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1. The Membership is granted in pursuant to the application made by the holder hereof, being a Pravasi as defined under the Kerala Non- Resident Keralites’ Welfare Act, 2008 and as per the Pravasi Dividend Scheme 2019 (hereinafter the “Scheme”), issued as SRO No.650/2019 dated 02/09/2019 by the Government of Kerala and implemented through the Kerala Non-Resident Keralites’ Welfare Board (hereinafter the “Board”), upon his/her consent to the terms and conditions of the Scheme.

2. The applicant of the Scheme shall be a Non Resident Keralite as defined in the Kerala Non-Resident Keralites’ Welfare Act, 2008.

3. The applicant shall not be an employee of Central Government, State Government, Local Self Government, Public Sector Undertakings of both the Central/State Governments and Autonomous institutions.

4. The Dividend certificate is non-transferrable, non-assignable and non-negotiable. 

5. The Beneficiary named herein shall be paid monthly dividend for his/her life time from the month succeeding the completion of three years from the date of contribution at 10% per annum, of the amount outstanding at the credit of the Member comprising of the contribution herein received and the dividend accrued (after statutory deductions) thereon as on the completion of the first three years in accordance with the Scheme. The dividend amount shall be subject to TDS as per the provisions of the Income Tax Act, 1961.As the KNRKWB is not a financial institution, implementing welfare scheme to the NRKs and the Pravasi Dividend Scheme being an incentivised deposit linked welfare scheme, the Board discloses its inability for providing the relief if any, owing to the DTAA.

6. Minimum contribution under the scheme is Rs.3 lakh and maximum limit Rs. 51 lakh for an eligible NRK. Contribution can be made in multiples of lakhs.

7. The deposit shall be made by the member from his own/spouse Account maintained in a Nationalized/ Scheduled bank having registered offices in India in compliance of the norms of the Reserve Bank of India. Unmarried depositors can make deposits through the authorized accounts of parents (Father & Mother) maintained in a Nationalized/ Scheduled bank having registered offices in India in compliance of the norms of the Reserve Bank of India. The deposits shall be in Indian Rupees. The deposits shall not be from money exchange etc.

8. The date of contribution into the scheme will be the date of receipt of the amount in the accounts of the Kerala Infrastructure Investment Board (KIIFB), which is the Government agency for managing the funds received by the Board under the scheme.

9. The Dividend will normally be paid on the due dates (after the maturity period) of every calendar month to the direct credit of the bank account of the beneficiary till his/her death and the bank account of the spouse after death of beneficiary through electronic mode only. For this purpose, the beneficiary and his/her spouse shall furnish his/her valid bank account details (the bank account shall be SB or NRO account so as to receive the credit of the dividend) and other documents specified by the Board. The Board shall not be responsible for the return of the dividend due to incorrect account details given by the depositor. If the due date falls on a holiday, the dividend will be paid on the next working day. Dividend payments shall be after deduction of TDS as per the provisions of the Income Tax Act, 1961 and other deductions as applicable from time to time.

10. Upon the demise of the Beneficiary, the information regarding the demise shall be furnished immediately after the same along with the required certificate from the authority concerned and such other documents required by the Board, the dividend shall be paid to the spouse of the beneficiary, as per the details furnished in the application submitted to the Board and as updated through the prescribed procedure, for his/her life time.

11. Upon the demise of the beneficiary or spouse whichever is later, payment of monthly dividend shall cease forthwith and the nominee is eligible for the Contribution together with the accrued dividend of the initial three years, in accordance with the Scheme subject to the production of the documents/ certificates insisted by the Board.  The demise of the beneficiary (member)/spouse as the case may be, shall be reported to the Board immediately along with the certificate from the authority concerned.

12. In case the registered nominee is not available for payment, the amount will be given to the legal heirs of the beneficiary through equal division among such legal heirs upon producing Legal-heirship Certificate and other documents required by the Board, from competent authority.  

13. Such refund shall be issued within 30 working days on production of all the documents prescribed by the Board to its satisfaction.

14. The Contribution once made is irrevocable and cannot be withdrawn. Refund, other than the refund specified at 12 above, shall not be made by the Board under any circumstances.

15. Government of Kerala/the Board reserves all the rights to amend the terms and conditions of the Scheme from time to time and such amendments shall be applicable as if contained herein.

16. All the laws of India wherever necessary are applicable to the scheme.

17. All the disputes with regards to the Pravasi Dividend Scheme 2019 will be dealt at Thiruvananthapuram.
I hereby declare that I am a Non Resident Keralites as per the Non Resident Keralties Welfare Act 2008 and I have read all the terms and conditions of the scheme and agrees to the same.
Terms and Conditions

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