OBC New Pension System

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

1. Age: The entry age (tier I and tier II) is 18 to 60 years.
2. 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.
3. 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.
4. Vesting criteria: The following criteria is applicable:
   1. Death: The nominee will get 100% of the pension amount in a lump sum.
   2. Before 60 years: 80% of the pension amount has to be used to buy an annuity whereas the remaining can be withdrawn/received as a lump sum.
   3. Between 60 to 70 years of age: 40% of the savings has to be used to buy an annuity whereas the remaining can be withdrawn as a lump sum upon attainment of 60 years or in a phased manner, as chosen by the subscriber.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

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

Documentation Required new Pension Scheme

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

Grievance Redressal as per Regulation 31 of  PFRDA (Redressal of Subscriber Grievance) Regulations, 2015: 

The details of the Ombudsman appointed are available on the PFRDA website – http://www.pfrda.org.in/. 

At present, Shri Narender Kumar Bhola has been appointed as the new Ombudsman in terms of the PFRDA (Redressal of Subscriber Grievance) Regulations, 2015. 

Details of the ombudsman are as given below: 

Shri Narender Kumar Bhola 

Pension Fund Regulatory and Development Authority  

B-14/A, Chatrapati Shivaji Bhawan,  

Qutab Institutional Area, Katwaria Sarai, New Delhi- 110016  

Chhatrapati Shivaji Bhawan,  

Email ID: ombudsman@pfrda.org.in  

Landline No.: 011 -26517507 (Ext : 188)