ICICI Securities today announced the launch of the National Pension System (NPS) facility on its online broking site, ICICIdirect.com for its customers. It is the first time that such an online facility has been offered in India.
The facility was launched by Mr Yogesh Agarwal, Chairman of Pension Fund Regulatory and Development Authority. Any citizen of India, who is above the age of 18, can take advantage of the Pension System. NPS offers a basket of investment choices and Fund managers. The new pension system is based on defined contributions and is voluntary.
Through ICICIdirect.com, customers can seamlessly subscribe to NPS, select a fund manager, view and access registration details as well as place contributions at the click of a button. ICICIdirect.com also offers the facility to place SIP orders, as well as track NAVs. Currently Tier I type of accounts can be opened in ICICIdirect.com. The minimum amount to be invested in the NPS Tier I account is Rs 6000 annually.
"ICICIdirect.com has always believed in offering the comprehensive financial products to its over 2 million customers. The National Pension System is an excellent opportunity and every investor should consider it for their retirement planning. We are now looking forward to opening Tier II account as well as extending the benefit of Swavalamban through which we can reach to several investors in the country,"said Mr Anup Bagchi, Executive Director, ICICI Securities Ltd.
Individuals can normally exit at the age of 60 years from the pension system. At exit, the individual would be required to invest at least 40 percent of pension wealth to purchase an annuity. For more details pls logon to: http://www.pfrda.org.in/
ICICIdirect.com is a leading player in online and offline financial product distribution. ICICIdirect conducts programs in over 250 of its stores across the country to empower retail investors to take informed decisions on their investments through the ICICIdirect Learning Centre. These programs include Shares simplified, F&O Simplified, Mutual Fund Primer and Insurance Intelligence.