What Is All Citizen Model Of National Pension System? Know Eligibility
With the ability to make specified contributions for planned savings, the National Pension System (NPS) is established as a voluntary retirement savings program that guarantees future financial stability in the form of a pension. It is a determined attempt to tackle the problem of giving every indian citizen a respectable retirement income in a sustainable way.
Subscribers may choose to use their accumulated pension savings upon their withdrawal from the NPS by buying a life annuity from a life insurance provider that has been licensed by the Pension Fund Regulatory and Development Authority (PFRDA). They can also choose to take a lump sum withdrawal of some or all of their accrued pension money. The primary organization in charge of carrying out and supervising the NPS is the PFRDA.
Who can open an NPS account under the All Citizen Model
A citizen of india, whether resident or non-resident, is subject to the following conditions:
Applicants should be between 18 – 70 years of age as of the date of submission of his/her application and should comply with the KYC norms prescribed.
A citizen of india, whether resident or non-resident, is subject to the following conditions:
Applicants should be between 18 – 70 years of age as of the date of submission of his/her application and should comply with the KYC norms prescribed.
Benefits of NPS Account
i) Low Cost:-
NPS is considered to be the world’s lowest-cost pension scheme. Administrative charges and fund management fees are also the lowest.
ii) Simple:-
All the applicant has to do is open an account with any one of the POPs being run through all Head post offices across india and get a Permanent Retirement Account Number(PRAN)
iii) Flexible:-
Applicants can choose his/her investment option and Pension Fund or select auto Choice to get better returns.
iv) Portable:-
Applicants can operate an account from anywhere in the country and can pay contributions through any of the POP-SPs irrespective of the POP-SP branch with whom the applicant is registered, even if he/she changes his/her city, job, etc, and also make contributions through eNPS. The account can be shifted to any other sector like the government sector, or corporate model in case the subscriber gets employment.
i) Low Cost:-
NPS is considered to be the world’s lowest-cost pension scheme. Administrative charges and fund management fees are also the lowest.
ii) Simple:-
All the applicant has to do is open an account with any one of the POPs being run through all Head post offices across india and get a Permanent Retirement Account Number(PRAN)
iii) Flexible:-
Applicants can choose his/her investment option and Pension Fund or select auto Choice to get better returns.
iv) Portable:-
Applicants can operate an account from anywhere in the country and can pay contributions through any of the POP-SPs irrespective of the POP-SP branch with whom the applicant is registered, even if he/she changes his/her city, job, etc, and also make contributions through eNPS. The account can be shifted to any other sector like the government sector, or corporate model in case the subscriber gets employment.