The facility was launched by Yogesh Agarwal, Chairman of Pension Fund Regulatory and Development Authority (PFRDA), according to a news report on the IIFL Web site.
Any citizen of India, who is above the age of 18, can take advantage of the Pension System. NPS offers a basket of investment choices and fund managers. The new pension system is based on defined contributions and is voluntary, the news report said.
Through ICICIdirect.com, customers can seamlessly subscribe to NPS, select a fund manager, view and access registration details as well as place contributions. ICICIdirect.com also offers the facility to place SIP orders, as well as track NAVs. Currently Tier I type of accounts can be opened in ICICIdirect.com. with the minimum amount to be invested Rs. 6000 annually.
Individuals can normally exit at the age of 60 years from the pension system. At exit, the individual would be required to invest at least 40% of pension wealth to purchase an annuity. For more details www.pfrda.org.in/.