KSFE CHITTY

Make your future bright by saving and investing with KSFE Chitty schemes.

Are you interested in KSFE Chitty? View Chitty details.

Basic Information

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Chitties for you

OVERVIEW

WHAT IS CHITTY?

The word “chitty” comes from the Malayalam word “kuri”, which means “a piece of writing or script.” This is because chit funds were traditionally operated using small pieces of paper on which the names of subscribers were written.

Chitty funds, though old-style, are an innovative way to save and invest. They are a type of circling savings and credit association where members contribute a fixed amount of money each month for a predetermined period. At the end of each month, one member is selected through a lot or auction to receive the entire chit amount. This process continues until each member has received their share of the chit amount.

KSFE Chitty is a popular and risk-free investment scheme that is backed by the Government of Kerala. KSFE offers a variety of chitty schemes to suit y...

In simple words, a chitty is a contract between the foreman and the members.

According to the Chit Funds Act of 1982, a chit, chit fund, chitty, kuri or by any other name is a financial scheme where a group of people agree to contribute a fixed amount of money each month for a predetermined period. At the end of each month, one member of the group is selected through a lottery or auction to receive the entire amount contributed that month. This process continues until each member has received their share of the money.

HOW IT WORKS

STEP 01.

Enroll in a Chitty

You can enroll in a KSFE chitty either by visiting a branch or through a KSFE agent or through the website.

Contact the nearest KSFE branch or click the feedback link on the website to inquire about chitty schemes.

STEP 02.

Choose a Chitty Scheme

KSFE offers a variety of chitty schemes with different tenures, instalment amounts, and prize money. Choose the scheme that best suits your needs and budget.

STEP 03.

Bid for the Prize Money

At the beginning of each chitty cycle, members bid for the prize money. The highest bidder wins the prize money for that cycle, subject to a maximum discount of 30%, 35%, or 40%, depending on the chitty type.

STEP 04.

Pay Your Installments

All members must pay their installments on time, even if they have not won the ‘prize money’. This ensures all members have an equal chance to win the prize money during the chitty tenure.

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DOWNLOAD FORMS

Chit Agreement

Multidivision Chit Agreement

Proxy Form

Authorisation letter for proxy

KNOW MORE ABOUT KSFE CHITTY

Chitty Is the Prime Product of KSFE

KSFE Chitty is a unique financial product that blends the advantages of both investment and advance. It is a risk-free safe haven for the public, as KSFE conducts chitties in full compliance with the provisions of the Central Chit Fund Act, 1982. KSFE offers a variety of chitty schemes to suit your needs, with tenures ranging from 25 months to 120 months and instalment amounts starting from ₹1,000 and going up to ₹600,000.

Long Term Chitty

Long-term chitties are investment chitties with durations ranging from 60 to 120 months. They are a good option for customers who want to save money and earn a high return on their investment. Preplanned long-term chitties can help customers achieve their financial goals, such as buying a house or a car, without having to avail loans.

Short Term Chitty

Short-term chitties are chitties with durations ranging from 25 to 60 months. They are a good option for customers who need the prize money immediately. Short-term chitties also offer a better chance of bidding for the chitty early and getting the prize money at a profitable discount.

Multidivision Chitties

Multi Division chitties are unique chitties that give each non-prized subscriber a chance to get the full prize money every month, after deducting only the foreman's commission. The remaining non-prized subscribers also have the opportunity to participate in three auctions each month. The total discount, excluding the foreman's commission, received from all divisions is distributed equally among all subscribers in the chitty. Multi Division chitties are a good option for customers who want to increase their chances of winning the prize money early.

Securities for Availing Prize Money

KSFE Chitty offers a variety of securities that you can submit to receive the prize money. These securities include personal surety of salaried people employed by the State Government, Central Government, or other institutions approved by KSFE, landed property, deposit receipts, gold ornaments and gold coins, non-prized chitty passbook of KSFE, life insurance policies, Kissan Vikas Patra, and bank guarantees. Each type of security has its own set of conditions that must be met. Security is only required for the release of future installments that are to be paid after the chitty is awarded. Once all installments have been paid, the security can be released. If you do not have any security to offer, you can deposit an amount equivalent to the future installments in one of KSFE’s deposit schemes. This amount will be accepted as security, and the balance will be released to you.