HDFC Pension National Pension System (NPS) Account : hdfcpension.com
Organisation : HDFC Pension Management Company Limited
Facility Name : Open National Pension System (NPS) Account
Applicable For : Citizen of India, between 18 – 65 years of age
Applicable State/UT : All Over India
Website : https://www.hdfcpension.com/about-nps/
| Want to ask a question / comment on this post? Go to bottom of this page. |
|---|
What is National Pension System (NPS)?
National Pension System (NPS) is an investment cum pension scheme initiated by the Government of India to provide old age security and pension to all citizens of India. The NPS was rolled out for all citizens of India on May 01, 2009. The Scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA).
Related / Similar Facility : PFRDA National Pension System (NPS)
Who Can Subscribe To NPS?
A citizen of India, whether resident or non – resident can join the National Pension System (NPS). Subscriber should be between 18 – 65 years of age as on the date of submission of her application.
Types of NPS Accounts
Under National Pension System (NPS), Subscriber gets the option to open two accounts. A Tier I account is mandatory to open in order to join NPS. Difference between Tier I and Tier II accounts are as mentioned below
| Tier I NPS Account | Tier II NPS Account |
|---|---|
| It is also known as Pension account | It is known as investment account |
| Withdrawal from this account is permitted after 3 years of account opening. | Withdrawal from this account can be done at any point of time as per Subscriber’s need |
| Minimum annual contribution required for this account is Rs. 1000 | NA |
How To Open HDFC Pension NPS Account?
Subscriber needs to fill the registration form online to open HDFC Pension NPS Account. For account opening, a minimum contribution is required as shown below: For Tier I account opening: Rs. 500. For Tier II account opening: Rs. 1,000. If Subscriber is opening Tier I and Tier II account simultaneously, minimum Rs.1,500 needs to be deposited as initial contribution. However in order to avail of tax benefit u/s 80CCD (1B) you can deposit Rs. 50K at once in Tier I Account.
Apply Here : https://v1.life99.in/register/7955102870b8c86fb0877a8062f461148791b57b
FAQ On HDFC Pension NPS Account
Frequently Asked Questions FAQ On HDFC Pension National Pension System (NPS) Account
Can NRI, OCI, HUF and PIO join NPS?
NRIs and OCIs can join NPS. However, HUF and PIO cannot.
How does the scheme work?
The scheme is based on unique Permanent Retirement Account Number (PRAN) which is allotted to each Subscriber upon joining. Subscriber contributes towards NPS (directly or through the Employer he/she is working with) during his/her working life. On retirement or exit from the scheme, the Corpus is made available to him/her with the mandate that some portion of the Corpus must be invested in to Annuity to provide a monthly pension post retirement or exit from the scheme.
Can a Subscriber open only Tier II NPS Account?
No. Active Tier – I NPS Account is a must criterion for opening Tier – II NPS Account. Subscriber cannot apply for only Tier – II NPS Account.
How many funds are there in NPS?
NPS offers 4 funds to Subscribers – Equities (E) Corporate Bonds (C) Government Securities (G) and Alternative Investment Funds. Maximum Permissible Limit (M) NPS restricts investment towards Equities Fund to 50% of contribution amount for both Tier I and Tier II NPS Accounts. However, Subscriber can invest up to 100% in Corporate Bonds or Government Securities Fund.
Is there any guaranteed return provided under NPS?
NPS returns are market linked. Depending on the returns generated under Equity, Corporate Bonds, Government Securities and Alternative Investment funds, the Corpus will be created.
Can a subscriber switch between Active choice and Auto choice?
Yes. Subscriber gets this flexibility. This can be done twice in a financial year.
Can subscriber increase or decrease the contribution amount in subsequent years?
Yes, NPS offers this flexibility. Subscribers are allowed to alter the contribution amount as per the suitability. An annual contribution of Rs. 1000/- must be deposited to keep the account active.