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Wednesday, October 3, 2012

HDFC Securities gets nod to distribute products of National Pension System

HDFC Securities said it has been granted permission to distribute National Pension System (NPS) products by sector regulator, the 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 would 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,” Managing Director and Chief Executive Aseem Dhru said.


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