Kerala Government has launched Pravasi Chitty Scheme. It is a savings scheme for the Indian`s living out of the country. The scheme is implemented by Kerala State Financial Enterprises (KSFE). It is an old scheme & being implemented for people staying in UAE. Now the scheme is extended to Indians living in all the GCC countries.
The money invested by the expats is invested into various development projects of the Kerala Government. Now subscribers can choose the KIIFB projects where they want their money should be invested. Kerala Infrastructure Investment Fund Board (KIIFB) is an organization for fund-raising & investments into the various infrastructure development.
|Pravasi Chitty Scheme|
|Scheme By:||Government of Kerala|
|Beneficiaries:||Keralites living abroad|
So far 4,300 people has joined Pravasi Chitty Scheme so far. They have invested 14 crores in the scheme. The scheme was launched in 2018 & interested people can invest in the scheme online.
All the subscribers are given life insurance cover during the tenure of their investment. If the subscriber dies during the tenure then LIC pays rest of the installments. Accident cover is also provided to the subscribers under the scheme.