Under the NPS, the underaged can also open their account
Under the NPS, the underaged can also open their account
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Under the pension fund regulator PFRDA National Pension System ( NPS ), the viability of opening of accounts of minors, along with the legal aspects related to this matter are being examined. This information was given by Hemant Contractor, President of PFRDA.   

The contractor said, "We are looking at the possibility of bringing the minors in the NPS. Some countries have this feature. That is why we are paying attention to this issue. " He said that as far as allowing permission to open such accounts of minors, there are some legal complications related to it. PFRDA is paying attention to this. 

He said that there are some legal issues such as the issue of the ability of minors in a contract because the minors cannot go into any contract. Another issue is whether they can fulfill their responsibilities under the contract?

Therefore, we are looking at ways of resolving such issues. When asked about the timeframe for any clarity on this issue, he said that after the internal level discussion, PFRDA would approach the Finance Ministry on this issue. 

The contractor further said, "We are closely monitoring this, some concrete results can come out in two to three weeks." Pension Fund Regulatory and Development Authority (PFRDA), under its National Pension Scheme and Atal Pension Scheme ( APY).   

NPS can work with the government as well as private sector employees, whereas APY is mainly for the workers of the unorganized sector. The customer base of this pension regulator was 1.81 crore till October 31 this year, and the customer base was 1.54 crore in the financial year ended March 2017. 

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