NEWS & ADVICE : PERSONAL LOAN
Muthoot Finance ties up with PFRDA to offer national pension scheme
By Vaibhav Aggarwal
Nov 19, 2012
Print    Email    RSS   

The non-banking finance company, Muthoot Finance, has inked deal with the government owned body Pension Fund Regulatory and Development Authority (PFRDA) to provide pension schemes from its various branches.

It is to be noted that Muthoot Finance is a gold loan provider based in Kerala and PFRDA is a government body controlled by the Ministry of Finance.

The tie up allows Muthoot Finance to operate as a service provider and offer pension plans under the national pension scheme. The national pension scheme can be availed by all Indian citizens voluntarily. It also benefits those employees who are working in unorganized sectors. National pension scheme is promoted by the government of India to provide financial security to elderly people.

Talking about the tie up, the Managing Director of Muthoot Finance, Mr. George Alexander Muthoot said, "With our pan India network, we will ensure that the benefit of this pension scheme reaches maximum number of Indians."

The most significant aspect of the scheme is that it can be availed by all Indian citizens who are in the age group of 18 years to 60 years. The scheme provides a regular (monthly) source of income after the age of 60 years and tax benefits of 10 percent to a person on his/her salary (basic +DA) as per the section 80 CCD (2) of the Income Tax Act. In addition to this, on reaching the age of 60, an individual also receives 60 percent of outstanding balance in his/her account, as lump sum amount.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs # 7
Loan upper limit increased for women
Loan against Securities: A viable...
Some admissible deductions under Income...
Is the Base Rate system really transparent?


No Worries!!@ 9540677139, Call Girls in Noida,...
[१००%पका समाधान BY@BA BAJI...
CaLl GiRLS Gurgaon DLF Phase 1...
Soumya 7895364888 Female EScoRT SeRviCes DehraDun...
Ring Me___Ó9765156595___ Katraj Caℓℓ Girℓs...
fastm fast vashikarn specialist aghori baba ji...

NEWS THIS WEEK
Andhra Bank’s new silent protest for repayment of loan Jan 29, 2015
NABARD signed MOU with TATA trusts Jan 23, 2015
Credit growth of Indian banks overseas increased Jan 22, 2015
Kotak Mahindra Bank reported an increase of 21% in its net profit Jan 21, 2015
Banks deferred to go on the 4 days strike this month Jan 20, 2015
News Archive