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New Pension System - IDBI Bank New Pension System

Personal > Investment Advisory > New Pension System

New Pension System - IDBI Bank New Pension System

 


ABOUT


bullet Catering to Unorganized Sector
bullet Special Focus on economically disadvantaged/marginal investors
bullet Ultra low charge structure
bullet Account Opening - Rs 35 (One Time).
bullet Annual Maintenance Charges (AMC) - Rs 70/Annum.
bullet 12 Transactions free per annum.
bullet Government to contribute Rs.1000 to each NPS account If :
bullet Subscriber is not covered under any other social security schemes like PF ,Pension – only self declaration is required
bullet Annual contribution to be the range of Rs.1000-Rs.12000
bullet NPS -Swavalamban benefit for 5 yrs


FEATURES OF NPS -SWAVALAMBAN


bullet Individual accounts for every subscriber
bullet Contribution as per convenience of the subscriber
bullet No mandatory monthly deposit.
bullet  Recommended minimum Rs. 1000/- per annum.
bullet Low charge structure AMC - Rs 70 / Annum
bullet Account - Rs 35
bullet Investment by professional fund managers overseen by NPS Trust


WHO CAN JOIN


bullet Any Citizen of India, between 18-60 years of age
bullet Should comply with KYC(Know your customer norms)


HOW TO OPEN NPS - SWAVALAMBAN ACCOUNT?


bullet Contact the nearest branch.
bullet Fill up a registration form
bullet Provide KYC Documents
bullet  Identity Proof
bullet Address Proof
bullet Minimum Contribution of Rs. 100 at the time of registration.
bullet Receive “Your” Permanent Retirement Account Number (PRAN) Card.


Exit / Withdrawal from NPS - Swavalamban


Exit before attainment of 60 years of age
bullet Subscriber would be required to invest minimum 80 % of accumulated savings(pension wealth) to purchase annuity
bullet Subscriber can withdraw balance 20%.


Exit upon attainment of 60 years of age

bullet Subscriber would be required to invest minimum 40% of accumulated savings (pension wealth) to purchase annuity
bullet 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

bullet Entire accumulated pension wealth would be payable to the nominee/legal heirs of the subscriber.


How to get Pension


bullet Submit the withdrawal request form at the age of retirement
bullet Choose the Cash/Annuity Component
bullet Choose your Annuity Service Provider
bullet Choose the type of pension required.
bullet Provide the Bank account details.
bullet Start Receiving Monthly Pension.

 
 
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