Paytm Money adds NPS to platform

Paytm Money on Tuesday said it has added National Pension System (NPS) to its app after approval from the Pension Fund Regulatory and Development Authority (PFRDA).

"This new addition is expected to benefit investors by helping them save for their retirement while also enabling tax benefits," a statement said.

In 2009, the 'All Citizen Model' in NPS was launched that allows any individual to enroll in NPS.

Till date, 13 lakh investors have enrolled under the 'All Citizen Model', the statement said, adding that Paytm Money intends to increase this number manifold by enabling investments in NPS via a simple and quick digital investing experience.

"In a country like India with its huge young working population, retirement planning needs to be simplified. We want to bring NPS investing to millions of Indians and help them build a retirement corpus.

"It sits perfectly with our vision of democratising wealth management in India," Amit Nayyar, President (Financial Services) at Paytm, said.

NPS, as an offering, also incentivises users to save additional taxes and hence, complements the wide range of existing tax-saver mutual funds on Paytm's platform, he added.

The statement said Paytm Money will offer NPS with the choice to invest in tier 1 (Tax Saver scheme) and tier 2 (zero lock-in period scheme).

Paytm Money has more than 5 million users.