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, indiapost.gov.in. 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 and accumulated in an individual pension account.
Here are 5 things to know about Post office National Pension System (NPS):
1. 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 account.
2. 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.
4. Amount and charges: One has to pay Rs. 500 for as minimum initial contribution with registration.
2. 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.
4. Amount and charges: One has to pay Rs. 500 for as minimum initial contribution with registration.
