In a major step towards promoting financial inclusion and retirement planning, SVC Co-operative Bank has become the first co-operative bank in India to launch the National Pension Scheme (NPS) facility as a Point of Presence (POP).
The launch took place recently at the bank’s Corporate Office in Vakola, Mumbai, and was inaugurated by Durgesh Chandavarkar, Chairman, SVC Bank.
The event was graced by Arun Mavinkurve, Sudhir Mundkur, Girish Karnad, Managing Director Ravinder Singh and other senior executives. Board members and management also attended virtually via video conferencing.
Chairman Chandavarkar stated that this launch aligns with the Government of India’s vision for comprehensive financial inclusion and provides customers a powerful tool for secure retirement planning.
The NPS, regulated by the Pension Fund Regulatory and Development Authority (PFRDA), is a voluntary long-term retirement savings scheme, powered by Protean e-Gov Technologies Ltd. as the Central Record Keeping Agency (CRA). It allows individuals to invest regularly and choose among pension fund managers and investment options.
Indian citizens, including NRIs and OCI card holders aged between 18 to 70 years, are eligible to enroll. NPS offers two types of accounts: Tier-I (mandatory with tax benefits and limited withdrawals) and Tier-II (optional with flexible withdrawals). Upon retirement, subscribers can withdraw part of their corpus and use the rest to buy an annuity for regular income.
With this move, SVC Bank reaffirms its commitment to empowering citizens with long-term financial security.