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I want to get the information about the New Pension System (NPS) of State Bank Of India SBI so can you tell me?
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New Pension System for every Citizen was introduced from 1st May 2009 by the Pension Fund Regulatory and Development Authority to provide old age pension security to citizens in the age group of 18-60. SBI New Pension System (NPS) NPS is a voluntary Pension System of Pension Fund Regulatory and Development Authority (PFRDA) open to all citizens in the age group of 18-60 years. The objective is to provide old age pension; reasonable market based returns over long term Bank designated branches i.e. Point of Presence-Service Provider (POP-SP) accept the application form and get the subscribers registered with Central Record keeping Agency (CRA) for generation of the Permanent Retirement Account Number (PRAN). The PRAN will be quoted in all future transactions. There are two models i.e. Tier I and Tier II. Tier-I account is where you contribute your savings for retirement into a non-withdrawable account till you reach 60 years and draw pension for the rest of your life. In case of Tier I Minimum contribution at the time of account opening -Rs.500/- Minimum amount per contribution - Rs. 500/- Minimum Account Balance at the end of FY - Rs. 6000/- Minimum number of contributions in a year 1 A Tier-II account is a voluntary savings account form the subscriber is free to withdraw any time. The facility of Tier II account is being offered from December 1, 2009 to all citizens of India including Government employees mandatorily covered by NPS. In case of Tier II, Minimum contribution at the time of account opening -Rs.1000/- Minimum amount per contribution - Rs. 250/- Minimum Account Balance at the end of FY-Rs. 2000/- Minimum number of contributions in a year - One A subscriber has three options for his investments: HIGH RISK HIGH RETURN: Investments in predominantly Equity Market Instruments MEDIUM RISK MEDIUM RETURN: Investment in predominantly Fixed Income Instruments LOW RISK LOW RETURN: Investments in purely Fixed Income Instruments. In case no option is given Auto Choice will be done automatically. SBI PENSION FUND PRIVATE LIMITED is one of the Pension Fund Managers handling subscription amounts. Following costs are to be borne by the Subscriber at the time of registration and/or performing any transaction. The contribution will be remitted net of bank charges. Initial Subscriber Registration/per subscriber Rs .100/- Initial Contribution amount / per subscriber Ad valorem 0.25% of the contribution amount (Minimum: Rs. 20/- and Maximum: up to Rs. 25000/-) Subsequent Contribution Transaction Charge/ per subscriber Ad valorem 0.25% of the contribution amount (Minimum: Rs. 20/- & Maximum: up to Rs. 25000/-) Any other transaction not involving a contribution from subscriber/ per subscriber Rs. 20/- Customer service: 1800 425 3800
__________________ Answered By StudyChaCha Member |