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PFRDA appoints Axis as trustee bank from 1 July

Accordingly, all NPS related funds are to be remitted to the designated accounts of Axis Bank from 1 July 2013

May 08, 2013 12:11 IST | India Infoline News Service
Pension Fund Regulatory and Development Authority (PFRDA) has appointed Axis Bank as a new trustee bank in place of Bank of India (current trustee bank) for National Pension System (NPS) from 1 July 2013.

Accordingly, all NPS related funds are to be remitted to the designated accounts of Axis Bank from 1 July 2013. The offices will continue to remit funds to the designated NPS Trust accounts being maintained with Bank of India till 30 June 2013, PFRDA said on 30th April.

PFRDA had appointed Bank of India as trustee bank for NPS for five years. It is understood that Axis Bank will be appointed for two years. However, at the discretion of PFRDA/NPS Trust, the contract may be renewed annually for another maximum tenure of three years.

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