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.