After approval from the Pension Fund Regulatory and Development Authority (PFRDA), Paytm’s application has been attached to the National Pension System (NPS). This addition is supposed to be for the benefit of the investors, enabling tax benefits as well as helping them save for their retirement. It will now be available through the Paytm Money app.
In NPS, an ‘All Citizen Model’ was launched in 2009, which allows any individual to enrol in NPS. 13 Lakh investors had used the opportunity, to date.
The President (Financial Services), Amit Nayyar, Paytm, said that retirement planning in a country like India, with its huge population, needs to be simple and easy. He further stated that they are working to bring NPS to millions of Indians and help them in building their retirement corpus. “It sits perfectly with our vision of democratizing wealth management in India”, he said.
National Pension System (NPM) allows you to invest money in a combination of equity, corporate debt, and government debt, according to your choice. It assists you in building a kitty for your retirement years.
Investing in NPS can also help you avail tax benefits. Investors can have a ₹1.5 Lakh tax deduction under Section 80C. Additionally, there is a deduction of ₹50,000 under Section 80CCD(1B).