KSFE Vellarada Branch, TVPM | Chitty, Loans, Deposits & WUMT: August 2013

Saturday, 31 August 2013

KSFE Chitty Installment Amount Details :: September 2013

Please click on the below link to get details about chitty auctions of August 2013 and due amounts of September 2013 of KSFE Vellarada Branch.

Chitty Intimation :: September 2013

Note: You can use the print option to save or print the file.

Please inform us (via comment, email form or mail) if you want Monthly Due Details on your e-mail.

Problem understanding the numbers? Click here for Understanding Monthly Chitty Intimations.

Labels: auctions

Tuesday, 27 August 2013

New KSFE Chitties Starting in September, October & November 2013

The festival season here. KSFE has announced special Onam chitty campaign "Bhagyavarsha 2013" with many benefits and gifts. We, at KSFE vellarada branch has announced a complete range of new chitties to suite every customer needs.

Chitties Starting in September 2013

Rs.10,000 x 100 Months = Rs.10 Lakhs

Rs.5,000 x 60 Months = Rs.3 Lakhs

Rs.5,000 x 100 Months = Rs.5 Lakhs

Rs.5,000 x 40 Months = Rs.2 Lakhs

Rs.2500 x 40 Months = Rs.1 Lakh

Chitties Starting in October 2013

Rs.50,000 x 30 Months = Rs.15 Lakhs

Rs.10,000 x 30 Months = Rs.3 Lakhs

Rs.2,000 x 100 Months = Rs.2 Lakhs

Rs.4,000 x 50 Months = Rs.2 Lakhs

Chitties Starting in November 2013

Rs.20,000 x 30 Months = 6 Lakhs

Rs.5,000 x 40 Months = Rs.2 Lakhs

Rs.2,000 x 50 Months = 1 Lakh

Saturday, 24 August 2013

KSFE One Time Settlement of Chitty & Loan Defaults for Low Interest

As one additional gift to our subscribers in this Onam season, KSFE has announced One-Time-Settlement (OTS) scheme for clearing defaults of both prized and non-prized chitties and loan accounts. The features of the Scheme are as follows.

The scheme is applicable for all defaults commenced on or before 31-12-2011.
Part remittance of default is allowed, but the interest concession is only effected on clearing all dues within the campaign period.
Default accounts where the principal outstanding is below Rs.5000/- and where there are no remittance in past three years, can be settled by remitting only the principal amount.
No interest of any kind will be charged if the total interest exceeds the loan amount.
Prized chitty subscribers can settle their default by remitting only 10% interest.
Non-Prized chitty subscribers can settle their default by remitting only 50% of the interest.
Only 12% simple interest will be charged for settling CVL & TFS defaults.
No Penal Interest will be applicable for settling RCL, HP, NHFS & NFDL defaults.
NCL accounts of running chitties can be settled by paying only 12% simple interest.

The current OTS scheme will be available for two months from 16-Aug-2013 to 15-Oct-2013. Contact the Branch Manager for more details.

Tuesday, 20 August 2013

New 3 Lakhs Bhagyavarsha Chitty of Rs.5000 starting on 5th September 2013

Together with our prestigious 10 Lakh chitty, we are also starting a 3 Lakh 60 months chitty on September 5. The chitty is an Onam special Bhagyavarsha 2013 Chitty which is suitable for customers looking for a handsome sum but who do not wish to join 100 month chitties.

Rs.5000 x 60 Months = 3 Lakhs

The chitty will be registered on 5th September 2013 Thursday.

The chitty will be first auctioned on same day 3 PM.
The Temporary number of the chitty is VDB350.
Subsequent draws of the chitty will be on 4th Day of Every Month.
The expected 1st installment prize money : Rs.2,10,000/-
The expected Second Installment amount : Rs.3,750/-.
One subscriber of the chitty will the selected for 1gm Gold Coin.
Customers can avail NCL up-to Rs.1.5 Lakhs after 3rd installment.

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The New Permanent Number for VDB350 is 18/2013.

The First Draw chitty of the Chitty :: Chittal No.23 (Prabitha Raj)
Bhagyavarsha 2013 Gold Coin Winner:: Chittal No.54 (Thomas)
Next Installment Date of the chitty :: 4th October 2013.
Next Installment Amount :: Rs.3750/-.

