Multi division chitty is relatively new saving method from Kerala state. It is a combined entity of four similar chitties. In this chittee, every month one person will get chitty full amount by drawing a lot. That lucky person will get 95 % of total amount and the 3 auctions too every month where chittalans can join and big city 30 % of amount.
it can be a good investment, provided the promoters follow strict rules that you have been laid down for them. The investor pays an amount for specific intervals, the money goes into common fund.
Chitti in the main product of KSFE.It is a risk free save have for public. It fully governed by the provision of Central Chit Fund act.
It is safer to invest with the bank which ensures your money in safe and guarantee. A person can enroll in a chitty either by visiting the branch or through the agent.
KSFE is a non Banking Finance Company. KSFE is Kerala State financial Enterprises Limited. We can make the most profit from this public sector. It’s aim is to provide an alternative to the people from the private chit promoters and bring in social control over the chit fund businesses and save the public from the clutches of unscrupulous fly-by-night Chit Fund operators. We will get good quality services from this scheme.
Importance of KSFE chitty
- It is a risk free Chit Fund
- The installment per month for chitties range from Rs 1000 to Rs 500000.
- The duration of the funds are 30 to 100 months.
- The chit amount as prize money given to the person who bids by allowing for the maximum reduction in the prize money.
- The maximum reduction is 25 %.
- KSFE waive the liability of the Chit,up to a maximum of 10 lakhs.
- In a Chitti the forman write the name of persons on a small piece of paper and fold it to decide the prize winner. It is called Kuri.
- These chips are put in a vessel and mix well ,one person to pick one chit from the vessel.
- The chit is opened and read the name out and the member declared as the prize winner.
- The prized chit is removed from the vessel and proceeds repeatedly at the next installment.
- A person enters into an agreement with the specified number of persons that every one of them shall subscribe a certain money by way of periodical installments over a period and that each subscriber shall in his turn determined by a lot of as may be specified in the agreement be entitled to the Prize amount.
KSFE multi division chitty 2021
- Multi division chitty is a special chitty in which each month subscribers get a chance to get a full chitti amount.
- In this chitty we can see four divisions.
- It is a risk free option.
- We will get 4 options for claim prize money.
- It has 3 auctions and 1 lucky draw.
- An auction is a Chitti scheme with insurance coverage and pension plan.
- You can join chitts through an online portal.
- It has also a mobile application that allows paying installment ,and taking part in Chit auction from anywhere and anytime.
- We can deposit the prize money as fixed deposits. We will get 8.5 % interest from this scheme.
- We can pay monthly installments online.
- It has a proxy facility. You can fill the proxy form and send it to the KSFE staff , they will attend the auction and they will claim the chit amount.
- We can withdraw money from KSFE without security documents.
- We will get a loan facility.
- More chances to get prize money from auctions.
- It has discounts monthly.