OBC New Pension System Last Updated : 24 Oct 2019

The Oriental Bank of Commerce (OBC) is enrolled under the Pension Fund and Regulatory and Development Authority(PFRDA) of India as a Point of Presence (POP) for the New Pension System. The NPS is a voluntary pension scheme for the citizens of India.
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The Oriental Bank of Commerce aims to provide high quality, customer-centric approach aided by state-of-the-art technology. The Oriental Bank of Commerce also aims to improve the professional skills of employees’ in addition to building a wealth corpus for its customers. The Oriental Bank of Commerce offers a wide range of services from cash management services and deposit schemes to NRI services and financial inclusion among others.

PoP: Oriental Bank of Commerce

The Pension Fund Regulatory and Development Authority (PFRDA) appointed 22 branches of Oriental Bank of Commerce as Point of Presence (POP)/ Point of Presence - Service Provider (POP-SP). Subscribers can receive all NPS (new pension scheme) related information at POP-SP. A subscriber has to submit the registration form in addition to other required documents. PRAN is then allotted by the CRA which also sends a PRAN Card kit within 15 days to the subscriber. After registration, payments can be made by subscribers at any one of the POP-SPs of Oriental Bank of Commerce.

Features of Oriental Bank of Commerce New Pension Scheme

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    • Before 60 years: 80% of the pension amount has to be used to buy an annuity whereas the remaining can be withdrawn/received as a lump sum.
    • Between 60 to 70 years of age: 40% of the savings has to be used to buy an annuity whereas the remaining can be withdrawn as a lump sum upon attainment of 60 years or in a phased manner, as chosen by the subscriber.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

Benefits of Oriental Bank of Commerce New Pension Scheme

  • Voluntary: All citizens and NRIs are eligible to open Oriental Bank of Commerce New Pension Scheme account
  • PRAN: Subscribers will receive a Permanent Retirement Account Number (PRAN) Card
  • Portable: Subscribers can operate the account from any location across the country, even if you change your pension fund manager or city
  • Flexible: Investors can choose his or her own fund manager and fund option

Documentation Required new Pension Scheme

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

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