A special financial savings scheme launched for the welfare of Malayalees living outside Kerala is KSFE Pravasi Chitty. Under a single scheme, there are many things. With insurance policy and pension plan, it is a chitty scheme. It has an online portal and a mobile software that allows you to join chits, pay instalments, and engage actively in a chit bidding from anywhere via internet. It also offers NRKs the ability to take part in the overall growth of the state’s infrastructure. Moreover, in addition to other financial instruments, the Pravasi Chits also has several features that make it a special financial saving structure.
What is the difference between KSFE Pravasi chits and other saving schemes?
Kerala State Financial Enterprises, founded by the Government of Kerala, is running Pravasi Chits. Unlike other chit funds, its customers have several features for Pravasi chits. It is possible to conduct all services online, starting from chit range, installment payment, online auction, and prize money collection. To help our clients, they also have a 24×7 online call center. Chit obligation waiver and the Pravasi Chits also incorporate an optional pension deposit scheme.
FEATURES OF THE SCHEME
Auction Room online
A safe and secure online auction room has been specially built for auctions. It is specially built to keep the auctions easy, hassle-free, and transparent. Via internet connectivity, customers can log in via mobile/desktop from any part of the world.
Customer Service 24×7
The primary concern of Pravasi Chits is customer satisfaction. Our dedicated 24×7 contact center is always committed to assisting you with your questions and doubts. We are also available on Social media, WhatsApp number, in addition to our contact center.
Quick payment
With Pravasi Chits, payment gateways are incorporated. The installments may be charged by subscribers using internet banking or debit cards. Soon, they will try our best to enable more payment gateways, e-wallets, e-pay, and mobile payments.
Method for Online Protection
Our securitization process has been enhanced into a fully digital platform. With the data being digital, various securitization procedures can be completed in a minimum of days. With the support of our contact center, monitoring the status of security documents would be easy for subscribers.
Burden Waiver
In the tragic event of the subscriber’s death, KSFE would waive the Chit’s liability, up to a limit of Rs. 10lakh. For Pravasi Chitty subscribers, the liability waiver option would serve as a de facto, free-of-cost insurance policy.
ADVANTAGES OF THE SCHEME
The Pravasi chit provides a lot of functions for its clients, unlike many chit services. It is possible to build all services online, starting from chit selection to prize money collection. A 24×7 online contact center to help clients anywhere, anywhere. The key features built into the Chits are the Chit obligation waiver and an optional pension plan.
Responsibility Waiver
In the tragic event of the subscriber’s death, KSFE would waive the Chit’s liability, up to a limit of Rs. 10lakh. For Pravasi Chitty subscribers, the liability waiver option would serve as a de facto, free-of-cost insurance policy.
Pension
Pension, along with insurance (in the form of liability waiver), is one of the value additions offered by Pravasi Chitty. The pension is provided by the Welfare Board of Kerala Pravasi. KSFE will pay the monthly pension premium for prompt subscribers until chitty.
ELIGIBILITY CRITERIA
This scheme does not apply to individuals residing in India. The system is only applicable to international citizens of the NRK. The scheme is currently applicable only to Malayalees from the UAE.
The subscriber has to pay an amount ranging from Rs.1000 to Rs. 5,00,000 per month after enrolling in the scheme. This scheme will vary from thirty months to one hundred months in length. The different online methods can be used to pay for payments.
DOCUMENTS REQUIRED
- Passport
- VISA
- Labor ID
- For NRK in India
- Aadhaar card/Voter ID
- Residing address proof
ONLINE REGISTRATION PROCESS
- Please visit the official KSFE website: https:/portal.pravasi.ksfe.com/
- To log in to the registration page, enter your username and password.
- Click on the button for ‘Register Now.’
- On the computer, the KSFE ‘Customer Registration Form’ will appear.
- Enter your personal information, such as your e-mail ID, your passport number, your ISD code, your national ID number, and your NRK ID.
- Click the ‘NORKA ID’ button, then the new tab will open. Generate the new ID by filling in the form online.
- After obtaining the NORKA ID, click on the ‘VERIFY WITH NORKA’ button and complete the registration process.
TO SUM UP
Pravasi Chitty provides a great opportunity for NRKs to represent their state and assist the government in carrying out many infrastructure development initiatives, in addition to ensuring better returns, associated pension, and insurance schemes. At this point, Pravasi Chitty is intended for NRKs in the UAE and will be extended to other GCC countries and beyond. As per the proposal, funds obtained through Pravasi Chitty will be invested in KIIFB bonds, which in turn will be used to improve Kerala’s infrastructure.
