• 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.