State Bank of India National Pension Scheme

Hii sir, I Wants to get the Information About the NEW PENSION SYSTEM of the State bank of India?

[pawan]

As you Asking for the Information About the NEW PENSION SYSTEM of the State bank of India the Information is given below

NEW PENSION SYSTEM

New Pension System for every Citizen was introduced from 1st May 2009 by the Pension Fund Regulatory and Development Authority to provide old age pension security to citizens in the age group of 18-60. A brief detail of the Scheme (Tier I & Tier II)

The Scheme is operative from 01.05.2009.
The objective is to provide old age pension; reasonable market based returns over long term
Bank designated branches i.e. Point of Presence-Service Provider (POP-SP) accept the application form and get the subscribers registered with Central Record keeping Agency (CRA) for generation of the Permanent Retirement Account Number (PRAN).
The PRAN will be quoted in all future transactions.
There are two models i.e. Tier I and Tier II.
Tier-I account is where you contribute your savings for retirement into a non-withdrawable account till you reach 60 years and draw pension for the rest of your life.

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

For more information you may Visit the Nearest branch of the State Bank of India