Post Office National Pension System (NPS): How It Works, Transaction Charges And More

India Post, the postal system of the country, offers the facility of opening accounts under National Pension System (NPS). NPS is a government-sponsored retirement planning instrument regulated by the Pension Fund Regulatory and Development Authority (PFRDA). PFRDA has appointed India Post as one of the Point of Presence (POP) - the first points of interaction of the NPS subscriber with the NPS architecture. India Post provides services through POP service providers (POP SPs). All head post offices across the country are identifies as POP SPs, according to India Post's website- indiapost.gov.in..Given below are salient features of Post office NPS account:.Eligibility.All citizens who do not come under any NPS sector and are aged between 18 and 64 years of age can open an NPS account with post office, it noted..Services offered.India Post allows subscribers to open NPS account and make subsequent contributions. All types of service requests and exit / claim withdrawal requests are also offered, stated India Post. Types of NPS accounts.There are two types of accounts that are opened under NPS: Tier I and Tier II. Tier I is a pension account and is mandatory. Tier II is a savings account and is optional. Minimum/Maximum contributions required.Here are the different types of contributions required under Post office NPS accounts:.table.tble_wrap4 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; } table.tble_wrap4 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_wrap4 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.tble_wrap4, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table.tble_wrap4, thead, tbody, th, td, tr { font-size: 14px; } table.tble_wrap4 th { padding: 4px; } table.tble_wrap4 td { padding: 4px; } } /*Media Query END*/ . Minimum Initial Contribution with registration Rs. 500 (excluding taxes) Minimum Subsequent Contribution Rs. 500 (excluding taxes) Maximum Contributions No limit Minimum Contributions in a Financial Year Rs.1,000 in Tier I Minimum transactions in a Financial Year One .Transaction charges.Here are the different transaction charges levied by India Post for opening NPS accounts.table.tble_wrap3 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; } table.tble_wrap3 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.tble_wrap3 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.tble_wrap3, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table.tble_wrap3, thead, tbody, th, td, tr { font-size: 14px; } table.tble_wrap3 th { padding: 4px; } table.tble_wrap3 td { padding: 4px; } } /*Media Query END*/ . Registration Charges Rs. 200 (excluding taxes) 0.25 per cent of the contribution amount subject to minimum of Rs 20 (excluding taxes) and maximum of Rs 25,000 (excluding taxes) All Service Charges Rs 20 (excluding taxes) Payment mode Cash, cheque, DD subject to realisation .Income Tax benefits.Customers get an additional tax benefit up to Rs. 50,000 for investment in NPS (All Citizen Model), according to India Post.

Post Office National Pension System (NPS): How It Works, Transaction Charges And More

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