Registered with the Pension Fund and Regulatory and Development Authority of India (PFRDA), Bank of Maharashtra offers the New Pension Scheme (NPS) launched by the government of India. The government of India launched this scheme to popularize the habit of small savings among all Indian citizens. This new pension scheme enables you to invest today and receive monthly retirement benefits after the age of 60. With the Bank of Maharashtra New Pension Scheme, subscribers can save either on monthly or yearly basis based on their income level. The scheme does not involve any monthly installments.
Bank of Maharashtra New Pension Scheme Eligibility
The eligibly criteria for Bank of Maharashtra New Pension Scheme include:
- All citizens of India including central and state government employees are eligible for applying for the new pension scheme offered by the Bank of Maharashtra.
- The age group of the applicants should be between 18 to 60 years.
How much do I invest in Bank of Maharashtra New Pension Scheme?
Any subscriber who wants to enroll for a Bank of Maharashtra New Pension Scheme can enroll by paying the following premiums:
- A minimum of Rs.500 is required as one time contribution.
- A minimum of Rs.6000 should be made as yearly contribution.
Swavalamban Scheme under NPS
Under the Bank of Maharashtra New Pension Scheme, the Swavalamban scheme will be made available for NPS subscribers. The main idea behind the introduction of this Swavalamban Yojana (click here) is to encourage voluntary savings among people in the unorganized sector who had joined the New Pension System in 2010-2011. The Government of India decides to make a yearly contribution of Rs. 1000 to each NPS account holders who fall in the unorganized sector.
Subscribers will be able to enjoy the benefits of this Swavalamban scheme by giving a self-declaration stating that they are eligible for receiving the benefits. If a subscriber makes any false declaration, the given benefits will be taken back and penalty will be charged.
How much to contribute for Swavalamban scheme under NPS
A subscriber needs to make the following contribution:
- Minimum one-time contribution required is Rs. 500.
- Minimum annual contribution required is Rs. 1000.
- The maximum annual contribution accepted is Rs. 12000.
Investment options offered by Bank of Maharashtra Pension Scheme
The Bank of Maharashtra Pension Scheme offers two investment options in which you can invest. The options are listed below:
- Active Choice: It offers multiple funds in which a subscriber can invest. Subscribers can choose from the following categories of funds - Asset Class E, Asset Class C and Asset Class G. They have the freedom to invest their entire pension wealth in Asset Class C or G, and a maximum of 50% can be invested in Asset class E.
- Auto Choice: If a subscriber does not select any option at the time of registration with NPS, his/her savings will be invested in default funds hold by PFRDA.
Features and Benefits of Bank of Maharashtra Pension Scheme
The Bank of Maharashtra Pension Scheme comes with a number of attractive features and benefits including:
- The scheme is open for all Indian citizens.
- It is a voluntary scheme.
- You can choose your investment options based on your income level.
- The scheme comes with multiple investment options.
- Subscribers can get tax benefits for investing up to Rs. 1, 00,000 under section 80C of the Indian Income Tax Act.
- You can comfortably plan your retirement with the Bank of Maharashtra New Pension Scheme.
How to Receive Pension from Bank of Maharashtra Pension Account
Subscribers can withdraw their Bank of Maharashtra Pension amount at any time after reaching the age of 60. After attaining the age of 60, the subscriber will be required to invest a minimum amount of his/her pension wealth in any annuity schemes approved by PFRDA. The remaining amount will be distributed as monthly pension.subscribers can use NPS Calculator to know how much pension amount will they get.
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