Press Esc to close
Tuesday 07 July 2015
News updated at 2:19 PM IST
Weather
Max: 30.7°C
Min : 20.6°C
In Bengaluru
Generally cloudy

UTI Mutual Fund to manage Centre's Pravasi Suraksha plan

Mumbai,July 8,2012 DH News Service

Ministry of Overseas Indian Affairs (MOIA) at the Centre has launched a special scheme named Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) for overseas Indian migrant workers which aims to encourage and assist the overseas Indian migrant workforce to voluntarily save for their return and resettlement and for their old age.

Accordingly, UTI Asset Management Company, on Saturday, said it has entered into an agreement with the MOIA as one of the partners for managing the ‘return and resettlement’(R&R) savings benefit under MGPSY, said an official release.

  The contribution amount under R&R scheme of MGPSY will be invested in UTI Monthly Income Scheme Growth Option.  MGPSY is a voluntary scheme, under which the Indian migrant worker can contribute upto Rs.4000/- per annum, while MOIA will also co-contribute upto Rs.900/- per year each fiscal towards the resettlement benefit for a maximum period of 5 years.


This in turn will be invested in UTI Monthly Income Scheme-Growth option, which is an Open ended debt oriented scheme with no assured returns, the release said.


The scheme (UTI-MIS) aims at distributing income -- if any periodically -- while it has an asset allocation limit of minimum 85 per cent and maximum 100 per cent in debt and balance in equities/equity related instruments.

Eligibility required for R&R savings schemes is that a migrant worker should possess an  ‘Emigration Clearance Required’ (ECR) passport and a valid work permit or employment contract in ECR country and should be aged between 18 and 50 years.  Benefits from MOIA will be provided for a maximum period of 5 years or for the period of overseas employment whichever is less.

Withdrawal from R&R Savings is allowed when the overseas Indian worker returns to India or 5 years after joining MGPSY whichever is earlier.


Go to Top

Photo Gallery
'Umbrella Workshop' where people paint umbrellas with colors in Navi Mumbai...

'Umbrella Workshop' where people paint umbrellas with colors in Navi Mumbai...

Visitors looking the BSF weapons on the occasion of the 50th anniversary of the BSF...

Visitors looking the BSF weapons on the occasion of the 50th anniversary of the BSF...

Mobile app ' Namma Bellad' launched in Bengaluru...

Mobile app ' Namma Bellad' launched in Bengaluru...

Sadhvi Niranjan Jyoti feeds cows during her visit to Gir Seva Goshala in Ahmedabad...

Sadhvi Niranjan Jyoti feeds cows during her visit to Gir Seva Goshala in Ahmedabad...

An highly decorated Vruksha hall during the 'BJP Maha Samparka Abhiyan 2015'...

An highly decorated Vruksha hall during the 'BJP Maha Samparka Abhiyan 2015'...

A fire broke out at Sony manufacturing plant in Navi Mumbai on Sunday...

A fire broke out at Sony manufacturing plant in Navi Mumbai on Sunday...

Pilgrims crosses the mountains as they move towards Amarnath Holy Cave Shrine...

Pilgrims crosses the mountains as they move towards Amarnath Holy Cave Shrine...

A Kashmiri Muslim woman offers noon prayers in the ruins of an ancient Hindu temple...

A Kashmiri Muslim woman offers noon prayers in the ruins of an ancient Hindu temple...

A security man keeps vigil on the mountains near Amarnath Holy Cave Shrine 3880 meters high...

A security man keeps vigil on the mountains near Amarnath Holy Cave Shrine 3880 meters high...

An Indian boy practices Mallakhamb, a traditional Indian gymnastic sport...

An Indian boy practices Mallakhamb, a traditional Indian gymnastic sport...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523