NPS South Indian Bank

In how many models the South Indian Bank New Pension System (NPS) available, & which are Documents Required to apply for South Indian Bank New Pension System (NPS)???

[Shaleen]

South Indian Bank New Pension System (NPS) has been launched across the country with effect from 1st May 2009,

NPS is available in three distinct models:

All Citizens Model
Available to all citizens of India (Age: 18years to 60years), including NRIs.

Corporate Model –
Any corporate entity can opt for this model to disburse the benefits of NPS to its employees.

NPS Lite -
Available to all citizens of India (Age: 18years to 60years) belonging to unorganized sector.

Documents Required
Proof of Identity (Copy of any one of the given below
documents)
Passport issued by Government of India
Ration card with photograph
Bank Pass book or certificate with Photograph
Voters Identity card with photograph and residential
address
Valid Driving license with photograph
PAN Card issued by Income tax department

SIB NPS details

Hii buddy , Will you please tell me information about New Pension System of South Indian Bank for my personal knowledge ?

[Shaleen]

New Pension System has Been Launched Across the country with effect from 1st May 2009, by Pension Fund Regulatory and Development Authority (PFRDA).

More Details:
• South Indian Bank has been appointed by PFRDA to act as one of the Point of Presence (POP) Banks in the country.

• SIB is the single old generation private sector bank that has been permitted by PFRDA among other POPs.

• This Bank has identified 750 designated branches across the nation to act as the Point Of Presence Service Provider (POP-SP).

• From 2004-05 onwards all State and Central Government employees are coming under this Contributory Pension Scheme- NPS.

• The same scheme is made available to any citizen of India from 1st May, 2009.


NPS is available in three distinct models:



1. All Citizens Model
2. Corporate Model
3. NPS Lite

NPS offers two types of accounts:

Tier-I account: Contribution of savings to a non-withdraw able pension account upto the age of 60 years.
Tier-II account: This is a voluntary savings facility. Subscriber is free to withdraw savings from this account. Tier I account is mandatory to open a Tier II account.

NPS offers the subscriber to choose and switch between the following Pension Fund Managers:

ICICI Prudential Pension Funds Management Company Limited
Kotak Mahindra Pension Fund Limited
Reliance Capital Pension Fund Limited
SBI Pension Funds Private Limited
UTI Retirement Solutions Limited

New Pension System details of South Indian Bank

Please provide me the details of the New Pension Scheme with regards to the appointment of South Indian Bank?

[Shaleen]

New Pension System (NPS) has been launched transversely in the country with effect from 1st May 2009, by Pension Fund Regulatory and Development Authority (PFRDA).

South Indian Bank (SIB) has been selected by PFRDA to act as one of the Point of Presence (POP) Banks in the country.

In fact, South Indian Bank is the single old generation private sector bank that has been permitted by PFRDA among other POPs. South Indian Bank has identified almost 750 designated branches across the nation to act as the Point Of Presence Service Provider (POP-SP).

From 2004-05 onwards all State and Central Government employees are coming under this Contributory Pension Scheme- NPS. The same scheme is made available to any citizen of India from 1st May, 2009.

NPS is available in 3 distinct models:

1. All Citizens Model - is available to all citizens of India (Age: 18years to 60years), including NRIs.
2. Corporate Model - Any corporate entity can avail for this model to disburse the benefits of NPS to its employees.
3. NPS Lite - Making pension achievable for small investors - Available to all citizens of India (Age: 18years to 60years) but belonging to unorganized sector.

All Citizens Model

NPS provides two types of accounts:

Tier-I account: Contribution of investments to a non-withdrawable pension account up to the age of sixty years.
Tier-II account: This is a chosen savings facility. Subscriber is free to withdraw savings from this account. Tier I account is obligatory to open a Tier II account.

Key Features

1. It is a pension proposal for non-government employees or individual.
2. This is open to anyone who is between 18-60 years of age including NRIs
3. There is no perimeter on maximum contribution.
4. Subscriber has the alternative to choose auto or manual choice for distribution of his contributions.
5. Investor can build the contributions till 60 years.
6. Pension reimbursement will start at the age of 60.
7. Tax benefit under section 80C for the investments is valid.