New Pension System - Swavalambhan Scheme
- Catering to Unorganized Sector
- Special Focus on economically disadvantaged/marginal investors
- Ultra low charge structure
- Account Opening - Rs 35 (One Time).
- Annual Maintenance Charges (AMC) - Rs 70/Annum.
- 12 Transactions free per annum.
- Government to contribute Rs.1000 to each NPS account If :
- Subscriber is not covered under any other social security schemes like PF ,Pension â€“ only self declaration is required
- Annual contribution to be the range of Rs.1000-Rs.12000
- NPS -Swavalamban benefit for 5 yrs
FEATURES OF NPS -SWAVALAMBAN
- Individual accounts for every subscriber
- Contribution as per convenience of the subscriber
- No mandatory monthly deposit.
- Â Recommended minimum Rs. 1000/- per annum.
- Low charge structure AMC - Rs 70 / Annum
- Account - Rs 35
- Investment by professional fund managers overseen by NPS Trust
WHO CAN JOIN
- Any Citizen of India, between 18-60 years of age
- Should comply with KYC(Know your customer norms)
HOW TO OPEN NPS - SWAVALAMBAN ACCOUNT?
- Contact the nearest branch.
- Fill up a registration form
- Provide KYC Documents
- Â Identity Proof
- Address Proof
- Minimum Contribution of Rs. 100 at the time of registration.
- Receive “Your” Permanent Retirement Account Number (PRAN) Card.
Exit / Withdrawal from NPS - Swavalamban
Exit before attainment of 60 years of age
- Subscriber would be required to invest minimum 80 % of accumulated savings(pension wealth) to purchase annuity
- Subscriber can withdraw balance 20%.
Exit upon attainment of 60 years of age
- Subscriber would be required to invest minimum 40% of accumulated savings (pension wealth) to purchase annuity
- At the time of exit the effort is to give a monthly pension of Rs.1000/-. If 40% ofcorpus is not sufficient to give pension of Rs.1000/- entire pension wealth would be subject to annuitisation
Exit due to death of subscriber
- Entire accumulated pension wealth would be payable to the nominee/legal heirs of the subscriber.
How to get Pension
- Submit the withdrawal request form at the age of retirement
- Choose the Cash/Annuity Component
- Choose your Annuity Service Provider
- Choose the type of pension required.
- Provide the Bank account details.
- Start Receiving Monthly Pension.