Now, gift pension using WhatsApp. Know how

pinBox Solutions, a fintech company, has initiated a project called ‘Gift-a-Pension’. It lets any individual gift a pension to another person by opening a National Pension System (NPS) Tier I account for them.
Pension

Now gift pension using WhatsApp. Know how

New Delhi: India employs a humongous population in the unorganised sector, who are excluded from formal pension plans and insurance programs due to either lack of financial knowledge or complicated applications.
To address the issue, pinBox Solutions, a fintech company has initiated a project called ‘Gift-a-Pension’. It lets any individual gift a pension to another person by opening a National Pension System (NPS) Tier I account for them. Opening the account can be by answering a few over messaging platform WhatsApp.
The minimum sum required to open an NPS account is Rs 500. Account opening costs between Rs 200 and Rs 400.
The WhatsApp number for Gift a pension is +91 80 2300 2000.
People can easily gift pension to their domestic help and other informal sector workers, who themselves might not be able to do so. The person who is to receive the pension only needs a bank account and mobile number linked to their Aadhar card.
According to Gautam Bhardwaj, co-founder and director, pinBox Solutions, the deposit in another person’s NPS account can be made by anyone, as long as it comes from a bank account and not cash.
Other ways to make contributions
A person can prefer to make their contributions to the NPS account using a UPI-enabled app such as BHIM, Google Pay or WhatsApp pay apart from net banking.
An individual is required to deposit a minimum of Rs 1,000 per annum to keep the account active. It may be kept in mind that a charge per contribution is levied by the PoP which can go up to 0.5 per cent of the amount contributed.
About NPS Tier 1 account
The account matures at 60 years of age and the accumulated corpus can be used to buy an annuity (regular pension).
According to pinBox’s website, the Gift-a-Pension model was first field-tested in India and has now been launched in Kenya with Zamara and Prudential.
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