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Inception of NPS

Inception of NPS. Government of India introduced NPS from 1.1.2004 to all new employees of Central Government Service except to Armed Forces. Government of India rolled out NPS for all citizens of India from 1 st May, 2009. As a social security concept. Role of India Post in NPS

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Inception of NPS

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  1. Inception of NPS • Government of India introduced NPS from 1.1.2004 to all new employees of Central Government Service except to Armed Forces. • Government of India rolled out NPS for all citizens of India from 1st May, 2009. As a social security concept. Role of India Post in NPS • India Post is one of the Point of Presence (POP). • All Head Post Offices in Karnataka are now to be Point of Presence – Service Providers for NPS(POP-SP).

  2. NPS Scheme Governing Body • Government of India, Ministry of Finance established the Pension Fund Regulatory and Development Authority. • NPS Trust is created under Indian Trust Act 1882, by PFRDA (Pension Fund Regulatory and Development Authority) to take care of the funds under NPS. • The scheme is operated by the National Securities & Depository Ltd (NSDL) through Central Recordkeeping Agency (CRA)

  3. What is NPS Scheme? • NPS is a voluntary, simple, regulated portable and flexible pension scheme. • The NPS is a pension plan where you can invest during your working years and withdraw when you retire with monthly pension. • NPS is voluntary, open to every citizen of India. All citizen can choose the amount to set aside and save every year. • NPS is regulated by PFRDA, with transparent investment norms and regular monitoring and performance review of fund managers by NPS trust. • NPS scheme is flexible , you can choose your own investment option and Pension fund and see your money grow. • NPS scheme is portable, Subscriber can operate NPS account any where in the country.

  4. Why NPS Scheme? • Income security for retired people. • NPS is simple, you can open NPS account with any POP-SP ( Post Office) and get PRAN. • Highly effective mechanism of fund management and cost effective. • World’s lowest operation cost of Pension Fund Manager @ 0.0009% • NPS is regulated by Pension Fund Regulatory and Development Authority (PFRDA) is a Government authority under MOF. • Regular audit in all PFM & Highly accountable scheme. • Nomination facility available. • Government of India deposits Rs.1000/- in all new accounts opened during the financial year 2010-2011. • Tax Benefit would be applicable as per the Income Tax Act, 1961 as amended from time to time.

  5. Types of accounts- Tier 2 :

  6. Contribution details • Min amount per contribution: Rs 500 • Min contribution per year: Rs 6000 • Min number of contributions per year: 1 • No max contribution • No periodicity prescribed • Contribute through cash, local cheque or DD. Outstation cheques not accepted • Contribution can be made at any POP_SP. Contributions made in POs will be transmitted to the CRA through the ePayment central server

  7. Where Invested? • In Equity (E), Government Security (G) and Corporate Bonds (C) as per the subscribers choice. • Investments in equity only in those listed in National Stock Exchange or Mumbai Stock Exchange. • 60% of the corpus fund from (Tier I) can be withdrawal at the age of 60 years and 40% invested with Pension Provider Company at the choice of the subscriber.

  8. Choices for NPS Subscriber Six different Pension Managers viz., ICICI Prudential Pension Funds Management Co Ltd, IDFC Pension Fund Mangement Co Ltd., Kotak Mahindra Pension Fund Limited, Reliance Capital Pension Fund Limited, SBI Pension Funds Pvt Ltd., UTI Retirement Solutions Ltd. Options for deciding the investment plan in “Active choice” Can also decide to do no option on investment plan by leaving it to “Auto choice”

  9. Who can join NPS?

  10. KYC Norms • Know Your Customer Norms (KYC) mandatory. • KYC Documents are identity Proof, Address Proof and age proof. • Passport or other govt. issued document reflecting current or permanent address can be accepted as address proof & identity proof • Bank statement/electricity bills (for address proof) should not be dated beyond last six months from the date of application. • In case of non IRA compliant applicant, identity proof & address proof has to be taken in the form of certificate from head of office only

  11. Mandatory Guidelines for NRI

  12. Activities involved in providing the service

  13. …Forms

  14. Forms

  15. Subscriber’s Registration–options for activation

  16. Permanent Retirement Account Number (PRAN)

  17. 9

  18. PFRDA POP NPS Trust Trustee Bank Service Requests &Transaction Data PFMs CRA (NSDL) POP-SP NAV PRAN Kit Registration Form NPSCAN: NPS Contribution Accounting Network Subscriber CRA-FC Information Flow Funds Flow

  19. Instructions for filling up of forms for Subscriber Registration

  20. Check list for Subscriber Registration • Subscriber’s Colour Photo of size 3.5 X 2.5 cm • Subscriber’s Signature/Thumb impression (left thumb impression for Male and Right thumb impression for female) • Subscriber’s personal Details • First name • Gender • Father’s First Name • Date of Birth • Complete Present and Permanent address with PIN code.

  21. …Check list for Subscriber Registration 4. Subscriber Scheme Preference • PFM Selection (only one) • Asset Allocation (in case of Active Choice) • Total should be equal to 100% • Equity should not exceed 50% 5. KYC Documents • Identity Proof • Address Proof • Date of Birth Proof

  22. Tier II Activation • Tier II Activation will be accepted at Post Office. • Subscriber Bank details (ECS) are mandatory. • UOS-s10 application, One cancelled cheque leaf & PRAN copy should be given. • Service charge @0.25% of contribution subject to min Rs. 20/- and max Rs.25000/- plus applicable service tax and EC should be accepted.* • Initial contribution Rs.1000/- is must. • Post offices(POP-SP) scan the Tier-II activation form and sent through email/Fax to NPS nodal office for activation. • *vide dop memo Fno.3-16/09NPS(p) Part II dt. 2.2.12

  23. Subscriber servicing

  24. Subscriber servicing • PO to accept • 1. Switch request for change in PFM/or investment option for Tier-I and Tier-II • 2. Withdrawal request • 3.Print Subscriber’s account statement • 4.Re-issue of I-PIN/T-PIN/PRAN card • PO to collect Service charge @0.25% of contribution subject to min Rs. 20/- and max Rs.25000/- plus applicable service tax and EC* for these services *vide dop memo Fno.3-16/09NPS(p) Part II dt. 2.2.12

  25. Grievance handling • Receiving of grievances against any PO or any other NPS intermediary in the format prescribed and forward them to Nodal PO for uploading in Central Grievance Management System(CGMS) • The grievance shall be resolved within 7 days

  26. Additional Information –Details Cost of Operation

  27. NPS V/s other schemes* sources: economic times

  28. Please note • The scheme is subject to market risks • Advise the investor to read the offer document carefully before investing • No fixed / guaranteed returns • The investments will be calculated on NAV basis. • Govt. Of India will co contribute Rs.1000/- to each NPS account opened in 2010-11. • Subscriber can view their Investment details & other details through internet.

  29. Contact details : India Post NPS Nodal office, PTC, Mysore: Phone: 0821+2441010 Fax : 0821+2441010 Email : nps@indiapost.gov.in CRA , Mumbai:- National Securities Depository Limited4thfloor,'A’Wing,Trade World, Kamala Mills Compound, SenapatiBapatMarg,Lower Parel, Mumbai-400013.Tel:(022)24994200(60lines)Fax:(022)24952594/24994974Tollfreenumber:1800222080email : info.cra@nsdl.co.in CRA web site www.npscra.nsdl.co.in

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