Download Pension Related Full news Cover LiveGet a Pension: Pension fund regulator PFRDA has been approved by the central government for e-KYC services for subscribers of National Pension Scheme (NPS) and Atal Pension Scheme (APY). This clearly means that you can now open your account at home. At the same time, the process of opening an account through online e-KYC will become easier.
Under this ambitious scheme of Modi government, you can save Rs 10 per day and get a pension of Rs 5,000 per month (Rs 60,000 per annum) after the age of 60.What is NPS.The National Pension System and the Atal Pension Scheme are the two major schemes of the FPRDA.
NPS is a pension scheme for the organized sector. While APY is mainly to meet the pension needs of those working in the unorganized sector. Simply put, APY is a scheme launched by the government for laborers.
What will benefit investors
A circular issued by the government said the two could now be easily linked. The new system includes OTP based authentication, paperless on boarding, online exit tools, online enrollment for government sector workers.
The regulator has allowed NSDL e-Governance Infrastructure to act as a global support user agency for NPS and EPY. This is one of the PFRDA’s Central Record Keeping Agency.
Let us tell you about NPA
The National Pension System i.e. NPS is a government retirement saving scheme. It was launched by the Government of India on January 1, 2004.
The scheme is mandatory for all government employees who join after this date. After 2009, the scheme was also extended to those working in the private sector.
You can also reach the point of presence through the Pension Fund Regulatory and Development Authority (PFRDA) website https://www.npscra.nsdl.co.in/pop-sp.php. An account can also be opened at the nearest branch of any bank.
Who can apply for NPS
An Indian citizen between the ages of 18 and 60 can join. To join this scheme, you have to meet the Know Your Customer (KYC) rules. Point of Presence (POP) has been created across the country to invest in this scheme, in which NPS account can be opened. Almost all the government banks in the country have been made POPs.
What documents are required to open an account?
You need Address Proof, Identity Proof, Birth Certificate or Standard 10 Certificate, Subscriber Registration Form to open an account.
Let us say that there are two types of accounts, Tier-1 and Tier-2. There are two types of accounts in this plan. Tier 1 and Tier 2. Each subscriber is provided with a Permanent Retirement Account Number. Which has a 12 digit number on it. This number comes in handy in all transactions.
Tier 1 account:
It is mandatory to open this account. You cannot withdraw any amount deposited in this account before the time of retirement. You can withdraw this amount only when you opt out of the scheme.
Any Tier 1 account holder can open this account and deposit and withdraw money at will. This account is not mandatory for all. This is based on your wishes. Get a Pension
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