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  • SBI National Pension Scheme

    National Pension Scheme for every Indian citizen was introduced from May 1, 2009 by the Pension Fund Regulatory and Development Authority as an initiative to provide the elder with old age pension security who are between the age group of 18 to 60 years. The main intention of this account is to allow elders to enjoy a reasonable market based returns over a long period of time. SBI is one of the banks where you can open SBI national pension scheme an account.

    Eligibility Criteria’s for SBI National Pension Scheme

    Here are some of the most important eligibility criteria for the individual to apply for the SBI National Pension Scheme:

    1. To open this account, the individual should be between the age of 18 to 60 years.
    2. Based on the KYC norms the following documentation are required:
      • Photo Id proof
      • Date of birth proof
      • Address proof
      • Application form
    3. In case of Tier I:
      • Minimum contribution for account opening is Rs.500
      • Minimum amount payable for every contribution is Rs. 500
      • Minimum Required Account Balance at the end of every financial year is Rs. 6,000
      • Minimum number of contributions per annum should be at least once.
    4. In case of Tier II:
      • Minimum contribution for account opening is Rs.1,000
      • Minimum amount payable for every contribution is Rs. 250
      • Minimum Required Account Balance at the end of every financial year is Rs. 2,000
      • Minimum number of contributions per annum should be at least once.
    5. For a Tier II account opening, the individual has to first open an active Tier I account for activating the Tir II account.
    6. 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.
    7. Submission of a cancelled cheque is required for composite application or Tier II or Composite application with the application form.

    Charges Levied for SBI National Pension Scheme

    Here are the applicable charges of subscription for the account:

    1. Initial Subscriber Registration Charges per person: Rs. 100
    2. Initial Contribution amount for every individual per subscriber where an ad valorem of 0.25% of the initial contribution amount needs to be paid. The minimum contribution should be Rs. 20 and the maximum can be up to Rs. 25,000.
    3. Subsequent Contribution for Transaction Charges for every subscriber where an ad valorem of 0.25% of the initial contribution amount needs to be paid. The minimum contribution should be Rs. 20 and the maximum can be up to Rs. 25,000.
    4. For other transactions that are not for subscribers is Rs. 20.

    Benefits Of SBI National Pension Scheme

    The main benefit based on the Swavalamban guidelines that had been approved by the Government of India, is that all NPS accounts opened between 2010 and 2011, 2011 and 2012 and 2012 and 2013 are eligible for Rs.1,000 benefit from the Government as long as the prescribed eligibility criterias have been fulfilled.

    Features of SBI National Pension Scheme

    The following are the salient features for both Tier I and Tier II

    • The accounts can be opened at Point of Presence-Service Provider (POP-SP)banks who accept the application form and the required documents getting the subscribers registered with Central Record keeping Agency (CRA) to generate the Permanent Retirement Account Number (PRAN).
    • The PRAN will be needed for quoting in all future transactions.
    • There are options Tier I and Tier II.

    Tier I

    • This is a non-with drawable account and unless the individual reaches the age of 60 years, they cannot withdraw the pension for the rest of the years.
    • The subscriber has to close the scheme he or she reaches 60 years of age. However the individual can extend the scheme for 10 years, further under the condition that no new contributions can be made on the scheme. Also it is mandatory to annuitize 40% of the accumulated pension wealth. The option to annuitize 100% of the whole corpus is allowed as well.

    Tier II

    • A Tier-II account is an optional voluntary savings account, where the subscriber is free to withdraw from the accumulated scheme amount any time.
    • The facility is available to Indian citizens of India which includes Government employees who are mandatorily covered by NPS.
    • There are also no restrictions on the number of withdrawals that can be made in Tier II. Use the NPS calculator to get an estimate of your schem amount.
    • The individual can also separate nomination as well as scheme preference between Tier I and Tier II.
    • One-way transfer of savings between tiers is allowed.
    • There is no requirement for another KYC for Tier II account opening since a pre-existing Tier I IRA Compliant account would already to active.

     

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