New Rs10000 100Months 10 Lakh Bhagyavarsha Chitty on September 5, 2013

Just like previous year, we are starting our Bhagyavarsha 2013 Onam chitty campaign with a 10 Lakh chitty of 100 months duration. The chitty is one of the most profitable and popular KSFE chitty suitable for savvy subscribers.

Rs.10000 x 100 Months = 10 Lakhs

The chitty will be registered on 5/09/2013 Thursday.

The chitty will be first auctioned on same day 3 PM.
The Temporary number of the chitty is VDB345.
Subsequent draws of the chitty will be on 5th Day of Every Month.
The expected 1st installment prize money : Rs.7,00,000/-
The expected Second Installment amount : Rs.7,500/-.
One subscriber of the chitty will the selected for 1gm Gold Coin.
Customers can avail NCL up-to Rs.5 Lakhs after 5th installment.

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The New Permanent Number for VDB345 is 17/2013.

The First Draw chitty of the Chitty :: Chittal No.43 (Prasad Y)
Bhagyavarsha 2013 Gold Coin Winner:: Chittal No.36 (Vinod M)
Next Installment Date of the chitty :: 5th October 2013.
Next Installment Amount :: Rs.7500/-.

Monday, 19 August 2013

BHAGYAVARSHA 2013 - KSFE Onam 2013 Chitty Campaign

Happy News for Everyone!!! KSFE has announced the BHAGYAVARSHA 2013 Chitty campaign from 17-08-2013. Like previous years, these special ONAM chitties comes with many benefits and gifts.

Features & Gifts

1gm Gold coin for one chittal in a Chitty.
10 Sovereigns of Gold (Or Rs.2.1 Lakhs) for 7 chittals in state level.
25 Sovereigns of Gold (Or Rs.5.25 Lakhs) for 1 chittal in state level.
Future Liability coverage in case of accidental death.
Loan upto 50% of Sala for Non-Prized chittals after completion of 5% of chitty duration.
Car Loan Scheme for Non-Prized customers.
And much more...

Booking Started.....

Wednesday, 7 August 2013

KSFE Chitty Schemes - An Introduction

We are getting too much requests about the details of chitty scheme; the most popular amongst all our schemes so far. So instead of trying to reply every request individually, we are writing down this post to help everyone to understand KSFE Chitties. We are very sorry for the length of this post; we are just looking to include as much as details as possible.

INTRODUCTION TO CHITTY

Chitty is a savings-cum-loan scheme which is very popular among all savvy people in South India. In chitty scheme individuals joints to form a group and collects money by individual contributions. These individual contributions thus become a handsome sum which is paid to one or selected members of the chit. The practice is continued till all members of the group receive the sum. The person(s) eligible for the chitty sum - known as prize money - is selected through a lot or via open auction for lowest amount. The person responsible for bringing these contributors to the group, collecting contributions, managing chit records, conducting auction/lots and paying money to the prized chittal is known as the 'Foreman'. In the case of KSFE Chitties, KSFE is the foreman. By law, foreman should be a subscriber in the chitty.

KSFE CHITTIES

KSFE Chitties also follows the same system of conventional chitties; and in fact fully follows the 1982 Central Chit Fund Act which is applicable for all chits in India. The general pattern of the chitty can be denoted as 'Gross installment amount x Duration = Gross Sum'. For example

5000 x 40 = 200,000

Here, 5000 is the installment amount, 40 is the duration of chitty which can be in months or weeks, and 200,000 is the chitty amount known as 'Sala'. On first look, the scheme seems pretty straight forward and dumpy for most. But the most interesting fact about the chitty is that it suits almost every money investments/needs. No chittal of the chitty need to invest Rs.5000/- in every installment, don’t need to wait 40 months to receive money and off course not receiving Rs.200,000/- in full as prize money :-)

HOW KSFE CHITS DIFFER FROM PRIVATE CHITTIES?

There are many things that differentiate KSFE chitties from private chitties.

