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  • Kotak Mahindra Bank New Pension System

    The New Pension System is regulated by PFRDA and is of importance due to its intention of developing an efficient and voluntary contribution pension system in the country that is sustainable for the coming years. This plan is available from the bank through the Kotak Mahindra Bank New Pension System as well. It is available to all Indian citizens including non-residential Indians since May 1, 2009, when it was implemented.

    This is a small savings portable pension plan. There are numerous investment options run by fund managers across both public sector and private sector banks.

    Investors can open two types of accounts with Kotak under this pension plan:

    Tier I: The subscriber contributes his or her savings for retirement but he or she cannot withdraw any money from this account before turning 60 years of age. The account can be applied for all over the age of 18 years to 60 years except the people who are already covered by the NPS as a mandate for government employees.

    Tier II : This account can be taken up by choice but only after already owning a Tier I account. This account is generally opened by individuals who wish to withdraw money from the scheme from time to time. Is a voluntary savings facility account. However, they have to maintain minimum balance as per the KYC norms. The facility was put to action and made available for people since December 1, 2009 to all citizens in India.

    Eligibility Criteria for Kotak Mahindra Bank New pension System

    Here are some of the most important eligibility criterion for the individual to apply for the Kotak Mahindra Bank New Pension System:

    1. The individual should be an Indian citizen or a non-residential Indian.
    2. In order to open this account, the applicant should be between the age of 18 to 60 years.
    3. The following documentation is required, based as per the KYC norms:
      1. Photographs
      2. Photo Id proof and photocopies of the same
      3. Date of birth proof and photocopies of the same
      4. Address proof and photocopies of the same
      5. Application form
    4. In case of Tier I:
      1. Minimum contribution for account creation is Rs.500
      2. Minimum amount payable for every contribution is Rs. 500
      3. Minimum Required Account Balance at the end of every financial year is Rs. 6,000
      4. Minimum number of contributions per annum should be at least once.
    5. In case of Tier II:
      1. Minimum contribution for account opening is Rs.1,000
      2. Minimum amount payable for every contribution is Rs. 250
      3. Minimum Required Account Balance at the end of every financial year is Rs. 2,000
      4. Minimum number of contributions per annum should be at least once.
    6. For a Tier II account opening, the individual has to first open an active Tier I account for activating the Tier II account.
    7. Minimum contribution at the time of account opening is Rs. 1500 when a composite application is being made for Tier I and Tier II together.
    8. There is a requirement for submitting a cancelled cheque for composite application or Tier II or Composite application with the application form.

    Features and Benefits of Kotak Mahindra Bank New Pension System

    Kotak Mahindra Bank New Pension System besides it renowned fund management system come with the regular features and benefits of National Pension Scheme:

    1. Applicants once the plan has been sanctioned will be provided with a unique PRAN (Permanent Retirement Account Number). This is the primary identification for operating the account, whether online or at the bank. The investor accounts are maintained by Central Record keeping Agency (CRA). At the moment, Currently National Securities Depository Limited is working on behalf of CRA for Nation Pension Scheme.
    2. NPS contributions are made based on the subscriber’s choices. He or she has the liberty to choose from six pension fund managers and also three investment options being Equity Fund (E) ii. Government Securities Fund (G) iii. Corporate Bond Fund ©, to choose from. In case an investor wishes not allocate assets for himself or herself they can take the “Auto Choice” option. In both the above choices, investor is advised to choose any one of the Pension Fund Manager's (PFM’s) appointed by PFRDA.
    3. Tax benefits are applicable based on the Income Tax Act, 1961, with continuous amendments being made to it. There is no requirement for Security Transaction Tax (STT) and Dividend Distribution Tax (DDT).
    4. The subscriber contributes to his or her savings for retirement. No withdrawal facility is allowed for this account. This account is available to all citizens of India including non-residential Indians since May 1, 2009 under employees working for the Government who are mandatorily under this scheme. Subscriber can use NPS calculator to get an estimate of your scheme amount.
    5. NPS is a small savings scheme but it is indeed a low cost option for planning finances for an individual’s retirement right from the beginning. It only charges 0.0009% per annum for management fee on the assets under management of the investor wealth, making it one of the lowest cost money managers. Other charges include CRA, Trustee Bank charges, custodian etc.
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