|
New Pension Scheme |
|
Normal withdrawl |
Minimum Amount for opening of account |
|
|
|
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 ‘MY NPS’ |
|
Salient features. |
|
o (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. o (b)Deposit:- (i) Tier :- I ( Minimum Contribution Rs.500 and tax benefits are available) o (c)PrematureExit:- (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. o (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. |