Subsequently, the DDO shall forward the form to the respective Pay and Accounts Office (PAO) / District Treasury officer (DTO).The DDO shall provide and certify the employment details.Submit form S1 to the Drawing and Disbursing Officer (DDO) or equivalent offices.The Central Government employees can subscribe for NPS (Tier-I) through following process: Any other government employee who is not mandatorily covered under NPS can also subscribe to NPS under "All Citizen Model" through a Point of Presence - Service Provider (POP-SP). NPS is applicable to all new employees of Central Government service (except Armed Forces) and Central Autonomous Bodies joining Government service on or after 1st January 2004. FAQs on Regulator and Entities of NPS - External website that opens in a new window.Pension Fund Managers - External website that opens in a new window.Trustee Bank - External website that opens in a new window.NPS Trust - External website that opens in a new window.The Pension Fund Regulatory and Development Authority (PFRDA) - External website that opens in a new window has authorized 58 institutions including public sector banks, private banks, private financial institutions and the Department of Posts - External website that opens in a new window as Points of Presence (POPs) for opening the National Pension System (NPS) accounts of the citizens.Ĭentral Recordkeeping Agency (CRA) : The recordkeeping, administration and customer service functions for all subscribers of the NPS are being handled by the National Securities Depository Limited (NSDL) - External website that opens in a new window, which is acting as the Central Recordkeeper for the NPS.Īnnuity Service Providers (ASPs) : Annuity Service Providers (ASPs) - External website that opens in a new window would be responsible for delivering a regular monthly pension to the subscriber after exit from the NPS. The authorized branches of a POP, called Point of Presence Service Providers (POP-SPs), will act as collection points and extend a number of customer services to NPS subscribers. Point of Presence (POP) : Points of Presence (POPs) are the first points of interaction of the NPS subscriber with the NPS architecture. Pension Fund Regulatory and Development Authority (PFRDA) : Pension Fund Regulatory and Development Authority (PFRDA) - External website that opens in a new window is an autonomous body set up by the Government of India to develop and regulate the pension market in India. No tax benefit is available on this account.
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The subscriber is free to withdraw savings from this account whenever subscriber wishes.
Tier II Account: This is simply a voluntary savings facility.Tier I Account: This is a non-withdrawable account meant for savings for retirement.PRAN will provide access to two personal accounts: This unique PRAN can be used from any location in India. This unique account number will remain the same for the rest of subscriber's life. The subscriber will be allotted a unique Permanent Retirement Account Number (PRAN).NPS offers following important features to help subscriber save for retirement: This scheme is presently applicable upto F.Y.2016-17. Under Swavalamban Scheme - External website that opens in a new window, the government will contribute a sum of Rs.1,000 to each eligible NPS subscriber who contributes a minimum of Rs.1,000 and maximum Rs.12,000 per annum.
With effect from 1 st May, 2009, NPS has been provided for all citizens of the country including the unorganised sector workers on voluntary basis.Īdditionally, to encourage people from the unorganised sector to voluntarily save for their retirement the Central Government launched a co-contributory pension scheme, ' Swavalamban Scheme - External website that opens in a new window' in the Union Budget of 2010-11. Initially, NPS was introduced for the new government recruits (except armed forces). NPS aims to institute pension reforms and to inculcate the habit of saving for retirement amongst the citizens. The National Pension System (NPS) was launched on 1st January, 2004 with the objective of providing retirement income to all the citizens. Government of India established Pension Fund Regulatory and Development Authority (PFRDA) - External website that opens in a new window on 10 th October, 2003 to develop and regulate pension sector in the country.