"We may be poor, but we are so many. Why don't we start a bank of our own ? Our own women's bank, where we are treated with the respect and service that we deserve."
- Chandaben, old clothes seller,
Founder - member, SEWA Bank
"How many times do we need to prove that poor women are bankable?"
- Jayshree Vyas, M.D., SEWA Bank
"UTI Retirement Benefit Pension Fund"
SEWA bank is breaking new ground with India 's first Micro-Pension Scheme. In April of 2006, SEWA members were granted permission to join a SEBI approved pension plan that offers no assured returns but allow up to 40 % collection to be invested in the Indian stock market. In a unique arrangement with Unit Trust of India Asset Management Company (UTI – AMC), SEWA Bank will collect individual contribution similar to a systematic investment plan (SIP) of a mutual fund. It will send the monthly contribution, which
can also be a law as Rs.50 (US$1), to UTI. The asset management company will open individual retirement accounts, from where the cash will be invested in debt and equity. Monthly statement will be sent to SEWA subscribers, who will not be required to pay any initiation fees for participation in this mutual fund. This is the first such Pension scheme for self employed in India . SEWA Bank acts as a distributor of UTI & for this is getting 3 % of amount collected as commission.
UTI Retirement Benefit Pention Fund
Agovernment of India notified Pention Fund
Scheme sutable for Retirement Planning
Invest upto Rs. 1 lakh for tax benefit under Section 80C of the It Act, 1961
Systematic Investment Plan ( SIP ) facility availabl
