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Importance of KSFE schemes – high interest  rate

 

      KSFE introduced several schemes  to provide an alternative to the people from the private Chitti promoters in order to bring social control over the chit fund business. It is a government owned scheme. Many financial institutions  play an important role in saving  the people. Non banking Financial  companies  are another group. Chit schemes are an important  part of the portfolio of many households. The company  has over the years introduced several  schemes  to fulfill the  needs of people.

     KSFE provides savings by deposit schemes for acquiring houses ,motor vehicles ,self-employment ,etc. It is a miscellaneous non Banking Finance Company. It is a profit making public sector. It brings social control over the chit fund business. Save the public from the clutches of unscrupulous fly-by-night chit fund operators.

     KSFE conducts only Chitties fully governed by provision of Central Chit Fund act. The installment per month for KSFE chitties from RS 1,000 to Rs 5 lakh. We can select the duration  of chitties from 30 months 40 month 15 months 60 months and hundred months.

     Chitti amount will be given out  prize money to the person. It gets who bid by allowing for maximum reduction in the price money. The maximum reduction is 25 %. Each person gets an opportunity to receive the prize money. All the promoters have to contribute to the periodic subscription.

     KSFE opens a new provision for NRIs to join the chitty. KSFE  will waive the liability of the chit  up to 10 lakh. KSFE  means Kerala state financial Enterprises Limited.

     Today we can see the high interest rates from KSFE schemes. In KSFE chit loan, the interest rate for the duration of Chit is above 50 months to 120 months is 11.25%(simple) and 13.5% for defaulted accounts. In the duration of chit is  50 months or below 50 months ,the rate of interest  is 11.75%(simple) and for defaulted accounts 14%.

      KSFE makes fixed deposits with  higher interest rates. KSFE  fixed deposit has many  features. The return offered by KSFE  is comparatively higher than Banks. The interest rate of deposit from the public is 6% per annum ,chitty prize money deposit is 6.25 %. There is no risk involved in it which makes the investment very productive. If you want to invest at moderate risk you can invest in the KSFE fixed deposit scheme.

     We can contact KSFE agents and know more about it. We can see the new interest rate of KSFE.  Now KSFE increases  the interest  rates for Three to six month investors. For fixed deposit  investors,the old interest rate is 4.75% and the new interest  rate is 7%. We will get a high return from this small time. We can deposit  safely. For 1year depositors, they will get 7.25 % interest  rates.

      For senior  citizens,  they will get 8.5 % interest  rates. Future  liability  increases from 8% to 8.5%. SREGand SRENG  employees who are  chitty loanees can avail the facility of self surety up to a liability of cash, for a future library of chitty upto Rs 500000. It is accepted on the basis of salary certificate.For future  liability  you will get 8.5 interest  rates yearly. If you break the FD , you will get 1% penalties. You should invest a certain amount of time. 

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