Save for your pension via UTI, Union Bank

UTI Mutual Fund today entered into an arrangement with Union Bank of India for providing banks' employees and customers an investment opportunity through a micro-pension initiative under UTI-Retirement Benefit Pension Fund.

Under the initiative, members will contribute a minimum of Rs 500 every month towards UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to receive pension in the form of periodical income after they reach the age of 58 years.

"The micro-pension initiative will help in inculcating the habit of regular savings among members, which will help them in planning their future,  and will also enable them to share the benefits of growth of the Indian economy," U K Sinha, chairman and managing director of UTI AMC, said.