www.pfrda.org.in How to open New Pension Account
How to Open ICICI Direct – New Pension Scheme Account :
New Pension System is a voluntary contribution of funds for a sustained
period of time (till the age of 60years) to enable him to draw pension after he
attains 60 years of age. The Scheme has been introduced by the Government
of India and monitored by the Pension Fund Regulatory and Development
Authority. To know more about the same then please read below:
Process to Open New Pension Account:
Allocate Funds for NPS Investment you need to Log on to your ICICI direct Account. Go to ‘NPS’ (tab option). Now click on the ‘Modify Allocation’ > Add Amount (you want to invest in NPS) > Minimum should be Rs.500.00 > Click ‘Submit’.
NPS Account Opening Process :
It’s a four step process, where you need to fill-in following info –
First go to ‘Subscribe NPS’ (tab option) > Pop Up > Accept
Step 1 : Personal Information
Here you select following info –
Account Type: Select Tier 1 or Integrated Tier 1 and Tier 2
Category: Government/ Private Sector / Self Employed / Others
CRA SMS Alert (Chargeable): Yes / No
Do you want to nominate for NPS account Tier 1: Yes / No
Step 2 : Nomination Details
Here you need to enter nominee and guardian info (Not Mandatory) –
First, Second and Third Nominee and Guardian Name
Guardian Name is required only if the Nominee is Minor
Step 3 : Scheme Preference
Pension Fund Manager: Select from following options –
1- ICICI Prudential Pension Funds Management Company Limited
2- IDFC Pension Fund Management Company Limited
3- Kotak Mahindra Pension Fund Limited
4- Reliance Capital Pension Fund Limited
5- SBI Pension Fund Funds Private Limited
6- UTI Retirement Solutions Limited
Choice: Active / Auto
Total Contribution: Minimum should be Rs. 500.00
Equity : Less Than or equal to 50%
Corporate Bonds : %
Government Bonds : %
Total percentage of all the three combined together should be not more than 100%.
Step 4 : Declaration and Authorization
Take a print out of the form and sign it and send it across to ICICI Direct. You will be provided PRAN allotment letter by CRA.
ICICIdirect will charge Rs.40 for opening an account and Rs.20 for every subsequent transaction.
The salient features of the New Pension System (NPS) are as follows :
1. It is a pension system for the non-Government sector.
2. It is open to anyone from 18 years to 60 years of age, including NRIs.
3. The minimum contribution is Rs. 6,000 per year, at Rs. 500 per transaction.
4. There should be a minimum of one transactions per year.
5. There is no maximum contribution. The maximum contribution in cash (at ICICI Bank) is Rs. 25,000 per transaction.
6. A subscriber must compulsorily select a pension fund manager (PFM).
Official Website : http://www.pfrda.org.in
Pension Fund Regulatory and Development Authority
First Floor, ICADR Building, Plot No 6,
Vasant Kunj Institutional Area,
Phase- II,Delhi – 110070