You are here: Home > Kerala
All posts from

KSFE Join Chitty : Kerala State Financial Enterprises

Organisation : The Kerala State Financial Enterprises Limited (KSFE)
Facility Name : Join Chitty
Applicable State/UT : Kerala
Website :

Sponsored Links:
Want to ask a question / comment on this post?
Go to bottom of this page.

What is a Chitty?

The word ‘Chit,’ suggests the origin of Chit Funds. ‘Chit’ means a written note on a small piece of paper.The Malayalam equal for the word ‘chitty,’ is ‘Kuri,’ which has been derived from ‘Kurippu’ ( a piece of writing or script). The term ‘Chitty’ or ‘Kuri’ is derived from the root word ‘lot.’ Foreman (person who operates chitties) writes the names of each subscriber on seperate pieces of paper and fold them in such away that the name written on the paper is not visible to the assembled people there.

Related / Similar Facility :

KCCL Kerala Vision Digital TV Online Payment

KSFE Previous Transactions Online Search

Sponsored Links:

How To Join KSFE Chitty?

1. A person can enroll in a chitty either by visiting the Branch or through the agents of KSFE. You may either click the feed-back or directly ring to any one of the Branches which is nearer to your location.

2. The total of the periodic subscription, called the chitty amount, will be given out as “prize money” to the person who bids by allowing for the maximum reduction in the prize money.The maximum reduction possible is 30%, 35% and 40% depending on the type of chitty.

3. Thus each subscriber gets an opportunity to receive the prize money once during the tenure of the chitty. All the promoters have to contribute the periodic subscription till the end of the chitty.

Main Features of KSFE Chitties

The total of the periodic subscription is called the chitty Sala. The number of subscribers (Chittals ) in a chitty will be equal to duration of chitty in months ( in the case of single division chitty). Auction will be conducted every month to choose one Chittalan(Subscriber of the chitty) who bids the chitty for the maximum discount and that person will be given Prize Amount. In the case of Multi Division Chitty the number of persons prized in each month will be equal to number of divisions.

The maximum discount possible is 30% in the case of single division chitties. For Multi Division Chitty, maximum discount possible is 30%, 35% or 40% depending on the duration of the chitty. Multi Division Chitty having more than 100 month duration can be auctioned up to a discount of 40 % ,while chitties having duration from 60 months to 99 months can be auctioned up to a discount 35% and chitties with duration less than 60 can be auctioned up to a discount 30 % .

As per the prevailing Chitty Act, if there are more than one subscriber interested in bidding for maximum discount , the Chittal numbers of the such bidders will be put to draw to select the bidder for the month. If no subscriber is willing to bid the chitty for maximum discount, auction will begin from Foreman commission and the subscriber who bids for maximum discount will win the auction.

In multi diivision chitties having 4 divisions there will be one draw and 3 auctions. All non-prized subscribers who have remitted the instalment for the month will be eligible for draw to choose one subscriber who will get the maximum prize amount (ie Sala amount-Formans Commission of 5% of the Sala) .

The other three auctions will determine the subscribers who bids the chitty for the highest discount. For chitties having divisions more than 4 also, auction is conducted in the same pattern ( No: of draw and auction will vary as per total number of division in that Chitty). If there is no chittalan ready to bid the chitty for the month then one chittalan will be selected from all non prized chittals of the chitty (who have remitted instalment for the month) by draw who will get the chitty prize amount in full discounting the Foreman Commission only.

Thus each subscriber gets an opportunity to receive the prize amount once during the tenure of the chitty. All the subscriberss have to contribute the periodic subscription till the end of the chitty.The amount discounted from the prize money of the auctioned chittalan who bids the chitty for a reduced amount include the Foreman commission.The balance amount will be given as dividend to all chittals of the chitty.The prized chittalan who doesn’t pay the instalment on due date will not be eligible for dividend.


Phone Number : 0487 2332255
Toll Free Number : 1800 425 3455
E-mail :

Leave a Reply

How to add comment : 1) Type your comment below. 2) Type your name. 3) Post comment. © 2021 Contact Us   Privacy Policy   Site Map
Status Check, Procedures, Facilities