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  • Tamilnad Mercantile Bank New Pension System

    With a wide range of services and an online service portfolio that’s as expansive as it is easy to use, Tamilnad Mercantile Bank is emerging as one of the most sought after banks through which to open a NPS account. The NPS account is an account that helps you:

    • Earn an income in your old age.
    • Earn reasonable market-based returns over the long term.
    • Secure your financial future in an unpredictable financial scenario.

    To open this account, here’s a list of the documents you’ll need:

    Documentation Required New Pension System

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

    Features of Tamilnad Mercantile Bank New Pension Scheme

    • Age: The entry age for both tier I and tier II accounts is 18 to 60 years.
    • Tier-I account: Persons who hold these accounts cannot withdraw from these accounts till the age of 60. Subscriber can use NPS calculator to get an estimate of your scheme amount.
    • Tier-II account: A subscriber can withdraw from this account.
    • It should be noted that a Tier I account should be opened to open a tier II account.
    • Contribution:
      • Tier I accounts
        • The minimum contribution required at the time of opening the account is Rs.500.
        • Minimum contributions for subsequent deposits is Rs.500.
        • Minimum contribution, annually, is Rs.6,000.
        • There must be a minimum of 1 contribution every year.
      • Tier II accounts:

        • Any individual who seeks to open a tier II account must first have a tier I account.
        • The minimum contribution required at the time of opening the account is Rs.1,000.
        • Minimum contributions for subsequent deposits is Rs.250.
        • Minimum contribution, annually, is Rs.2,000.
        • There must be a minimum of 1 contribution every year.
      • There is no limit to the maximum contribution.
      • The minimum contribution excluding bank charges for tier I and tier-II accounts is Rs.6000 and Rs.250 respectively.

    Benefits of Tamilnad Mercantile Bank New Pension Scheme

    The benefits of Tamilnad Mercantile Bank New pension scheme are as follows:

    • Voluntary: All citizens and NRIs are eligible to open this account
    • 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
    • PRAN Card: Subscribers will receive a PRAN (Permanent Retirement Account Number) Card
    • Regulation: The PFRDA regulates the new pension scheme and focusses on transparency. NPS trust reviews the performance of fund managers

    How to apply for Tamilnad Mercantile Bank New Pension Scheme

    Individuals who wish to open a New Pension Scheme account with Tamilnad Mercantile Bank should:

    • Download/obtain subscriber application form. This can be downloaded from the internet or could be availed from a branch.
    • Fill the form and submit the relevant documents.
    • Submit the NPS Contribution Instruction Slip with the form.
    • Pay the initial subscription amount.

     

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