demise of the subscriber. Moreover, they will be accorded with pension amounts if investments have been made for the same.
- Chtties under KSFE are conducted in accordance with the regulations of the Central Chit Fund Act, 1982; and hence are considered safe for transactions.
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 are more than one subscriber interested in bidding at 25% reduction, the numbers of the such bidders will be put to a draw.
Features of KSFE Pravasi Chitty Scheme
- Provides financcial stability to the non-resident Keralites.
- Create a culture of savings to contribute and develop the state’s economic level.
- Android mobile app for the convenience of NRK’s.
- Mobile and Internet-based chits.
- Facility to remit online payments through installments.
- Online auction by smartphone.
- Safe, secure and transparent bidding process
- Integrated chat-bot, e-mail, SMS, social media support
- 24X7 contact center for grievance redressal
- Application security tested as per international standards.
- Coverage of remittances of chitty installments due to death.
Eligibility
People residing in India cannot apply to this scheme. The scheme is only applicable to the NRK’s residing in foreign country . Currently, the scheme is applicable only to UAE Malayalees.
Online Registration procedure
Step 1: Visit the official website of KSFE – https://portal.pravasi.ksfe.com/
Step 2: Enter your username and password to log in to the registration page.
Step 3: Click on the “Register Now” button.
Step 4: The KSFE ‘Customer Registration Form’ will appear on the screen.
Step 5: Enter your personal details; such as E-Mail Id, Passport Number, ISD code, National Identification Number and NRK ID.
Step 6: Click the button ‘NORKA ID,’ and the new tab will open. Generate the new ID by filling up the online form.
Step 7: After getting ‘NORKA ID’, you should click at the ” VERIFY WITH NORKA” button and complete the registration.
KSFC Mobile Application
To check status, the person can use KSFC mobile app, through which the details of automatic calculations and reports, pending monthly installments; etc can be updated. A person can easily participate in the auction by downloading the KSFC mobile app which is available in the play-store.
FAQs
How does the KSFE Pravasi Chitty Scheme work?
The scheme operates like a traditional chit fund, where a group of individuals (chit subscribers) contribute fixed monthly installments for a specified period. Each month, one subscriber is selected through a transparent bidding process to receive the chit amount, which is the total contribution minus a predetermined commission and dividend.
What are the risks associated with the KSFE Pravasi Chitty Scheme?
Like any investment, the KSFE Pravasi Chitty Scheme carries certain risks. These may include default by other subscribers, fluctuations in the dividend rate, regulatory changes, and operational risks associated with the chit fund business.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow
Complete CA Services
RERA Services
Most read resources
tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | 194r | ec tamilnadu | 194a of income tax act | 80ddb | aaple sarkar portal | epf activation | scrap business | brsr | section 135 of companies act 2013 | depreciation on computer | section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta