Showing posts with label scheme. Show all posts
Showing posts with label scheme. Show all posts
Sunday, December 11, 2016
How to withdraw money from New Pension Scheme NPS
How to withdraw money from New Pension Scheme NPS
New Pension Scheme (NPS)
In my previous article I explained about New Pension Scheme (NPS) and the benefits of New Pension Scheme and also discussed about how to check balance in New Pension Scheme . New Pension Scheme in short called as NPS which is the default pension scheme for all the Central Government employees who joined the organization on or after 2004.Difference between Old Pension Scheme and New Pension Scheme
The main difference between the Old Pension Scheme and the New Pension Scheme is "in the old pension scheme after the retirement of the employee from the organization Government will provide certain amount monthly in the form of pension. The amount provided to the employee will depends on the basic of the employee what he/she is earning at the time of retirement(60 years).
In the New Pension Scheme from the starting of his/her employment both Employee and Government will invest certain amount (10 % of basic salary) in the market (controlled by PRFDA) through out his career. At the time of retirement 60% of the total deposited money can be withdrawn (lump some at the age of 60 or in total at the age of 62) and the remaining 40% of the money should be invested in any annuity (like Insurance or some other ) directed by the Government. The interest on the annuity is the pension for the employee in the New Pension Scheme.
Available link for download
Saturday, December 3, 2016
How to check amount in New Pension Scheme
How to check amount in New Pension Scheme
Procedure to check the balance amount of Tier I and Tier II account in the New Pension Scheme (NPS)
In my previous article I explained in detail about New Pension Scheme and its benefits and drawbacks. In this article I will explain the detailed procedure on how to check your balance in the New Pension Scheme. Follow the steps mentioned below to check your Tier-I and Tier-II account balance in a proper way.
Steps to be followed to check NPS Balance
1) First we have to visit " https://cra-nsdl.com/CRA/ "website which is the official website of Central Record Keeping Agency and of National Securities Depository Limited.
2) In the first page of the website, one can find login options for "Subscribers and Nodal officers".
3) To get the details of the balance of NPS, one should login into the Subscribers section.
4) In Subscribers section you should type your user ID and Password.
4) In Subscribers section you should type your user ID and Password.
5) User ID is your PRAN No (which is provided by NSDL to every NPS subscriber) and password is the password provided to you.
6) If you are logging in for the first time after entering the default password you will be requested to change your default password. Please change the default password.
7) After logging in, one can find 5 buttons on the top side. They are
1) Security
2) Account Details
3) Grievance
4) Views
5) User Maintenance
- Security
- Account Details
- Grievance
- Views
- User Maintenance
8) To check your balance in Tier-I account (which is the mandatory for all Central Government employees), you have to click on "views under that Statement of Transaction".
9) A detailed list of monthly amount invested in various asset groups and fund managers by your organization and by the Government will be shown in the page.
10) At the end of the page one can check the total amount invested by Employee and Government. At the bottom of the page one check the total balance in his account.(Amount Invested by Employee+Amount Invested by Government+Gain what he got from the amount invested by NSDL in the market)
11) To check the balance in your Tier-II account, you have to click on Account details under that Statement of Transaction.
12) A transaction details of Tier-II page will be displayed. At the bottom of the page, one can check their total balance in the Tier-II account.
Note: Tier-II account is optional and it is not opened by default when you are joining the Central Government. One can open the Tier-II account by contacting their nearest POP centre or by visiting "CAMS" which is nearer to you. CAMS will be present almost in all cities.
Update: Please go through the following other articles on New Pension Scheme (NPS) or National Pension Scheme
1) How much amount will I get after retirement
2) How to withdraw money from NPS Tier-II account
Available link for download
Wednesday, September 21, 2016
Benefits of New Pension Scheme NPS
Benefits of New Pension Scheme NPS
New Pension Scheme (NPS)
What is New Pension Scheme ?
New Pension scheme (NPS) is the pension scheme which is introduced by the Central Government of India for its employees who join the Central Government organizations on or after 2004. NPS is also called as "Contributory Pension Scheme". Earlier to NPS, there is a Defined Pension scheme in which a defined amount of Pension will be given to employees as a monthly salary after their retirement.
How much amount will be deducted from your Salary under New Pension Scheme (NPS)?
In NPS 10% of your basic salary will be deducted and the same amount will be added to your NPS account from the government side. The total amount will be invested into the share market under the supervision of NPRDA.
Types of Investment in NPS
There are two types of investment choices in the NPS. First one will be the auto choice in which based on the age of an employee investment will be made and the second will be active choice. In active choice, A employee can suggest how much amount will be invested in all the three class E, G & C. (E-Equity, G-Government Securities, C - Investment in fixed income groups other than Government)
Available link for download
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