HDFC Securities granted permission
to distribute National Pension System (NPS) products by sector regulator
Pension Fund Regulatory Development Authority (PFRDA).
The brokerage firm, a subsidiary of the country's second
largest private sector lender HDFC Bank, has been appointed as a point of
purchase for the products, it said in a statement issued here.
PFRDA allowed citizens to participate in the NPS in 2009
to help individuals plan and prepare for post retirement life, which was
restricted to central government employees since its inception. It 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, said customers
will be able to choose their own investment option as well as pension fund
manager, and monitor their contribution and growth. "NPS is an offering
with one of the lowest fund administration charges and investment in this
product could help customers build their post-retirement funds," company's
managing director and chief executive Aseem Dhru said.
http://www.moneycontrol.com/news/business/hdfc-securities-gets-approval-to-distribute-nps_764179.html
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