Canara Bank New Pension System

The Canara Bank is a registered POP or Point of Presence for the New Pension Scheme (NPS) which is offered by the Government of India. The New Pension Scheme is a voluntary pension scheme and it offers financial stability through pension after retirement.

Canara bank is slowly emerging as the ‘preferred bank’ of millions of customers with the aim of achieving high standards of operational efficiency, risk management and asset quality. Canara bank offers a wide range of services in the domains of personal banking, corporate banking, NRI banking, Internet banking, priority and SME banking among others. Canara bank offers NPS of the benefit of customers.

NPS SignUp Form

Features of Canara Bank New Pension Scheme

  • Age: The entry age for both tier I and tier II accounts is 18 to 60 years.
  • Tier-I account: This is a non-withdrawable account till 60 years.
  • Tier-II account: A subscriber can withdraw from this account. Tier I account should be opened to open a tier II account.
  • Contribution: The minimum contributions required to open new pension scheme tier I and tier II accounts are Rs.500 and Rs.1000 respectively. There is no limit to the maximum. The minimum contribution excluding bank charges for tier I and tier-II accounts is Rs.6000 and Rs.250 respectively.
  • Vesting criteria: The following criteria is applicable
    • Before 60 years: 80% of the pension amount has to be used to buy an annuity whereas the remaining can be withdrawn/received as a lump sum. Subscriber can use NPS calculator to get an estimate of your scheme amount.
    • Death: The nominee will get 100% of the pension amount in a lump sum
    • Between 60 to 70 years of age: 40% of the savings has to be used to buy an annuity whereas the remaining can be withdrawn as a lump sum upon attainment of 60 years or in a phased manner, as chosen by the subscriber.

Benefits of Canara Bank New Pension Scheme

The benefits of Canara Bank new pension scheme are as follows:

  • Voluntary: All citizens and NRIs are eligible to open this account
  • Portability: Subscribers can operate the account from any location across the country, even if you change your pension fund manager or city
  • Flexibility: Investors can choose his or her own fund manager and fund option
  • PRAN: Subscribers will receive a PRAN (Permanent Retirement Account Number) Card
  • Regulated: The PFRDA regulates the new pension scheme with focus on transparency, in terms of investment criteria. NPS trust reviews the performance of fund managers

Documentation Required for National Pension Scheme

  • Proof of identity: The following documents can be submitted as proof of identity
    • Ration card
    • Passport
    • PAN card
    • Driving License
    • Aadhar card
  • Proof of address: The following documents can be submitted as proof of address
    • Electricity bill
    • Telephone bill
    • Bank passbook
    • Property or house tax receipt
    • House lease agreement

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