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FundsIndia, an online value-added financial services platform, on Thursday launched a new contribution-based National Pension System (NPS) programme, targeted at corporate houses.
The programme, based on the New Pension Scheme that was extended to all citizens from 2009, would allow employees to save up to 10 per cent of their basic salary in an NPS account.
NPS, which requires a minimum annual investment of Rs 6,000, would provide people with additional tax-savings over and above the current limit of Rs 1 lakh under Section 80 (C) of the Income Tax Act, provided they invest through their employers.
There is no limit to the annual investments allowed under NPS. Self-employed people also have the option of contributing a portion of their earnings with NPS, which would not count for additional benefits outside the provisions of Section 80 (C).
C.R. Chandrasekar, Co-Founder and Chief Executive Officer (CEO) of FundsIndia, said this platform is free for employers.
The scheme, which would be offered in several different instruments, is likely to give an average of 11 to 12 per cent returns, he said.
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