South Indian Bank New Pension Scheme

Will you please provide me the details of the NPS (New Pension Scheme) of South Indian Bank? Who are eligible to apply for this scheme? Can I get the details of New Pension Scheme freo the website of South Indian Bank, if yes then provide me the process to get it?

Can you provide me the details of the All Citizens Model Scheme under National Pension System (NPS) offered by South Indian Bank?

[Neelu Bhasin]

National Pension System (NPS) has been launched across India with effect from 1st May 2009, by Pension Fund Regulatory and Development Authority (PFRDA).

South Indian Bank (SIB) has been appointed by PFRDA to act as one of the Point of Presence (POP) Banks in India. In fact, SIB is the single old generation private sector bank that has been permitted by PFRDA among other POPs.


SIB has identified 873 branches & extension counters 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.


All Citizens Model –

Available to all citizens of India (Age: 18years to 65years), including NRIs.


NPS offers two types of accounts:

Tier-I account: Contribution of savings to a non-with drawable pension account up to the age of 60 years. Those who join after 60 years can contribute up to 70 years of age.

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.


Who can join?

Any citizen of India, whether Resident or Non-Resident, other than Central & State Government employees, subject to the following conditions:

Age band is between 18 – 65 years as on the date of submission of his/her application to our bank.

Customer should comply with the Know Your Customer (KYC) norms.

How much a subscriber needs to contribute?

Particulars NPS
Tier I Tier II
Minimum Contribution to open A/c (Rs.) 500/- 1000/-
Minimum Contribution in a Financial Year Excluding Bank Charges (Rs.)1000/- NA
Minimum Account balance for a Financial Year (Rs.) NA Nil


Benefits of South Indian Bank National Pension System (NPS)

Voluntary: All citizens and NRIs are eligible to open this account

Regulated: The PFRDA regulates the new pension scheme with focus on transparency, in terms of investment criteria. NPS trust reviews the performance of fund managers

Portable: Subscribers can operate the account from any location across India, even if one change pension fund manager or city

Flexible: Investors can choose his or her own fund manager and fund option

PRAN: Subscribers will receive a Permanent Retirement Account Number (PRAN) Card


Documentation required for National Pension System (NPS)

Proof of identity: The following documents can be submitted as proof of identity
Ration card
Passport
PAN card
Driving License
Aadhar card

Proof of address: The following documents can be submitted as proof of address
Electricity bill
Telephone bill
Bank passbook
Property or house tax receipt
House lease agreement