PA Exam Materials - Examination point of view - 31
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
:
New Pension Scheme (NPS):
• Regulated by the Pension Fund Regulatory & Development Authority (PFRDA).
• Introduced by the Government of India from 1.1.2004 for all new Central Government employees (except armed forces).
• Available to all Indian citizens from 01 May 2009.
• Operated by the National Securities & Depository Ltd (NSDL) through the Central Recordkeeping Agency (CRA).]
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
:
New Pension Scheme (NPS):
• Regulated by the Pension Fund Regulatory & Development Authority (PFRDA).
• Introduced by the Government of India from 1.1.2004 for all new Central Government employees (except armed forces).
• Available to all Indian citizens from 01 May 2009.
• Operated by the National Securities & Depository Ltd (NSDL) through the Central Recordkeeping Agency (CRA).]
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Types of Accounts under NPS:
• Tier I Pension Account:
o Primary account for retirement savings.
o Minimum contribution per transaction: ₹500.
o Minimum contribution per financial year: ₹1000 (Default Fee of ₹100 if not met).
o No limit on maximum contribution.
o At least one transaction per year is mandatory.
• Tier II Savings Account:
o Voluntary savings facility (not a pension account).
o Withdrawals can be made at any time.
o Requires a valid Tier I PRAN to subscribe.
o Government servants appointed after 01 Jan 2004 are eligible only for Tier II activation.
o Subscriber must have a bank account with cheque book facility.
o Minimum contribution at opening: ₹1000.
o No limit on minimum/maximum contribution and balance.
o Withdrawal permitted at any time.
Investment Choices:
• Active Choice: Subscriber can allocate the percentage of investment in Equity (max 50%), Corporate Bonds, and Government Securities.
• Auto Choice: Investment allocated across Equity, Corporate Bonds, and Government Securities in defined proportions based on the subscriber's age.
Pension Fund Managers (PFM):
• Government Sector: LIC Pension Fund Limited, SBI Pension Funds Pvt Ltd, UTI Retirement Solutions Ltd.
• Individuals: HDFC Pension Management Company Ltd, ICICI Prudent Pension Fund Management Co Ltd, Kotak Mahindra Pension Fund Limited, LIC Pension Fund Ltd, Reliance Capital Pension Fund Limited, SBI Pension Funds Pvt Ltd, UTI Retirement Solutions Ltd, Birla Sun Life Pension Management Ltd.
Quit from NPS (Tier I):
• Allows for partial withdrawal under specific conditions.
• Withdrawal limit: Maximum 25% of the subscriber's contribution in their PRAN.
Permitted Conditions for Partial Withdrawal:
• Higher education of children (including legally adopted).
• Marriage of children (including legally adopted).
• Purchase/construction of residential house/flat (conditions apply regarding existing ownership).
• Treatment of prescribed illnesses (subscriber, spouse, children (including legally adopted), dependent parents).
Conditions for Partial Withdrawal:
• Minimum vesting period: 3 years from joining NPS.
• Maximum number of withdrawals permitted: 3.
• Minimum gap between withdrawals: 5 years.
Types of Accounts under NPS:
• Tier I Pension Account:
o Primary account for retirement savings.
o Minimum contribution per transaction: ₹500.
o Minimum contribution per financial year: ₹1000 (Default Fee of ₹100 if not met).
o No limit on maximum contribution.
o At least one transaction per year is mandatory.
• Tier II Savings Account:
o Voluntary savings facility (not a pension account).
o Withdrawals can be made at any time.
o Requires a valid Tier I PRAN to subscribe.
o Government servants appointed after 01 Jan 2004 are eligible only for Tier II activation.
o Subscriber must have a bank account with cheque book facility.
o Minimum contribution at opening: ₹1000.
o No limit on minimum/maximum contribution and balance.
o Withdrawal permitted at any time.
Investment Choices:
• Active Choice: Subscriber can allocate the percentage of investment in Equity (max 50%), Corporate Bonds, and Government Securities.
• Auto Choice: Investment allocated across Equity, Corporate Bonds, and Government Securities in defined proportions based on the subscriber's age.
Pension Fund Managers (PFM):
• Government Sector: LIC Pension Fund Limited, SBI Pension Funds Pvt Ltd, UTI Retirement Solutions Ltd.
• Individuals: HDFC Pension Management Company Ltd, ICICI Prudent Pension Fund Management Co Ltd, Kotak Mahindra Pension Fund Limited, LIC Pension Fund Ltd, Reliance Capital Pension Fund Limited, SBI Pension Funds Pvt Ltd, UTI Retirement Solutions Ltd, Birla Sun Life Pension Management Ltd.
Quit from NPS (Tier I):
• Allows for partial withdrawal under specific conditions.
• Withdrawal limit: Maximum 25% of the subscriber's contribution in their PRAN.
Permitted Conditions for Partial Withdrawal:
• Higher education of children (including legally adopted).
• Marriage of children (including legally adopted).
• Purchase/construction of residential house/flat (conditions apply regarding existing ownership).
• Treatment of prescribed illnesses (subscriber, spouse, children (including legally adopted), dependent parents).
Conditions for Partial Withdrawal:
• Minimum vesting period: 3 years from joining NPS.
• Maximum number of withdrawals permitted: 3.
• Minimum gap between withdrawals: 5 years.
IPPB (India Post Payment Bank):
• Chairman: The Secretary (Posts) from DOP.
• Managing Director / CEO: Shri. J. Venkatramu.
• Set up under the Department of Post, Ministry of Communication.
• 100% equity owned by the Government of India.
• Launched as a pilot project on 30 January 2017 in Ranchi (Jharkhand) and Raipur (Chhattisgarh).
• Officially launched by the Prime Minister on September 1, 2018, with 650 branches across India.
• Delivers simple and affordable banking solutions in 13 languages.
• Motto: "Aapka bank, aapkedwaar" (Your bank at your doorsteps).
• IPPB TOLL FREE Numbers: 155299 or 1800-180-7980.
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