Karnataka Bank has launched 'National Pension System' (NPS) at its corporate office here.
NPS was introduced by the Government of India with an intention to provide old age financial security by way of regular income in the form of pension.
While earning, one can contribute to the NPS and start receiving pension after attaining the age of 60 years, to meet one's financial needs.
Any individual between the age 18 years and 60 years can register his name with the bank's branch to contribute and to get the pension benefit under this scheme.
With the flexibility and tax exemption feature, it is most suitable to the earning unorganised sector employees, a bank press release said here today.
Speaking on the occasion, Managing Director and CEO of the bank, P Jayarama Bhat expressed his happiness that bank is providing another tool to the common public for improving their financial security along with other social security schemes.
"Karnataka Bank is always in the forefront in serving the customers with social welfare cause.
Launching of the NPS is one such step towards improving the welfare of the society," he said.
The bank has introduced this scheme at select branches initially and plans to introduce it in a phased manner at all of its branches, it added.
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