HDFC Securities on recently said it had been granted permission to distribute NPS (National Pension System products by sector regulator PFRDA (Pension Fund Regulatory Development Authority).
The brokerage firm, a subsidiary of India’s second largest private sector lender HDFC Bank, has been appointed as a point of purchase for the products.
PFRDA allowed citizens to participate in the NPS in 2009 to help individuals plan & prepare for post retirement life. Earlier this was restricted to central government employees.
NPS is available to all Indian citizens between 18 to 55 years of age. Subscribers contribute money periodically while returns on it are market determined.
HDFC Securities, which has 180 branches, will be able to choose their own investment option as well as pension fund manager, and monitor their contribution and growth.
Mr. Aseem Dhru, Managing Director & Chief Executive, HDFC Securities said. “NPS is an offering with one of the lowest fund administration charges & investment in this product could help customers build their post-retirement funds”
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