Union Bank of India New Pension System

1. Tier-II account: A subscriber can withdraw from this account.

1. It should be noted that a Tier I account should be opened to open a tier II account.
2. Contribution:
   1. Tier I account
      1. The minimum contribution required at the time of opening the account is Rs.500.
      2. Minimum contributions for subsequent deposits is Rs.500.
      3. Minimum contribution, annually, is Rs.6,000.
      4. There must be a minimum of 1 contribution every year.
   2. Tier II account
      1. Any individual who seeks to open a tier II account must first have a tier I account.
      2. The minimum contribution required at the time of opening the account is Rs.1,000.
      3. Minimum contributions for subsequent deposits is Rs.250.
      4. Minimum contribution, annually, is Rs.2,000.
      5. There must be a minimum of 1 contribution every year.
   3. There is no limit to the maximum contribution.
   4. The minimum contribution excluding bank charges for tier I and tier-II accounts is Rs.6000 and Rs.250 respectively.

Benefits of Union Bank of India New Pension Scheme

The benefits of Union Bank of India pension scheme are as follows:

1. Voluntary: All citizens and NRIs are eligible to open this account
2. Portable Subscribers can operate the account from any location across the country, even if you change your pension fund manager or city
3. Flexible: Investors can choose his or her own fund manager and fund option
4. PRAN Card: Subscribers will receive a PRAN (Permanent Retirement Account Number) Card
5. Regulation: The PFRDA regulates the new pension scheme and focusses on transparency. NPS trust reviews the performance of fund managers

How to apply for Union Bank of India New Pension Scheme

Individuals who wish to open a New Pension Scheme account with Union Bank of India should:

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

Documentation Required New Pension System

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