Paytm gets PFRDA approval: Now, invest in NPS through app
Paytm today is one of the largest online platform for mutual fund investments in India
Paytm Money, India's largest online platform for mutual fund investments and the wholly owned subsidiary of One97 Communications Limited recently received the approval to offer National Pension System (NPS) on its platform from the Pension Fund Regulatory and Development Authority (PFRDA). Post this development, the investors registered with Paytm Money will now be able to invest in NPS within minutes.
Paytm's objective is to benefit the consumer with NPS services, both Tier 1 and Tier 2 accounts, from all the eight major Pension Fund Managers. The platform will also give end to end digital as well as paperless experience with NPS investments. With the NPS, investors on Paytm Money will avail an additional deduction of taxable income up to Rs 50,000 under Section 80 CCD(1B) over and above the limit of Rs 1.5 lakh under the Section 80C.
Pravin Jadhav, Whole-time Director of Paytm Money said, "National Pension Scheme (NPS) is a perfect solution for retirement planning and we are excited about bringing convenience of digital & paperless NPS investing to users of Paytm Money. Investors can also avail additional annual tax benefits every year with this along with investing for retirement. We expect to go live with NPS investing soon."
Paytm today is one of the largest online platform for mutual fund investments in India, with over a million subscribers. The firm has also received SEBI approval for Stock Broking services.