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Muthoot Finance to offer 'National Pension Scheme'

Posted on Nov 16, 09:47PM | UNI

Muthoot Finance Ltd, country's largest gold loan company, has made a tie up with Pension Fund Regulatory and Development Authority (PFRDA) for offering a pension scheme to the citizens.

The scheme, which is titled 'National Pension Scheme' (NPS), makes Muthoot Finance the only Non Banking Finance Company (NBFC) in Kerala to be approved by the PFRDA to act as a service provider for the pension plan.

The scheme extends on voluntary basis to all citizens of India and would also include workers of unorganized sectors as well.

The aim of the National Pension Scheme (NPS) is to promote theold age income security of the people, a release issued by the company said.

The salient features of this scheme are that it is open to the Indian citizens between the ages of 18-60 years. The minimum amount of subscription is Rs. 500/- per month with an option for the investors to choose any growth scheme (i.e. active and autochoice).

This scheme assures regular monthly pension on attaining the age of sixty and tax benefits up to 10 pc of individual's salary (basic + DA) under section 80CCD(2) over and above the present limit of Rs.1,00,000. The scheme also has lumpsum repayment of funds upto60 pc of the balance outstanding in the a/c on attaining the age of 60, the release added.