State Bank Of Patiala Retirement Age

Hii Buddy , I want to Get Information about State Bank Of Patiala New Pension Scheme and Retirement Age , Would you please give me ?

[shikha]

The New Pension Scheme (NPS) has been introduced by Government of India to give pension benefits to the common man specially those who are self employed such as shopkeeper and professionals and those in the unorganized sector.

Benefits :

It is voluntary and is open to every Indian citizen.
It is simple
It is flexible
It is portable

It is regulated by Pension Fund Regulatory & Development Authority (PFRDA), with transparent investment norms and regular monitoring and performance review of fund managers by NPS Trust.

Normal Retirement Age (NRA) of 60 years

The subscriber is required to compulsorily annuitize at least 40% of his pension wealth and the remaining 60% can be withdrawn as a lump sum or in a phased manner; in case, one opts for a phased withdrawal, minimum 10% of the pension wealth should be withdrawn every year.

Before 60 years of age

You would be required to invest at least 80% of the pension wealth to purchase a life annuity from any IRDA – regulated life insurance company. Rest 20% of the pension wealth may be withdrawn as lump sum.

Charges:

(a) Subscriber registration (opening of new account) : Rs.100+service tax
(b) Initial subscription :0.25% of amount subscribed, subject to minimum
Rs. 20 and maximum Rs. 25000(plus service tax in every case)
(c) Subsequent subscription :same as in case of initial subscription
(d) Other transactions: Rs. 20 plus service tax.



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