Paytm Money has added National Pension System (NPS) to its app after approval from the Pension Fund Regulatory and Development Authority (PFRDA). "This new addition is expected to benefit investors by helping them save for their retirement while also enabling tax benefits," a statement said.
In 2009, the 'All Citizen Model' in NPS was launched that allows any individual to enroll in NPS. Till date, 13 lakh investors have enrolled under the 'All Citizen Model', the statement said.
What Paytm Money is offering
The statement said Paytm Money will offer NPS with the choice to invest in tier 1 (Tax Saver scheme) and tier 2 (zero lock-in period scheme).
"In a country like India with its huge young working population, retirement planning needs to be simplified. We want to bring NPS investing to millions of Indians and help them build a retirement corpus. It sits perfectly with our vision of democratising wealth management in India," Amit Nayyar, President (Financial Services) at Paytm, said.
National Pension Scheme
NPS helps you build a kitty for your retirement years. The money can be invested in a combination of equity, corporate debt and government debt as per the choice of the subscriber.
Benefits of NPS
Your contribution towards NPS also qualifies for a host of income tax benefits. Investors can avail of up to ₹1.5 lakh tax deduction under Section 80C through NPS contribution. In addition, there is a deduction up to ₹50,000 under Section 80CCD(1B)