New Pension System
We have years of experience helping people investGovernment of India has introduced New Pension System (NPS) with an aim to provide old-age security coverage and pension for all citizens of India. The scheme provides investors an option to avail reasonable market based returns over long term. Periodic contributions will get invested through Pension Fund Regulatory and Development Authority (PFRDA) appointed Pension Fund Managers (PFMs) in a combination of investment avenues as per the choice of investor.
Features & Benefits
- Creation of Pension Corpus
- Tax Benefit
- Market based Returns
- Low Charges
- Promoted & Regulated by the Government of India
- Professional record-keeping and fund management
- No entry and exit loads
- Portability across jobs and locations
NPS is designed as a voluntary saving scheme, with restricted withdrawal options. This ensures that the investor can set aside savings during his working life to create a pension corpus.
Investment in NPS is eligible for tax exemption under section 80CCD read with Section 80CCE of the Income Tax Act, 1961.
NPS offers the investor an option to decide an asset allocation between Equity Instruments, Corporate Bonds and Government Securities, with upto 50% exposure to Equity instruments.
All charges levied under NPS are defined and regulated by PFRDA.
NPS is a Government of India initiative to provide old age security to all citizens of India. The details of the product are defined and regulated by PFRDA.
Subscription
You can simply walk into a Kotak Mahindra Bank branch and apply for a Permanent Retirement Account Number (PRAN) by filling up a simple application form.
Once your PRAN has been generated you can make your subsequent contribution by setting up standing instruction (SI) into your Kotak Mahindra bank account. You can also make ad-hoc contributions by visiting designated branch of Kotak Mahindra Bank or any other Point of Presence Service Provider appointed by PFRDA.
The information specified herein is not exhaustive.
For more information, walk into your nearest designated Kotak Mahindra Bank Branch or contact our 24-hour Customer Contact Centre at 1800 102 6022 or log on to www.pfrda.org.in