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  #1  
21st December 2016, 09:45 AM
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Citibank NPS

I have heard a lot about the National Pension System (NPS) and searching for the details about this program. Will you tell is National Pension System (NPS) offers by Citibank if not tell which bank provide this program also provide other details along with eligibility to apply for this?
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  #2  
21st December 2016, 10:24 AM
Super Moderator
 
Join Date: Mar 2013
Re: Citibank NPS

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary.

Citibank doesn’t provides NPS program.

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme.

The NPS has been designed to enable systematic savings during the subscriber's working life

NPS Works

Under the NPS, an individual's savings is pooled in a pension fund.

These funds are invested by Pension Fund Regulatory and Development Authority (PFRDA) regulated professional fund managers as per the approved investment guidelines in the diversified portfolios comprising of government bonds, bills, corporate debentures and shares.

These contributions would grow and accumulate over the years, depending on the returns earned on the investment made

Eligibility

All citizens age from 18 years to 60 years of age, including NRIs.

Additional tax benefit

As per the amendment made by Union Budget in tax provisions for FY 2015-16, if any customer contributes voluntarily towards the NPS scheme, then he would get an additional benefit of ₹ 50,000 under section 80CCD (1B) which would be over and above the ceiling limit of ₹ 1,50,000 as prescribed under section 80 CCE.

Contact:

ICICI Bank Limited
ICICI Phone Banking Center, ICICI Bank Tower, 7th floor,
Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally,
Hyderabad – 500032.


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