As Per Discussion With you regarding New pension System of Govt of India. The Govt is issuing Permanent Retirement Account Number to the Subscriber of the new pension Scheme.Please Find below Snapshot of PRAN Card. It will be a Great Honor for us to have camp in such a reputed society.
The Scheme was earlier meant only for Govt employees and now it has been extended to private sector employees,businessman.
Government has now opened up its New Pension scheme to all between the ages of 18 and 55 & process of creation of Permanent Retirement Account Number has started .
What is the National Pension Scheme?
Pension Fund Regulatory and Development Authority (PFRDA) established by the Government of India has introduced the New Pension System (NPS) to all citizens of India on a voluntary basis with effect from 1st May 2009.This is compulsory to Central Government employees with effect from 01st January 2004.
The New Pension Scheme is a voluntary, simple, regulated, portable and flexible government pension system that lets your employees start saving for a comfortable retirement. This one is different from the existing pension schemes available with insurance companies.
To enroll in the NPS one should be:
· An Indian citizen (resident or non-resident).
· Between 18-60 years of age at the time of application.
· Compliant to the Know Your Customer (KYC) norms.
Under NPS, a unique individual Permanent Retirement Account Number (PRAN) will be allotted.
· Minimum amount per contribution – Rs 500
· Minimum contribution per year – Rs 6000
· No Frequency ,no fixed date, and no fixed amount for contribution.
Benefits of the New Pension Scheme:
- Tax saving - All investments in this scheme are tax exempted over and above all the other tax exemptions
- It is economical - NPS offers Indian citizens a low cost option for planning their retirement
- It is portable - Employees can choose to take their New Pension Scheme along with them wherever they go
- It is regulated - NPS is regulated by PFRDA with transparent investment norms, regular monitoring and performance review of fund managers by the NPS trust.
- Security - The Scheme is Regulated By Pension Fund Regulatory Development Authority of India which Certainly Lends Sense of Security in troubled Times.
- No Due Date – In NPS Individual has choice of having No Frequency ,no fixed date, and no fixed amount for contribution (minimum 6000 to be maintained in FY).
