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New Pension System - IDBI Bank New Pension System

Personal > Investment Advisory > New Pension System

New Pension System - Salient Features

NPS offers bundles of features to subscribers which make it a unique investment option for the subscribers. Some of the features are mentioned below:-
bullet Prudently Regulated: NPS is prudently regulated by PFRDA, with transparent investment norms and regular monitoring and performance review of Pension Fund Manages by NPS Trust.
bullet Portable Account: PRAN is portable across jobs and geographies. PRAN of the Subscriber remains the same throughout the life span of the Subscriber.
bullet Subscriber can contribute to their NPS A/C from any POP-SP
bullet Extremely Low Cost Investment Option: NPS is one of the least cost investment options available for individual subscribers.
bullet Choice of
  bullet Funds
  bullet Fund Managers
  bullet Investment Options
bullet Tax Benefit on Tier-I Contribution
  bullet Own Contribution: Contribution made by an individual to the extent of Rs. 1 Lac per annum is eligible for deductions u/s 80CCD(1) of Income Tax Act 1961 subject to aggregate amount of deductions u/s 80CCE doesn't exceed Rs. 1.5 Lac.
  bullet Employer Contribution: Contribution made by the employer of the subscriber to the extent of 10% of salary (Basic and DA) is additionally eligible for deduction u/s 80CCD (2) of Income Tax Act, 1961 without any upper limit in terms of value.
bullet Freedom to
  bullet Switch amongst Funds, Fund Managers and Investment Options
  bullet Increase / decrease the investment amount for the year
  bullet Change the frequency of contribution
  bullet Select different asset allocation, scheme preference and pension fund manager for Tier I and Tier II accounts
  bullet Nominate different nominees for their Tier I and Tier II accounts
  bullet Make contribution in NPS account from any of the NPS enabled IDBI Bank branches
bullet Easy Accessibility of Account Details
  bullet Online Access: Subscribers get log in ID and Password of CRA (Central Recordkeeping Agency) system where account details can be seen. Also, subscribers get T-PIN from CRA. By using this T-PIN, subscribers can call on CRA call center number to access their account details
  bullet Access through Branch: Subscriber can visit any of the IDBI Bank Branches to get the details of NPS account.
  bullet Statement of Account: CRA sends annual account statement comprising all the financial transactions to each subscriber at the end of each financial year
bullet Issuance of PRAN Card: Upon successful registration, subscriber gets PRAN Card that contains Subscriber's Name, Subscriber's Father's Name, Date of Birth of Subscriber, Signature and Photograph of Subscriber. PRAN Card can be used as Identity Proof by the Subscriber.
bullet No TDS deducted on withdrawal amount.
     
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