Benefits & Features of Investing in a National Pension System (NPS) at ICICI Direct

National Pension System (NPS)

FAQs

As per a recent PRFDA circular, I-Sec as a POP shall not be able to offer NPS Swavalamban Scheme to its customers since the same cannot be offered by POPs w.e.f. 01/10/2013.

Existing NPS subscribers

Invest additional ₹50,000/- and save tax up to ₹15,450/-*


* Calculated at the highest tax slab rate applicable for F.Y. 2016-17

New NPS subscribers

Let your second innings be a new beginning to happiness
Invest in NPS for a peaceful retirement

Click here to know cut-off dates to avail tax benefit for NPS for FY:2015-16

Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India on August 23, 2003 to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.

The NPS is a new vouluntary contributory pension scheme introduced by the Central Government . Under the National Pension System , individuals can open a personal retirement account and can accumulate a pension corpus during their work life to meet financial needs post retirement. These contributions would grow and accumulate over the years, depending on the returns earned on the investment made. When the person retires, he will be able to use these savings to take care of the needs and expenses of his family during old age.The subscribers may use the accumulated pension wealth under the scheme to purchase a life annuity from a life insurance company. Alternatively, depending on the age of the subscriber, a part of the wealth may be withdrawn as lump-sum.

ICICI Securities Limited (I-Sec) has obtained the Point of Presence (POP) Registration Certificate from PFRDA to offer NPS accounts. Any individual customer of icicidirect.com desiring to open an NPS account t can do so by clicking on "Subscribe NPS" and fulfilling the prerequisite process. The offer document containing details of the NPSfor opening NPS account are available on the website of PFRDA (www.pfrda.org.in) as well as icicidirect.com.

Under NPS, following two types of accounts will be available to you:

Tier I account : You shall contribute your savings for retirement into this non-withdrawable account. Tier I account is available online and you can apply by logging in to your ICICIdirect.com Account (Click "Subscribe NPS" link under the NPS >> Transact section). You can also open the account by visiting the nearest store.

Tier II account : This is a voluntary savings facility. You will be free to withdraw your savings/redeem your Tier II units from this PRAN account whenever you wish. To open this account an active Tier I account is a prerequisite. Tier II account is available online and you can apply by logging in to your ICICIdirect.com Account. Click "Subscribe NPS Tier II". You can also open the account by visiting the nearest store.

NPS Corporate Contribution

Features

	Under NPS Corporate, the employer deducts the employee's contribution from his/her salary and deposits it to the employee's NPS Corporate Account.
	Tax benefit : Contributions up to 10 percent of an employee's annual salary (basic +dearness allowance) is exempted from Income Tax under section 80CCD(2) of the Income Tax Act, 1968.
	Flexible: NPS offers three fund options to suit the employee's risk appetite.
	Portable: The portability option under NPS allows an employee to carry his accumulated corpus to his new employer, if the new employer has subscribed to the NPS corporate

How to open

We can help you by contacting your HR to set up NPS-Corporate.

	Companies desirous of implementing NPS for Corporate, have to first sign up by filling the corporate registration form.
	After the corporate submits the corporate registration form to the Point of presence (POP), a corporate registration no. is issued to the corporate by the POP.
	Once the corporate receives a corporate registration number, the scheme can now be made available to the employees of the corporate.
	The employee fills up an application form for his individual subscription for NPS. The form captures basic details of the employee in 4 simple steps.
	Once the individual subscription form is filled up by the employee, the form is submitted to the POP for Individual Permanent Retirement Account No (PRAN) generation. Once the PRAN is generated, the employee now starts contributing towards NPS routed through his/her employer and starts enjoying tax benefit on contributions up to 10% of his/her annual basic salary (includes dearness allowance, if applicable).
	At the time of retirement/vesting, the employee can purchase an annuity from any of the Annuity Service Providers from his/her accumulated retirement corpus. View More

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