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The Kerala Government is planning to launch a chit scheme for non-resident karalites called Kerala State Financial Corporation (KSFE) Pravasi Chitty. The objective of the scheme is to raise funds through this chit scheme as savings instruments and invest in the Kerala`s infrastructure development. The funds raised through the scheme will fund major infrastructure projects in the state.
The Chief Minister of Kerala Pinarayi Vijayan will launch the scheme soon. To start with the scheme will be applicable to Keralites living in UAE only. Government is planning to raise Rs. 10,000 crores. The scheme will be gradually launched to the GCC countries and others.
What is KSFE Pravasi Chitty? A chit cum savings scheme for expatriates Keralites. The finds raised through the scheme will be utilized to fund major infrastructure projects in Kerala.
KSFE Pravasi Chitty Benefits:
- Savings schemes for ex-keralites
- Funds obtained through the scheme will be invested in bonds of the Kerala Infrastructure Investment Fund Board (KIIFB)
- The funds will be utilized to finance infrastructure projects in Kerala
- The scheme is covered by LIC
- In the event of death of the subscriber the remaining monthly subscriptions will be completely covered by the LIC
- The chitty benefits will be passed on to the subscriber/nominee without any additional charges while obtaining insurance coverage
- In case of the death of the subscriber the airfare expenses to bring back the body will be met by the KSFE
- KSFE Pravasi Chitty also has a pension scheme built into it through the LIC
Eligibility / Who can apply?
- The scheme is applicable only to Keralites in UAE to start with
- Later on it will be available in GCC countries and others
- Only non-resident Keralies are eligible
How to apply?
- The chit scheme will be operated online only
- The scheme can be subscribed only
- Security documents also can be submitted online
- A 24×7 customer care will be established to help customers
