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Old 2nd August 2017, 02:31 PM
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Default NPS Scheme in Union Bank of India

My father wants to know about National Pension System (NPS) Scheme of Union Bank of India. So do you know from where he can get information about National Pension System (NPS) Scheme of Union Bank of India?
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Old 2nd August 2017, 02:38 PM
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Default Re: NPS Scheme in Union Bank of India

As you are looking for information about National Pension System (NPS) Scheme of Union Bank of India, so here I am providing following information:

Union Bank of India National Pension System (NPS) Scheme

NPS has been introduced by Pension Fund Regulatory and Development Authority (PFRDA) to promote old age income security to all citizens of India including workers of the unorganized sector with effect from May 1, 2009.

Features:
Every individual subscriber will be issued a Permanent Retirement Account Number (PRAN) card and having 12 digit unique numbers.

Under NPS account, two sub-accounts-Tier I & II are provided. Tier I account is mandatory and the subscriber has option to opt for Tier II account opening and operation.

Minimum Annual Contribution Requirements under NPS:

Tier I Tier II
Minimum Contribution at the time of account opening Rs. 500 Rs. 1000
Minimum amount per contribution Rs. 500 Rs. 250
Minimum total contribution in the year Rs. 1000 Nil
Minimum frequency of contributions 1 per year Nil

Pension Fund Managers (PFM’s):
At present, Subscriber has option to select any one of the following 7 pension funds:

IDFC Pension Fund Management Company Ltd.
Reliance capital Pension Fund Ltd.
UTI Retirement Solutions Ltd.
HDFC Pension Management Co. Ltd.
Kotak Mahindra Pension Fund Ltd.
SBI Pension Funds Pvt Ltd.
ICICI Prudential Pension Funds Management Company Ltd.

Other Facilities:
Account can be transferred from one POP to another.
Provision for Change in subscriber details, investment scheme, fund manager etc.
Printed statement available.

Helpline:
gbdcomplaints@unionbankofindia.com

Last edited by shikha; 2nd August 2017 at 02:53 PM.
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