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Sunday, June 06, 2010

Postal Department Launches New Pension Scheme for all.

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Postal dept launches new pension scheme

The postal department has launched a new pension scheme for the public, specially service holders, who are able to deposit a minimum of Rs 500 per month, up to the age of 55 years.

According to the project officer of the postmaster general office, Saryug Prasad, the amount deposited by the beneficiaries would be invested in different unit-linked pension funds of the SBI, LIC, UTI and the quantum of pension would be fixed as per the amount earned from those deposited funds. He hoped the rate of pension amount would be higher than the present one.

He said the postal pension scheme has a two-tier provision. In the first tier, one can deposit a minimum of Rs 6,000 in a year in at least four instalments or Rs 500 per month. There would be no limit to subscriptions in any tier. The deposited amount would not be withdrawn prematuredly under the first-tier system.

But, under the two-tier system, a minimum of Rs 1,000 would have to be deposited and it would have the facility of premature withdrawals. It will work as a savings bank besides offering the benefit of pension.

Source; Times of India



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