New Pension Scheme

 New Pension Scheme.

                  Normal withdrawl

Minimum Amount for opening of account

 When a subscriber reaches the age of   Superannuation/attaining 60 years of age, he or she will   have to use at least 40% of accumulated pension corpus   to purchase an annuity that would provide a regular   monthly pension. The remaining funds can be   withdrawn as lump sum.(For details please visit   NPS/PFRDA website).

• Tier :- I ( Minimum Contribution Rs.500 and tax benefits are available)
• Tier:- II ( Minimum Contribution Rs.1000)

 Channel of Subscription/Opening of accounts: - Through all Branches.{All branches (POP-SPs) accept the   application form get the subscriber(s) registered with Central Record keeping Agency(CRA) for generation   of the Permanent Retirement Account Number (PRAN) , Through ‘MYNPS’  (https://www.centralbank.net.in/jsp/NPS.html )

 Salient features.

 (a)Who can open:-

  (i) Any individual citizen of India (both resident and Non-resident) in the age group of 18-70 years (as on the date   of submission of NPS application) can join NPS.

 (b)Deposit:-
 (i)  Tier :- I ( Minimum Contribution Rs.500 and tax benefits are available)
 (ii) Tier:- II ( Minimum Contribution Rs.1000)

 (c)Premature Exit:-
 (i) After completion of 10 years or before completion of 03 years (if subscriber has joined NPS after 60 years of   age), subscriber can withdraw maximum 20% of the corpus as lumpsum and minimum 80% of the corpus has to   be utilized for purchasing an annuity plan for receiving the pension. If the accumulated corpus is less than Rs 2.5   lakh, the entire corpus is paid as lumpsum to the subscriber.

 (d)Normal withdrawal:-
 (i) On completion of 60 years of age (if subscriber has joined NPS before 60 years of age) or after completion of   03 years (if subscriber has joined NPS after 60 years of age), subscriber can withdraw maximum 60% of the   corpus as lumpsum and minimum 40% of the corpus has to be utilized for purchasing an annuity plan for   receiving the pension. If the accumulated corpus is less than Rs 5 lakhs, the entire corpus is paid as lumpsum to   the subscriber.
        (*)Subscriber also has the option to:
        (a) Continue in NPS till the age of 75 years or exit any time after such continuance before 75 years.
        (b) While exiting from NPS, subscriber can;
 ▪    defer receiving the lumpsum (60% corpus) till the age of 75 years or withdraw the same in instalments till 75     years
 ▪     defer Annuity purchase (40% corpus) for a maximum period of 3 years.
       In case of unfortunate event of death of a subscriber, the nominee/legal heir can withdraw the entire         accumulated    
       corpus. The nominee / family members of the deceased subscriber can also purchase annuity, if they so desire.
      Note:-Withdrawal/Exit from NPS Tier-II Account is unrestricted and will be compulsorily closed upon closure        of Tier-I  Account.
     Note:- As this is a Government of India Scheme, Customer are advised to visit  RBI/Govt. website for latest   
     instructions/ modification in the scheme.