Retailing of New Pension Scheme through Post Offices begins

Retailing of New Pension Scheme through Post Offices begins

The Department of Posts (DoP) opens about eight lakh new “Mahatma Gandhi NREGS’ accounts every month across the country. Till 30th June 2010 has DoP opened 4.48 crore accounts under the scheme and disbursed an amount of Rs. 3,406 crores in the current financial year. More than 95,000 post offices are engaged in disbursement of wages under MGNREGS.

In a tie up with Pension Fund Regulatory and Development Authority DoP has started retailing of New Pension Scheme (NPS) through post offices in the country. So far 5186 NPS accounts have been opened in Head Post Offices in 20 Postal Circles.

As a part of financial inclusion, the DoP in another tie up with UTI Mutual Fund has launched “Ujjawal Bhavishya”, a bouquet of mutual funds relating to Retirement Benefits Pension Fund, Mahila Unit Scheme and Children’s Career Balanced Funds in all post offices in the country. The scheme has the convenience of systematic investment plan. It will enable investors in small towns and cities to avail investment opportunities through post offices.