Post offers pension scheme in India

The Department of Posts in India has launched a New Pension Scheme (NPS) through its head post offices, reports Indian Express. The article continues:

Any citizen, excluding NRIs between 18 and 55 years of age, can join the NPS and contribute for up to 60 years.

Postmaster general of Pune region, S C Jarodia, said that in Pune city, the service will be available at the three head post offices – Pune GPO, Shivajinagar and City Post.

“The NPS is operational through organisations designated as Points of Presence (POP). The Pension Fund Regulatory and Development Authority have appointed the Department of Posts as one of the POPs to operate the scheme through identified post offices,” Jarodia said.

There are two types of accounts under NPS – Tier-I and Tier-II accounts. While Tier-I is a non-withdrawal account where the minimum contribution is Rs 500 per month or Rs 6,000 per annum, the Tier-II account is a voluntary savings account with a minimum monthly contribution of Rs 1,000 and account holders can withdraw their savings whenever they wish.