#1
9th January 2017, 02:19 PM
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NPS Bank of India
Can you tell me about the features of National Pension System or NPS scheme as offered by UBI or Union Bank of India?
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#2
9th January 2017, 02:33 PM
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Re: NPS Bank of India
National Pension System or NPS of Union Bank of India is introduced by Pension Fund Regulatory and Development Authority (PFRDA) to encourage old age income safety to all citizens of India including workers of unorganized sector with effect from May 1, 2009. Bank is authorized to collect funds under NPS from subscribers. All branches will work under one branch (which is called Point of Presence). Features of NPS: Every individual subscriber is issued a Permanent Retirement Account Number (PRAN) card and having 12 digit unique number. Under NPS account, two sub-accounts – Tier I & II are provided. Tier I account is mandatory and the subscriber has option to opt for Tier II account opening and operation. Fund Management Schemes: The NPS offers two approaches to invest subscriber’s money: Active choice – In it individual decides on the asset classes in which the contributed funds are to be invested and their percentages Auto choice - Lifecycle Fund- This is the default option under NPS and wherein the management of investment of funds is done automatically based on the age profile of the subscriber. Tax Benefits: Available as per Income Tax Act 1961 amended from time to time. Other Facilities: Account can be transferred from one POP to another. Provision for Change in subscriber details, investment scheme, fund manager etc Printed statement available NPS Union Bank of India |