First of all KSFE is a 100% Kerala Government owned company with strict accounting and auditing policies. Every paisa investment from customers is accounted and repaid as per norms. That is the returns are always guaranteed.
Chitties are registered in concerned Sub Registrar Office and FD security equaling chitty Sala is deposited in Government Treasury to ensure smooth functioning of chit.
The number of subscribers in a chitty is finite and equals the duration of chit. That is there will be only 40 chitty subscribers, including KSFE, in a 40 month/week chitty.Not any less or more.
The lowest possible prize money is 70% of Sala. No chittal will be paid below this limit. That the lowest prize money for the above chitty is Rs.140,000/-.
The foreman do not decides the prize money for the month or blindly fixes the installment amount. Chitty auctions are 100% transparent and are conducted in front of all chittals present.
The prize money is always paid in CASH; not as products, gifts, vehicles, or coupons.
No personal threatening, scolding or illegal forcing for remitting chitty default installments. Payments are effected on offering legal security for future liability and proper legal proceedings are followed always.
The Forman's commission is flat 5% of chitty Sala for all chitties. That is, the full amount of the chitty is 95% of Sala; Rs.190,000/- for a 2 Lakhs chitty.
A subscriber can only join 10% of the available chittal numbers. That means, the maximum number of tickets a person can take in a 40 months chitty is 4. This helps in avoiding controlling of chitty auction and proceedings by one or two persons.

CHITTY LOTS Vs AUCTIONS

As said, the Forman does not decide prize money, auction or lot of a chitty. It is all decided by the subscribers of a chitty. As told, the lowest possible prize money is 70% of chitty Sala or 30% less than the Sala. If more than one subscriber is willing to receive this amount for the month, the chitty will be a Lot, where numbers of all the subscribers willing to take part are included in a draw to select a 'lucky one'.

If there no subscribers available for the lot, then the chitty will be auctioned. The auctions starts from Forman's commission range; that is from Rs.10000/- for a Rs.200,000/- chitty. The subscriber quoting the highest bid is given the prize money for the month by deducting the quoted amount from Sala. For example if the highest bidder quoted for Rs.50000/-, he/she will be paid a sum of Rs.150,000/- as prize money (Rs.200,000 - Rs.50000).

If the auction bid touches or exceeds the 30% limit, the subscribers quoting the amount are included in the draw for selecting the only one of them. In KSFE chitties only one chittal is prized every month so that all the subscribers of a chit will be prized as the chitty ends.Every non-prized subscribers after remitting that months installment amount can take part in chitty auctions which will be carried out at specific date and time every month. Subscribers can take part in auctions in person, via authorising KSFE by filling up the proxy form and via authorising another persons.

MONTHLY INSTALLMENT AMOUNTS

The monthly chitty installment amount is determined as per the prize money of last months auction. The formula for calculating installment amount is simple and straight forward,

Installment Amount = (PM + FC) / Number of Subscribers

Here, PM is the price money and FC is the Forman's commission. That is if above mentioned chitty is a lot, then the installment amount will be Rs.3750/- which is arrived as (Rs.140000 + Rs.10000) /40.

Also if the same chitty had a prize money of Rs.150000/-, the installment amount will be Rs.4000 [(150000+10000) / 40]. And if the chitty was paid in full (95%), the installment amount will be Rs.5000 [(190000 + 10000) / 40]. The difference in gross/full monthly installment amount and actual monthly installment amount is called 'Veethapalisa' and it is the main profit from the chitty.

As you can imagine, the system just work on teamwork; every subscribers pay installment amount according to the last auction. The Forman collects the amount and pays the last auctioned chittal after retaining his 5% commission.

As evident, the prize money payment is effected on next chitty auction day or 30 days from the last auction. KSFE also offer the facility of advance payment of the prize money on offering sufficient security of future liability. As this amount is adjusted by the company, KSFE charge a 15% interest on the prize money for the number of days between payment date and effective payment date.

