2023 2024 Student Forum > Management Forum > Main Forum

 
  #2  
9th January 2017, 02:33 PM
Super Moderator
 
Join Date: Mar 2013
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


Quick Reply
Your Username: Click here to log in

Message:
Options

Thread Tools Search this Thread



All times are GMT +5. The time now is 01:44 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.6.0 PL2

1 2 3 4