UAE – Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has signed an agreement with IBMC Financial Professionals Group to provide Indians residing and working in the UAE to settle their monthly contributions to the Indian Government’s National Pension Scheme (NPS) in any of Al Ansari Exchange branches across the UAE.
The payment scheme tailored to the NPS members living outside India is the latest addition to Al Ansari Exchange’s increasing array of services offered to its Indian customers, which currently include the application for new Permanent Account Number (PAN) card for Non-Resident Indians (NRIs), or overseas Indians.
Rashed Ali Al Ansari, General Manager of Al Ansari Exchange, said: “Registering in the Indian Government’s NPS program protects NRIs from future risks and gives them an opportunity to lead a decent and comfortable life especially at the retirement age. Through our strategic partnership with IBMC, all Indians residing in the UAE can conveniently settle their monthly or yearly National Pension Scheme contributions in any of Al Ansari Exchange branches across the UAE in a matter of minutes. Such collaboration represents a major milestone in our efforts to offer expert solutions developed to meet the specific needs of our customers and, more importantly, make a difference in their lives.”
Sajith Kumar P K, Chief Executive Officer, IBMC, said: “We urge NRIs, especially those living in the UAE and the rest of the Middle East who are not part of any pension program, to invest in NPS to enjoy a range of social security benefits. Whether they are white collar or blue collar workers, Indians living outside their home country are qualified to become an NPS member. As a Corporate Social Responsibility program from IBMC, we are happy to extend support along with Pension Fund Regulatory and Development Authority (PFRDA) to NRIs to avail the benefits of NPS. We are excited that Al Ansari Exchange supports this CSR initiative as our remittance partner in the UAE.”
IBMC along with the PFRDA act as advisor who offers a range of services to NRIs who are members of the NPS, a mandatory pension program for all Indian government officials. The new agreement with Al Ansari Exchange has opened up a robust mechanism in which NRIs can easily pay their monthly or yearly contributions.
NRIs belonging to the age group 18 to 65 are qualified to join the cost-efficient, tax-exempted, flexible, and highly accessible NPS. The minimum monthly contribution is INR 500, while the minimum yearly contribution is INR 6,000. As members, they are given a Permanent Retirement Account Number (PRAN) to ensure maximum pension benefits for both them and their families. To grow their money, NRIs can choose among flexible and diversified investment portfolio and decide how their funds will be allocated across these investment options. They could enjoy possible returns from all range of financial instruments, from equity and corporate bonds to government securities and Alternate Investment Fund (AIF) route.
When they reach the retirement age, NPS members can receive the maximum pension depending on their contributions plus the right to nominate three of their beneficiaries. They can also make partial withdrawal of their contributions to meet their immediate financial needs. An adequate Grievance Redressal Management System has been put in place as well to ensure timely and fast resolution of complaints and concerns.