Chennai Post : New Pension System

Organization :Chennai Post
Facility :New Pension System

Home Page :https://tamilnadupost.cept.gov.in/
for more details here :chennaipost.gov.in/nps.aspx

New Pension System
The Government of India has established a Pension Fund Regulatory and Development Authority (PRFDA) for developing and regulating the pension funds under the New Pension System. Department of Posts has been identified by PFRDA as one of the Points of Presence (POP) to implement the scheme and the Head Post Offices will be POP Service Providers(POP-SP) to enrol, receive and forward deposits and grievance handling.

Objectives :
** To provide old age income
** Reasonable market based returns over the long term
** Extending old age security coverage to all citizens.

Who can Join NPS –
** NPS is available to all citizens of India with effect from 01.05.2009.
** All Central/State Govt. Servants who joined service on or after 01.01.2004 are already covered under this scheme.
** Any citizen of India (Resident/Non Resident) from 18 years to 55 years of Age (As on date of submission of application to POP-SP).
** They have to comply with Know Your Customer norms.

Documents required for opening NPS accounts :
** Two recent color photographs of 3.5 x 2.5 cm
** Two copies of KYC documents (Proof of Identity, Proof of Address and Proof of Date of Birth)
** Passport/Proof of Address card issued by India Post serves as both proof of identity and address.

PRAN – Permanent Retirement Account Number :
A unique Permanent Retirement Account Number will be allotted to all NPS subscribers. Subscribers can view their accounts online (swww.npscra.nsdl.co.in/) using this PRAN and password allotted to them.

Types of Accounts
Tier-I Pension Account :
** A non withdrawable account to which the subscriber shall contribute his/her savings for building a retirement fund.
** Tier I is available for all citizens within the age limit except those Govt servants already covered under NPS
** Minimum amount per contribution – Rs.500/- and minimum contribution per year – Rs.6000/-
** No Maximum limit for contribution.
** Contribution can be paid in one lumpsum also.
** No periodicity prescribed.

Tier-II Savings Accounts :
** A voluntary savings facility which provides liquidity to subscribers (ie) subscribers will be free to withdraw their savings whenever they wish like Savings Bank account.
** Tier II is available to all citizens including Govt servants covered under NPS.
** Minimum contribution at the time of opening of account – Rs.1000/-
** Minimum amount per contribution – Rs.250/-
** Balance of Rs.2000/- to be maintained at the end of each financial year. (Penalty of Rs.100/- is levied for not maintaining the minimum account balance)
** No periodicity prescribed.

Please Note :
Service charge of Rs.20/- + service tax per transaction will be charged by POP-SP.

PFRDA has appointed six Pension Fund Managers. They are :
** ICICI Prudential Fund Management Company Limited
** IDFC Pension Fund Management Company Limited
** Kotak Mahindra Pension Fund Limited
** Reliance Capital Pension Fund Limited
** SBI Pension Fund Private Limited
** UTI Retirement Solutions Limited