Now Post office are Point of presence for New Pension Scheme (NPS)

Its official now as the much awaited issue of lesser Points of Presence for New Pension Scheme (NPS) has been addressed to some extent as the The postal department has launched a new pension scheme for the public, specially service holders, who are able to deposit a minimum of Rs 500 per month as well as at-least Rs 6000/- annually, which is open for all citizens up to the age of 55 years.

According to the project officer of the postmaster general office, Saryug Prasad, the amount deposited by the beneficiaries would be invested in different unit-linked pension funds of the SBI, LIC, UTI and the quantum of pension would be fixed as per the amount earned from those deposited funds. He hoped the rate of pension amount would be higher than the present one.

He said the postal pension scheme has a two-tier provision. In the first tier, one can deposit a minimum of Rs 6,000 in a year in at least four instalments or Rs 500 per month. There would be no limit to subscriptions in any tier. The deposited amount would not be withdrawn prematuredly under the first-tier system.

But, under the two-tier system, a minimum of Rs 1,000 would have to be deposited and it would have the facility of premature withdrawals. It will work as a low cost mutual fund or savings bank with higher yield,  besides offering the benefit of pension.

Source: The Times of India

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