The Hindu Business Line : SIB launches NRI pension service

THRISSUR: Kerala-based South Indian Bank (SIB) has started providing service for NRIs joining the New Pension Scheme (NPS) implemented by the Pension Fund Regulatory and Development Agency (PFRDA).

The scheme was formally inaugurated by Oscar winner Mr Resul Pookutty at a function held at the bank headquarters here recently, an SIB press release said here on Tuesday.

Commenting on the service offered by the bank, its CEO Dr V A Joseph said SIB had always considered NRIs as its clientele and had come out with schemes for them from time to time.

The bank was not just focussing on attracting deposits from NRIs, but also helping them plan their retirement on returning home. The decision to offer specialised service to this segment under schemes like NPS was part of this concern, he said.

Apart from providing normal banking services to NRIs, SIB had been in the forefront in providing advisory services in wealth management and tax affairs, as well as technical support to set up industrial and business projects, the release said.

Any person aged between 18 to 55 years could subscribe to NPS and the pension would be available from 60 years of age.

SIB has emerged as the largest service provider for the scheme, having the highest number of authorised banks for offering services under the NPS. - PTI

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