Despite having always designed products and schemes as per the life cycle and requirements of these women, the bank realized that it was lacking somewhere in its products or schemes to cater to provide same security when turn old.
Hence the bank decided to come up with a new product and scheme which would be designed specially to meet the needs of the women of unorganized sector and provide them with old age security.
First generation of experience helped bank to identify need for "Pension" Service.
NPS is an initiative of the Government of India and PFRDA. NPS was initially for Government employees and was later extended to all citizens of India. NPS/ Swavalmban scheme was launched in recognition of the need to provide old age income security to marginal income earners.
Swavalamban to encourage Non-organized people to start saving for their old age, Govt. of India will also contribute Rs. 1000 per year for the NPS accounts.