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.
Effective 1 April 2020, Oriental Bank of Commerce National Pension Scheme has merged with Punjab National Bank National Pension Scheme and PNB will become the second largest lender of the country.
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- Before 60 years: 80% of the pension amount has to be used to buy an annuity whereas the remaining can be withdrawn/received as a lump sum.
- Between 60 to 70 years of age: 40% of the savings has to be used to buy an annuity whereas the remaining can be withdrawn as a lump sum upon attainment of 60 years or in a phased manner, as chosen by the subscriber.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
- 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
NPS Other Pages
- HDFC National Pension Scheme
- ICICI Bank National Pension System
- NPS Withdrawal Forms
- POP and CRA Charges under NPS
- Axis Bank National Pension System
- Bank of Baroda National Pension System
- Bank of Maharashtra New Pension Scheme
- Central bank of India New Pension Scheme
- South Indian Bank New Pension Scheme
- Canara Bank New Pension System
- Corporation Bank New Pension Scheme
- Federal Bank New Pension Scheme
- IDBI New Pension Scheme