South Indian Bank (SIB), Kerala based lender is the largest service provider of the “New Pension System” (NPS), launched by the central government amongst the 21 banks and financial institutes which have been authorized for pension and investment scheme.
The SIB through its 134 authorized branches offer this service, the bank sources informed.
V.A. Joseph, managing director and chief executive of the bank informed, “This scheme will empower subscribers to plan their retirement and pension. This is a good investment tool”.
NPS is a social security scheme and the employees falling under the age group of 18-55 are eligible for this scheme.
The scheme has been executed by the Pension Fund Regulatory and Development Authority (PFRDA).
Last week, SIB launched this service for its NRI customers and the service was launched by Oscar award winner Resul Pookutty.
SIB in the first quarter this fiscal had posted the highest ever quarterly net profit of Rs.60.11 crore as against Rs.38.62 crore reported during the same period in the last year, accounting the growth of 55.64 percent.
Recently the bank has been honored with the 10th “Financial Express” Awards for “India’s Best Banks” in the traditional banks’ category.