- NPS is a voluntary defined contribution retirement saving scheme
- Yields market based returns
- NPS is regulated by PFRDA
- Pension funds are invested by PFRDA
- Bank's designated branches i.e. Point of Presence-Service Provider (POP-SPs) accept the application form and get the subscriber(s) registered with Central Record keeping Agency (CRA) for generation of the Permanent Retirement Account Number (PRAN). 931 branches authorized as pop-sp
- NPS services: collection , filling and submission of subscription forms, The PRAN will be quoted in all future transactions.
- NPS is available for corporates and individuals through corporate model and all citizen model respectively
- Two types of account available for both models
- Tier i : pension account
- Tier ii : investment account
- Investment option
- Active choice(manual intervention required)
- Auto choice(predefined investment)
- Contribution
- Tier i: min rs 500 at the time of opening account, min rs 6000 contribution per financial year
- Tier ii: initial contribution is rs.1000, minimum a/c balance 2000 per financial year
- Tax benefit
- Tax is exempted of 1.5lakh under 80cce
- Additional saving of 50000 under tier i is exempted under 80ccd(1b)
For more details or any assistance you may please visit PSB branch.