SHORT-TERM Vs LONG-TERM

Generally chitties having 25 to 40 month duration are considered short-term chitties and 50 or above months are considered long-term chitties. Choosing a short-term or long-term chitty depends on Chittal's financial requirements and investment abilities. Here are some points to note,

Short-term chitties have less veethapalisa (profit), but are easy to get prized.
The typical installment range for starting auctions for chitties are:: For 100 months chitties ~50 months, 60 months chitties ~20 months, 50 months chitties ~12 months, 40 months chitties ~6 months, 30 months chitties ~3 months. Chitties with duration less than 30 months are usually started with auctions.
If you are planning for taking high-interest loans, investing in profitable businesses or for fulfilling quick money necessities, then short-term chitties are ideal.
If you are investing for profits, looking for profit from deposit interests and veethapalisa or looking for a very handsome return, then long-term chitties are ideal.

SECURITIES FOR RECEIVING PRIZE MONEY

KSFE accepts a wide range of sureties and financial instruments as security for payment of prize money; and off course for loan payments. Contradictory to most believes, KSFE has a very relaxed requirement for securities. Chittals only need to offer security for the future pending installments of the chitty – known as future liability; not for the installments they remitted. The different securities include,

Property Security - Property documents after completing legal formalities are kept as security for chitty future liability.
Personal Surety - Salary security of Center and State Government servants.
KSFE FD, CSDT & STD Deposits - Prize money can also be deposited for higher interest. No external security needed.
Bank FDs, Post-Office Deposits, NSC Certificates & Kisan Vikas Pathra.
LIC Policies – Surrender value of the policies.
Gold Security – Gold is kept in safe custody without any interest.
Non-Prized Chitty Pass Books
Sugama Security Deposit – Sugama account is simultaneously used as security and for transferring installment amounts.

Subscribers are allowed to combine different securities if security of one instrument is not sufficient. Also KSFE allows replacing/withdrawal of existing security on offering (or by keeping) other sufficient securities.

We will cover more details about different kinds of securities in further posts. This blog has already became very lengthy and boring :-)

ADVANTAGES OF KSFE CHITTIES

There are many things that make KSFE chitties unique. There are more than one reason that our subscribers choose KSFE chitties over any other form of investment.

Variety: Subscribers can always choose from a range of chits to best fulfill their investment requirements.
Trust: KSFE chitties ensure 100% returns and are Government backed.
Transparency: There are no hidden costs or illegal/bribery practices.
Loans: Non-prized chittals can avail New Chitty Loan and Pass Book Loan from their chitties to fulfill immediate money requirements.
Equality: Every subscriber is treated equally and not even Forman has any special privileges in Chitty.
Substitution: Facility to substitute defaulted chitty numbers to take part in auctions and to receive full veethapalisa without any default interests.
Customer Support & Accessibility: Anyone can walk in to the branch/office, can call on phone or use e-mail to clear doubts and to know status of chitty/applications.

Please feel free to write down your doubts, comments and suggestions regarding KSFE chitties and this blog.

Friday, 2 August 2013

2 New KSFE Short-Term Chitties Starting on August 14th

We are pleased to announce that we are registering 2 new short-term chitties of 25 and 30 months on 14th August 2013. Both chitties offer subscribers a very good chance of receiving price money within a very short-period.

Rs.10000 x 30 Months = 3 Lakhs

Rs.4000 x 25 Months = 1 Lakh

Both chitties will be registered on 14/08/2013 Wednesday.

Both chitties will be first auctioned on same day 3 PM.
The Temporary number of the 3 Lakhs chitty is VDB356.
Subsequent draws of VDB356 will be on 7th Day of Every Month.
The expected 1st installment prize money : Rs.2,10,000/-
The expected Second Installment amount : Rs.7,500/-.
The Temporary number of the 1 Lakh chitty is VDB338.
Subsequent draws of VDB338 will be on 7th Day of Every Month.
The expected 1st installment prize money : Rs.70,000/-
The expected Second Installment amount : Rs.3,000/-.

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The New Chitties were first auctioned on 14th August 2013.

The new Permanent Number of VDB356 3 Lakhs Chitty :: 15/2013
First Draw Chittal of the Chitty :: No.21 (Sanal Kumar)
Next chitty installment : 07-September-2013.
Next installment amount : Rs.7500/-.
The new Permanent Number of VDB338 1 Lakh Chitty :: 16/2013
First Draw Chittal of the Chitty :: No.19 (Murukakumarannair B)
Next chitty installment : 07-September-2013.
Next installment amount : Rs.3000/-