INSUBCONTINENT EXCLUSIVE:
India Post or Department of Posts, the postal system of the country, offers several savings schemes.India Post or Department of Posts, the
postal system of the country, offers several savings schemes
It also offers the facility of opening an account under National Pension System (NPS), said India Post its official website,
NPS is a retirement savings scheme, which is regulated by the Pension Fund Regulatory and Development Authority
Under the system, contributions from subscribers along with matching contributions from respective governments as an employer, are collected
Eligibility: All citizens who do not come under any NPS sector and are aged between 18 and 65 years of age can open a post office NPS
Services: India Post allows subscribers to open new NPS (all citizens model) account and make subsequent contributions
All types of service requests and exit or claim withdrawal requests are also offered.3
Types of accounts: There are two types of accounts that are opened under NPS namely Tier I and Tier II
Tier I is a pension account and is mandatory
Tier II is a savings account and is optional
Amount and charges: One has to pay Rs 500 for as minimum initial contribution with registration.Finance cap on NPS accountsMinimum Initial
Contribution with registrationRs
500 (excluding taxes)Minimum Subsequent ContributionRs
500 (excluding taxes)Maximum ContributionsNo limitMinimum Contributions in a Financial YearRs.1,000 in Tier IMinimum transactions in a
Income Tax benefits: Customers get an additional tax benefit up to Rs
50,000 for investment in NPS (All Citizen Model), said India Post on its portal.Get the latest election news, live updates and election
schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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