INSUBCONTINENT EXCLUSIVE:
NPS is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA).State Bank of India (SBI) offers National
Pension System (NPS) with an objective to provide social security to all citizens of India
NPS is a defined contribution pension system introduced by the Government of India as a part of pension sector reforms
It is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA), according to SBI's website- sbi.co.in
An NPS account, which can be opened by individuals between 18 and 65 years of age, offers market-linked investment returns, noted SBI.Types
of accountsNPS offers two types of accounts: Tier 1 and Tier 2
While the Tier 1 NPS account is strictly a pension account which doesn't allow withdrawals, the Tier 2 account - known as investment account
For the tier-2 account of NPS, there is no minimum requirement of contribution, according to the lender.Interest ratesThe interest rate on
NPS contribution is dependent on the pension fund manager (PFM) the account holder chooses
allocated to annuity, which is a tax-free withdrawal, according to SBI's website.Tax benefitsThe Tier 1 NPS account offers tax benefits
