Kerala State Financial Enterprises

Kerala State Financial Enterprises Limited (KSFE) is a public sector chit fund and loan company based in Thrissur city, Kerala, India.

History
The company started functioning on 6 November 1969, with Thrissur city as its headquarters. It started with a capital of Rs 2,00,000, and had 45 employees and 10 branches. As of 2021, it has 680+ branches and sixteen regional offices at Thiruvananthapuram Urban, Thiruvananthapuram Rural, Kollam Urban, Kollam Rural, Kottayam, Ernakulam Urban, Ernakulam Rural, Thrissur, Palakkad, Kozhikode Urban, Kozhikode Rural, Kannur, Alappuzha, Pathanamthitta,  Kattappana and Malappuram and one Digital Business Centre at Thiruvananthapuram. KSFE is a Miscellaneous Non-Banking Company (MNBC) and is fully owned by the Government of Kerala. KSFE does not come under the regulation of Reserve Bank of India since it is not a Non-Banking Financial Company.

KSFE is one of the two chit fund companies owned by the government in the whole of India. The other company is Mysore Sales International Limited (MSIL) owned by the government of Karnataka. KSFE's purpose at founding was to provide an alternative to unscrupulous private-sector chit fund organizers. In 2000, it had 77% of the capital volume of the chit fund business in Kerala, though just 37.5% of the number of chit funds.

Types of KSFE chitty schemes

Regular Chitty : In regular chits one person can bid per month. The maximum auction discount is 30 percent. For example, in a chit of 1 lakh, up to Rs. 30,000 will be reduced. The auction discount received at the time of calling the chit will be shared with the other members of the chit. Chitti will have members with equal tenure. If it is a 50-month chit, there will be 50 people in the chit.

Multi Division Chitty : Multi-division chits are chits that consist of multiple Regular chits. KSFE generally Multi Division Chitty had four divisions.400 people can join in 100 month tenure chitty. Every month four options to get the prize money. One prize draw and three auctions. Those who wins prize money through the coupon draw they get the amount after deduction of KSFE foreman commission and GST. You can easily calculate the prize money amount using the PRIZE MONEY CALCULATOR.

Multi-division chits with tenures of more than 100 months, maximum auction discount is 40%. For chits with a tenure of 60 months to 100 months, the chit maximum auction discount is 35%. Chittis with maturity of less than 60 months will get auction discount of up to 30%

Controversies
In November 2019, the Vigilance and Anti-Corruption Bureau conducted mass raids on the KSFE offices Ltd and alleged major anomalies in its transactions and schemes.