Kerala government Pravasi welfare board have introduce a monthly Pravasi dividend pension scheme with an aim to utilise their deposits for development in the state. It inaugurated in 2019 by Chief Minister of Kerala.
Under this scheme a non resident Keralite and his life partner will get regular monthly dividends for a one time deposit till their death. The government would collect the deposits in the range of Rs 3 lakh to Rs 51 lakh and handed over to agencies assigned for infrastructure development. Currently KIIFB is the agency handling the scheme.The interest will give 9% KIIFB and 1% kerala government.
The investor would get a monthly dividend of 10 % from the 4th year of deposit. After the death of depositor the dividend and invested sum would be handed over to the nominee.
What is Pravasi dividend scheme?
- This is a one time investment scheme.
- you can invest Rs 3 lakh to 51 lakh in one time investment.
- No return for the first three years.
- Add 10 % interest in the amount.
- From the fourth year onwards you will get dividence of 10 % each month.
Eligibility
- NRI’s of Kerala.
- Those who work outside the Kerala.
- Returnees NRI’s and who had worked outside the Kerala.
Documents
- Identity proof.
- Voter ID
- Residential certificate.
- Income certificate
- Aadhar Card
- Ration card
How to join
- visit www.pravasi.kerala.org
Qualities
- Get 10 % interest.
- Government guaranteed.
- money is not lost
- it is not market linked
Disadvantages
- money is not return.
- Interest is not fixed.
- Interest may increase or decrease after years
- No other loan can be taken.
- Don’t get other pensions.