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KSFE Pravasi Chitty Scheme


KSFE Pravasi Chitty Scheme

Kerala Government has introduced KSFE Pravasi Chitty scheme in March 2018 as an insurance coverage and savings plan for the benefit of Non-Resident Keralites. Through the initiative, the Kerala Government plans to mobilize funds for various other schemes to solve the State’s infrastructure problem. In this article, we will look at the features and the benefits of the KSFE Pravasi Chitty Scheme.


KSFE means ‘Kerala State Financial Enterprises’, which is a non-banking financial company owned by Kerala Government. KSFE offers various types of gold loan, personal loan, overdraft facility, trade loan, housing loan, chitty loan and savings deposits.

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Many of the Malayalees have migrated to Gulf countries and the remittance sent by the diaspora and their contribution to Kerala’s economy is very essential. Based on the above strength, the Kerala government has decided to raise a fund of Rs.10,000 crore from the scheme of KSFE Pravasi Chitty for the next five years for various developmental activities.

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.


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.

After enrolling into the scheme, the subscriber has to pay a sum ranging between Rs.1,000 to Rs. 5,00,000 per month. Duration of this scheme can range from thirty months to one hundred months. Payment can be paid through the various online methods.

Benefits of the scheme

The scheme is inclusive of the following benefits:

  • 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.

Monthly Installment

This scheme enables the candidate to make periodical payments from Rs. 1,000 to Rs. 5,00,000 per month. Duration of this scheme consists of thirty months to one hundred months. Payment can be paid through the various online methods.

Online Registration procedure

Step 1: Visit the official website of KSFE –

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.