National Pension Scheme State Bank of India

What is the link between National Pension Scheme and State Bank of India? I want to get information about the National Pension Scheme. So plz tell me that I can apply for this scheme or not? I am working in a private company as an accountant. What is the minimum eligibility required to apply for National Pension Scheme? May be money of this scheme will be deposit in State Bank of India, so pls confirm this information.

Hii Guys , I want to know State Bank of India National Pension Scheme details , So can you please provide me information for same ?

[sumit]

NPS is a voluntary Pension System of Pension Fund Regulatory and Development Authority (PFRDA) open to all citizens in the age group of 18-60 years.

The Scheme is operative from 01.05.2009.

The objective is to provide old age pension; reasonable market based returns over long term

A subscriber has Three options for his Investments:

High Risk High Return: Investments in predominantly Equity Market Instruments

Medium Risk Medium Return: Investment in predominantly Fixed Income Instruments

Low Risk Low Return: Investments in purely Fixed Income Instruments.
In case no option is given Auto Choice will be done automatically.

Sbi Pension Fund Private Limited is one of the Pension Fund Managers handling subscription amounts.

There are two type of employees:

In case of Tier I
Minimum contribution at the time of account opening -Rs.500/-
Minimum amount per contribution - Rs. 500/-
Minimum Account Balance at the end of FY - Rs. 6000/-
Minimum number of contributions in a year  1

In case of Tier II,

Minimum contribution at the time of account opening -Rs.1000/-
Minimum amount per contribution - Rs. 250/-
Minimum Account Balance at the end of FY-Rs. 2000/-
Minimum number of contributions in a year - One
In case of Composite Application for Tier I and Tier II both, Minimum contribution at the time of account opening is Rs. 1500/-.


Following costs are to be borne by the Subscriber at the time of registration and/or performing any transaction. The contribution will be remitted net of bank charges.

Parameter

Initial Subscriber Registration/per subscriber
Rs .100/-

Initial Contribution amount / per subscriber
Ad valorem 0.25% of the contribution amount (Minimum: Rs. 20/- and Maximum: up to Rs. 25000/-)

Subsequent Contribution Transaction Charge/ per subscriber
Ad valorem 0.25% of the contribution amount (Minimum: Rs. 20/- & Maximum: up to Rs. 25000/-)

Any other transaction not involving a contribution from subscriber/ per subscriber
Rs. 20/-