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NPS is an extremely beneficial and visionary contributory pension scheme to help an individual develop a fund for the latter half of life, when one isn’t actively working, simply by investing certain specified amounts regularly in the present.

NPS is advantageous in the sense that it helps ensure financial security for every citizen by promoting the habit of saving for one’s old age, from the beginning itself. NPS has been designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their employment.

WHY ALANKIT

Alankit provides one-stop solutions for resolving all customer grievances, doubts and also offers due guidance and support for all services related to NPS, starting from the primary subscriber registration and undertaking the KYC verification to transferring the information methodically further to the elected intermediaries in a straightforward manner. One gets the following benefits with Alankit:

  • Professional Assistance throughout
  • Expert Guidance at every step
  • Easy & Affordable solutions

NPS FEATURES & ELIGIBILITY

NPS Benefits

  1. Regulated by PFRDA, with transparent investment norms and regular monitoring and performance review of fund managers by NPS trust
  2. You can choose the amount you want to set aside and save every year
  3. Choose your own investment option along with the Fund manager of your choice
  4. Operate from anywhere irrespective of geography and employment
  5. Save more money as it has lowest investment charges across the investments options
  6. No entry and exit loads
  7. Tax benefits available under 80CCE of the Income Tax Act
  8. Additional Tax Benefit of Up to Rs. 50,000/- u/s 80CCD(1B) (Over and above 80CCE)

PROCEDURE & SUBSCRIPTION

  1. Subscriber will fill in the application form with required details
  2. The following KYC Documents to be submitted along with the application form:
    • ID Proof
    • Address Proof
    • Passport
    • Photograph
  3. Minimum NPS Contribution amount to be paid to any of the Alankit authorized representatives
  4. PRAN (Permanent Retirement Account Number) will be generated and shared with the subscriber within 7 working Days
  5. The PRAN Card will be delivered within 20 working days at the Indian address given by the Subscriber

NPS FAQs

To contribute in Tier I and Tier II account, the subscriber needs to deposit the contribution amount along with duly filled NCIS (NPS Contribution Instruction Slip) to any POP-SP.

  • Subscriber is required to make contributions subject to the following conditions:
  • – Minimum amount at the time of Account opening – Rs 500
  • – Minimum amount per contribution – Rs 500
  • – Minimum contribution per year – Rs 6,000

Over and above the mandated limit of a minimum of one contribution, a subscriber may decide on the frequency of the contributions across the year as per his / her convenience. No maximum limit has been mandated. For Tier II, minimum contribution requirements: Minimum contribution at the time of account opening – Rs.1000 Minimum amount per contribution – Rs.250 Maintain minimum balance of Rs.2000 at the end of each financial year.

In both Tier I and Tier II account has to be at least one contribution in a financial year.

It is applicable to all citizens in the unorganized sector who can join the NPS administered by the PFRDA.

Under the scheme, Govt. will contribute Rs.1000 per year to each NPS account opened in the year 2010-11 and for the next three years. As a special case and in recognition of their faith in the NPS, all NPS accounts opened in 2009-10 will be entitled to the benefit of Government contribution if they fulfill the eligibility criteria prescribed under these guidelines.

Minimum contribution should be Rs. 1,000 per annum (Financial year) in Tier I account and maximum contribution should be Rs. 12,000 per annum (Financial year) in both Tier I as well as Tier II account together.

The following applicants cannot join:

  • – Undischarged insolvent: Individuals who are not granted an ‘order of discharge’ by a court.
  • – Individuals of unsound mind: An individual is said to be of unsound mind for the purposes of making a contract if, at the time when he makes it, he is incapable of understanding it and of forming a rational judgment regarding its effect upon his/ her self-interest.
  • – Pre- existing account holders under NPS.

CRA stands for “Central Record Keeping Agency”; it is the core infrastructure for the National Pension System. It is managed by NSDL & main function is Record keeping, Administration and customer service functions for all subscribers of the NPS. Issuing of unique Permanent Retirement Account Number (PRAN) to each subscriber, maintaining a database of all PRANs issued and recording transactions relating to each subscribers PRAN.

In the event of death of the subscriber, the beneficiary submits a withdrawal request to the associated POPSP who will enter the request in the CRA system. After the request is processed, a cheque is issued favoring the beneficiary and forwarded to the associated POP.

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