National Pension System (NPS), a government-sponsored retirement planning instrument, provides investor the option to set preferred allocation to different asset classes, such as authorities bonds, equity market instruments and corporate personal debt. NSDL (National Securities Depository Limited) is the Central Recordkeeping Agency (CRA) for National Pension System (NPS). Each employee is discovered by a distinctive quantity and has a separate Permanent Retirement Account Number (PRAN). An NPS accounts can be opened by a citizen of 18-65 years of age in two modes: online and offline.
NPS offers two types of accounts: Tier 1 and Tier 2. Tier 1 NPS accounts is a pension accounts which doesn’t allow withdrawals. Alternatively, Tier 2 NPS accounts – known as investment account – is a voluntary keeping account associated with the PRAN. Tier II offers greater flexibility in terms of withdrawal, according to NSDL. Under NPS, an leave is defined as closure of specific pension account of the customer.
NPS also allows partial withdrawal from the required Tier-I accounts under certain conditions, regarding to NSDL. In case if the total accumulated corpus in the NPS account is less than Rs 2 lakh, the customer can decide on a 100 per cent lump sum withdrawal, upon attaining 60 years of age. In other situations, at least 40 % of the accumulated corpus must be utilized for purchase of the annuity plan, providing a regular monthly pension to the customer.
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In this case, the remainder is paid as lump sum to the subscriber. In case there is loss of life of the customer, the option is got by the nominee to receive 100 per cent of the NPS corpus in lump amount. The nominee can pick to keep with the NPS account also, by subscribing to NPS individually after following due KYC (know your customer) procedure, according to NSDL. Catch all the Live TV action on NDTV 24×7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live information updates.
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