Banking News

nps: Muthoot Finance announces extension of NPS services to domestic, NRI customers

Gold loan NBFC Muthoot Finance on Thursday announced the extension of its National Pension Scheme (NPS) services to both its domestic and NRI customers through its website and the iMuthoot app.

The iMuthoot application enables the customers to have a ‘Do It Yourself Model’ where any user can quickly submit the application and complete the NPS registration all by themselves. Launched in 2012, Muthoot Finance is an authorized NPS service provider by the Pension Fund Regulatory and Development Authority (PFRDA).

By extending the NPS offering to its customers, the company aims to provide its customers with an additional avenue for long-term retirement planning as well as benefit them with a tax concession of up to INR 50,000 under subsection 80 CCD (1B). With an extensive PAN India network of 5800+ branches, Muthoot Finance is well-positioned to offer a hassle-free investment and saving experience to its customers. The company leverages its extensive phygital presence to extend this offering, which can be availed either through their nearest branch or by remitting their payment seamlessly on the company’s website or the iMuthoot application available on iOS and Android devices.

Mr. George Alexander Muthoot, Managing Director, Muthoot Finance, said, As part of our commitment to facilitate comprehensive and diverse financial services to our customers, we are excited to extend the National Pension Scheme to our domestic and NRI customers. We understand the importance of retirement planning and believe that NPS provides a secure and stable source of income in our customers’ post retirement years. We remain committed to transform Muthoot Finance into a diversified financial institution, enabled by technology that caters to the evolving needs of our customers today.”

Source link