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What is National Pension System (NPS) about ?

National Pension System is India's simplest and perhaps the least cost pension system. 

National Pension System (NPS) has been introduced by the Central Government on 01 January 2004, and is being regulated by Pension Fund Regulatory and Development Authority (PFRDA).

With effect from today (1st May 2009) New Pension System has been extended to all citizens of India on a voluntary basis. NRIs can also apply.

Key features of NPS :

  • Unique & Portable Permanent Retirement Account Number (PRAN)
  • Pension system is envisaged to be based on two types of sub-accounts created for individual subscribers :
     
    • Tier-I non-withdrawable pension account, and
    • Tier-II withdrawable savings account.
    • Multiple funds and scheme options.
    • Annuity at retirement


ICICI Bank has been appointed as one of the Point of Presence (PoP(s)) for registering applicants to the NPS. Designated branches of ICICI Bank have been registered as Service Providers (POP-SP(s)).

On registration to the NPS, the subscriber will be issued a Permanent Retirement Account Number (PRAN). After receiving the PRAN, customers can deposit monies in their PRAN on a regular basis.

  • He/She should be a resident Indian.
  • The subscriber should be between 18 and 65 years on the date of application.
  • He/she has to provide the KYC documents (Identity AND Address proof as per PFRDA guidelines) for registering to NPS.
  • Subscriber can choose any one Pension Fund Manager (PFM) of the 6 registered (PFM) for managing his deposits.
  • The subscriber can either let the PFM decide in which asset classes to deposit his investments (AUTO CHOICE)

                                                                                  
                                                                                    OR

  • He/She can indicate his investment choices (ACTIVE CHOICE) in the 3 asset classes in percentage

                 EQUITY   (maximum 75 percent in Equities is allowed)
                 CORPORATE BONDS
                 GOVERNMENT BONDS

  • Initial minimum contribution amount along with the Subscription application is Rs.500/- in cash or cheque. If the same is in cheque, it should be drawn in favour of " ICICI BANK Collection a/c- NPS trust"
  • Minimum amount to be deposited in the PRAN annually is Rs.6000/-.
  • Subscriber has to make a minimum of 1 transactions (contribution deposits) in the account each year.
  • An amount of Rs.40 plus service tax applicable (10.30% currently) will be deducted from the initial contribution towards processing fees.
  • Rs.20 plus service tax applicable will be deducted from subsequent contributions deposited by the subscriber.