KSFE – Multidivision Chitty

Kerala State Financial Enterprises (KSFE) is a government-owned financial institution based in Kerala, India. It was established in 1969 and is engaged in a range of financial activities, including chitties. KSFE chitties are a popular savings scheme in Kerala, offering subscribers an opportunity to save money and win a prize amount every month. The Multi Division Chitty is one of the most popular chitty schemes offered by KSFE. In this essay, we will discuss in detail about the Multi Division Chitty scheme, including its features, benefits, and how it works.

What is Multi Division Chitty?

Multi Division Chitty is a unique chitty scheme offered by KSFE, which combines the features of different chitty schemes. It is a 50-month scheme where subscribers pay a monthly installment, and the total amount collected is distributed among the subscribers as a prize amount every month. The prize amount is decided by drawing lots, and the lucky winner receives the prize money.

The Multi Division Chitty scheme is unique because it offers subscribers the flexibility to choose from different chitty schemes. Subscribers can select the division in which they want to participate and pay the corresponding monthly installment. The divisions are named after different precious stones, such as Ruby, Diamond, Emerald, and Pearl, and offer different prize amounts and installment amounts.

Features of Multi Division Chitty:

The Multi Division Chitty scheme has several unique features, which make it a popular savings scheme among subscribers. Some of the key features are as follows:

1. Flexibility: The Multi Division Chitty scheme offers subscribers the flexibility to choose from different divisions based on their savings goals and budget. Subscribers can select the division in which they want to participate and pay the corresponding monthly installment.
2. Prize amount: The prize amount for each division is different and is decided by drawing lots every month. The lucky winner receives the prize money, which is a significant amount compared to the monthly installment paid.
3. Interest-free loan: Subscribers can also avail of an interest-free loan from the chitty fund, which is repayable in equal monthly installments. The loan amount is based on the chitty value and the subscriber’s creditworthiness.
4. No hidden charges: The Multi Division Chitty scheme does not have any hidden charges or fees, making it a transparent and affordable savings scheme for subscribers.
5. Security: KSFE is a government-owned financial institution, and the Multi Division Chitty scheme is regulated by the government, ensuring the security and safety of subscribers’ investments.

Benefits of Multi Division Chitty:

The Multi Division Chitty scheme offers several benefits to subscribers, making it a popular savings scheme in Kerala. Some of the key benefits are as follows:

1. High returns: The Multi Division Chitty scheme offers high returns to subscribers, as the prize amount is a significant amount compared to the monthly installment paid. Subscribers can also avail of an interest-free loan from the chitty fund, which helps them meet their financial needs.
2. Flexible: The Multi Division Chitty scheme is a flexible savings scheme that offers subscribers the flexibility to choose from different divisions based on their savings goals and budget.
3. Transparent: The Multi Division Chitty scheme is a transparent savings scheme that does not have any hidden charges or fees, making it an affordable and accessible savings scheme for subscribers.
4. Safe and secure: The Multi Division Chitty scheme is regulated by the government and is offered by KSFE, a government-owned financial institution, ensuring the safety and security of subscribers’ investments.
5. Regular income: The Multi Division Chitty scheme offers subscribers a regular source of income, as the prize amount is distributed every month, providing a sense of financial security.

How Multi Division Chitti works?

The Multi Division Chitty scheme works in the following way:

1. The subscriber chooses the division in which they want to participate and pays the corresponding monthly installment. The monthly installment is based on the division chosen and the chitty value.
2. The total amount collected is distributed among the subscribers as a prize amount every month. The prize amount for each division is different and is decided by drawing lots every month.
3. The lucky winner receives the prize money, which is a significant amount compared to the monthly installment paid. The prize amount is paid out every month until the end of the chitty term.
4. Subscribers can also avail of an interest-free loan from the chitty fund, which is repayable in equal monthly installments. The loan amount is based on the chitty value and the subscriber’s creditworthiness.
5. The chitty term is 50 months, and the subscriber can choose to participate in multiple divisions simultaneously, depending on their savings goals and budget.

Conclusion:

The Multi Division Chitty scheme offered by KSFE is a unique savings scheme that combines the features of different chitty schemes. It offers subscribers flexibility, transparency, high returns, and a regular source of income. The scheme is regulated by the government and is offered by KSFE, a government-owned financial institution, ensuring the safety and security of subscribers’ investments. The Multi Division Chitty scheme is a popular savings scheme in Kerala, and its popularity can be attributed to its unique features and benefits. It is an ideal savings scheme for subscribers who want to save money, earn high returns, and have a regular source of income.