Securities for Availing KSFE Prize Money : calculator

How this calculator works :

Following fields need to be field for the calculation

Total chitty duration in months: In this field, we need to fill total chitty duration.

Monthly installments: Total monthly installments need to fill in this field.

How many installments completed: Total completed installment

For example, if a person is joined 5 lakhs chitty of 100 months, after 40 months completed he claimed the prize money. For calculating the value of the security document we need to fill the data like this.

Total chitty duration in months:100

Monthly installments: 5000.

How many installments completed: 40

Securities for availing prize money: 300000.

For claiming the prize money the person needs to produce a security document equal to 3 Lakhs.

Also see: KSFE chitty Prize money calculator

WHY SECURITY  DOCUMENTS ARE REQUIRED TO WITHDRAW PRIZE MONEY :

 Normally two ways to claim the prize money of KSFE chitty

1. Auction

2. Coupon draw

If the prize money is to be received through any of the above methods, a security document must be provided for the prize money to be credited to the bank account. This is due to after receiving the prize money, the person who received the prize money he does not pay the balance of the chitty installments, which can be recovered by KSFE through this security document. Following are the security documents received by KSFE

(a)       PERSONAL SECURITY :

Personal security of state government employees for future liability up to Rs.15 lakhs.

(b)       FIXED DEPOSIT:  Following  banks, FD are accepted by KSFE a security document

(i) Nationalised Banks

(ii)Scheduled Banks

(iii)District Co-operative Banks

(iv) Co-operative Banks or any other Banks

(c)       SHORT TERM DEPOSIT (KSFE)

(d)       SUGMA DEPOSIT

(e)       LIC policy: LIC policy surrender value equal to the liability of the chitty.

(f)        Kisan Vikas Patra:  Maximum 75 % of the value of the Kisan Vikas Patra is accepted as a security liability.

 (g)      Property Security: Following documents required before submitting property as security.

• Deeds and prior documents (13 years)
• Encumbrance certificate (13 years)
• Land Tax Receipt
• Building Tax Receipt, if there is a building on the property.
• Possession certificate
• Location & Sketch of the property.

(i)        Gold security

            Golds can be accepted as a security document up to 90 % of the market value, Following golds are not accepted  

                        (i)        Gold f less than 18 carat

                        (ii)       Damaged/broken & wax filled ornaments

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