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National Pension System (NPS) is a defined contribution pension system introduced by the Government of India as a part of Pension Sector reforms, with an objective to provide social security to all citizens of India. It is administered and regulated by PFRDA.
Features Of NPS Scheme
Tier I – Pension account (Mandatory A/C - Tax benefit available)
Tier II – Investment account (Optional A/C – No tax benefit but corpus is withdrawable anytime) Rs. 50,000/- in a Financial Year.
Minimum Contribution during A/C opening is Rs.500 for Tier I
Minimum Contribution during A/C opening is Rs.1,000 for Tier II
Minimum total contribution in a year Rs.1,000 (Min. amount per contribution Rs.500) for Tier I
Minimum total contribution in a year N.A. (Min. amount per contribution Rs.250) for Tier II
A very low-cost product with Fund Management Charges of 0.01%.
Attractive market linked returns
Flexibility of Investments – Subscriber may select a Pension Fund Manager (PFM) of their choice. Subscriber is allowed to change PFM once during a Financial Year. Subscribers may also define their asset allocation, which may be changed twice in a given Financial Year.
Portable across jobs and geographies.
24 X 7 X 365 through Web & Mobile App of Central Recordkeeping Agency (CRA)
One-time shift to NPS- Existing corpus under Superannuation can one-time be transferred to NPS without any Tax Incidence
Continuation in NPS scheme post retirement – Provision to contribute till 70 years or to differ withdrawal upto the age of 70 years.
Complete withdrawal for corpus less than Rs.2 lacs - In case total accumulated corpus is less than Rs.2 Lacs on attaining the age of 60 or later, subscriber may withdraw entire corpus