India does not have a comprehensive old age income security system. There are however, some mandatory schemes for employees of State and Central governments, employees of public sector banks, employees in firms with a staff of 20 or more and some others.
In recent years, the insurance and the mutual fund industry in India has also started offering pension plans. In 2004, a new defined contribution individual account pension system was constituted for Central government employees recruited after January 1, 2004. This will soon be open for all citizens of India on a voluntary basis.
For more information on pensions in India, click here.
Update 10/03/2009
Keep more of your money when transferring funds overseas!
If you want to move money abroad, from India or to India for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Why Fexco
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Main characteristics
Fexco will help you to keep your overseas money transfer costs to a minimum.
| Margin | 0.6% |
|---|---|
| Regulator | FCA |
| Fee | £10 < £5K or Free > £5k |
| Mini | £1K |
| Ccy | All (130 currencies, incl ‘exotics’) |
| Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
Get an online quote today
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.